Thanks for posting the data on those closed sales in The Summit.
We know that area fairly well. We can imagine those remaining condo owners must have been furious to see those two sales on the 3/2 units at and below $300K level. Wow! That is really a jolt to pricing in that complex. That tells me that prices dropped another $50K, because the most recent resistance level about a year ago was 350K on those units. Very interesting.
My prediction made back in middle 2004, was that the 3/2 units will hit the $280K level, but I’m surprised at how fast we are approaching that mark!
Let’s crunch the numbers. Peak pricing was about $420K on these units, achieved in early 2004. Just keeping up with the (fake under-reported) inflation rate claimed by our gov of ~3%/year, those condos would have to be selling now at about ~$470K
So in real dollars we are looking at about a 38% to 40% decline in pricing. Even in nominal dollars the decline is at least ~30%
