I live in Hillcrest and regularly check condos here and North Park.
2 years ago there were 3 listings on average on any given day.
Three!
Now there are pages and pages of listings.
Moreover, sellers are taking significant hits. Last night I found quite a few condos purchased in 2005 that were now selling for $40K to $60K less!
I too had a lot of pressure on me to buy. I’m so glad I stuck to my guns, and waited it out. That $40K would have been a couple of years worth of payments down the drain for sure.
I think the condo market’s selling prices are going to hit fundamentals (in line with rents) in the next 6 months. Some are already, but I wouldn’t want to live in those areas.
A little longer wait is not going to kill any of us.
