I have an accepted offer on a short sale in one of the nicer buildings downtown awaiting short sale approval. I really havent looked lately because I havent seen anything better than what we got hit the market in the last two months. Last time I checked the nicer part of the market for 2/2 units between 500 and 850 there was virtually ZERO properties in escrow, only a couple closings in the last 60 days and over 100 on the market. I always pulled out the new sales. Today there are 113 on the market 10 in escrow and 9 closings in the last 60 days.
That’s a better market than 3 or 4 months ago but still a very week one. there is still major denial downtown. A handful of agents control much of the inventory. I had a knock down drag out with one of the biggest several months ago and probably will never be able to do business with him as a result. I tried to convince him that it was his duty to be honest with his client and to get his seller in line. The property is vacant and total costs including opportunity costs on his equity exceed $5,000 per month. We had an online shouting match and one over the phone. I told him if he didnt take my clients offer the client would still own the property 12 months later and would be looking at him asking what happened. It is 6 months later, the property is unsold and has been reduced by $50K and needs another $50K reduction before it will see an offer. He called me a jackass. He has 19 listings downtown and only one is in escrow. He hasnt closed a single sale all year. Who do you think is looking like a jackass now?
