The MLS reports 20 sales in this project during the last 12 months, 4 of which involved losses – even if limited to the cost of sales. There are currently 4 pending sales, of which 2 are foreclosure and short sales, respectively. There are 15 actives, which includes 1 foreclosure, 1 short sale and 3 other units that are underwater on their loans; this is in addition to the listings where it is apparent the sellers are trying to break even.
The must-sells have increased in percentage among the pendings and listings vs. the closed sales. They now comprise AT LEAST 30% of the listings and 50% of the pendings. It doesn’t take a genius to see which direction this is going.
