My honest take is that it is a much better time than the media makes it sound. Inferior properties are definitely difficult to sell. I have seen some of the less desirable units in my own downtown condo building resell for as much as $100,000 less than when they were purchased between mid 2005 and 2006 when prices peaked. However, prices have now stabilized since October, 2006 and actually have increased from 1% to 5% depending on the area.
The total MLS stats for single family and condos combined for the three months ended March, 2006 included 23,350 new listings and 6,794 sold at an average price of $614,000. For the three months ended March, 2007 there were 21,066 new listings and 6,067 sold at an average price of $604,000.
The interesting statistics here are that the number of new listings is down (10.4)% while the average price is down only (1.6)%. Factor in that interest rates are still historically low and it is a reasonable conclusion that the market has stabilized. As such, prices for the remainder of 2007 should remain level.
My projection is that there will be a strong recovery in 2008 as inventory continues to decline. That makes now to late summer an excellent time to purchase. However, given the number of mediocre properties on the market, I recommend to all my clients that they start looking now and be selective in what they buy. The bottom line is that there is never a bad time to buy well designed properties in good locations.
These people are getting very desperate! He is going to ride his ship of lies all the way to the bottom of the sea!
Buy now, Buy now!!!!!!!!!!!!Bwahahahahahaha. Same story different liar!
We’ll get to the point where people won’t admit to having been stupid enough to buy a condo downtown – obviously we aren’t there yet
At last count (about 2 months ago?), there were 3400 additional condos coming online downtown in the next 18 months
Recent downtown condo sales rate is 40-50/month and there are around 600 units available – ie, at least 12 months of inventory currently available and according to Rich prices have downward pressure whenever supply goes over 8 months
With the 3400 added units we will have 80 months worth of inventory or 6.7 years worth
Keep Smokin Duuude…. look at the FACTS instead of numbers your hoping will pan out. Nothing like “REALTOR KOOL-AID” to turn this crappy market around. I’d say you have the wrong audience here.
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