The Union-Tribune is running a story about the slowing Downtown condo market. They actually cite several examples of people losing money! Here’s one example…
Carol Cavanaugh, a lawyer who works downtown, bought a condo in The Grande south tower for $623,000 in late 2004. She thought she would like the convenience of being close to the office, but she doesn’t like high-rise living. She put the unit on the market for $570,000 to $599,000.
She has received two low-ball offers, both from real estate brokers. But Cavanaugh is going to stick it out until she gets what she wants – even if it is a loss.
I’m not so sure about that strategy… if current trends continue she may be waiting longer than she thinks.
Anyway, not to worry… the usual suspects are trotted out to assure us that everything is fine. Says Mr. Valone:
"The glut in inventory downtown is a misconception."
Wait, I’m confused… is it the 11 months worth of inventory currently for sale, or the further 12 months worth that is going to hit the market later in the year? Which is the misconception?