I agree, I can’t figure out what most of these developers are thinking. The “months of inventory” per the MLS are dismal and that is not accounting for the numerous units on the market that are not listed.
My MLS tracking is about 12 months of inventory on the market per MLS and probably another 8 months not listed.
49 units sold in June and roughly 590 listed. Out of the units sold a good portion were bought with a loss to the previous owner.
At this point it seems that the sellers and the developers are in the same posistion. Many of both cannot afford carrying costs and are being forced to dramaticlly decrease there “wish” price and take a big lose. (usually the the expense of the lender. The ones that can afford the costs, I’m sure are not happy with there investments, are making plans as we speak to cut there loses before it gets to bad.
I can understand how the “average joe buyer” would be duped into buying at a bad time but I cannot understand how the developers were so short sighted???
Anyway you slice it downtown will be hurt the most…
