We purchased an apartment conversion townhouse in the college area approx 3 years ago. 10 units in our complex with identical sq footage identical improvements so perfect comps.
That said, summer of ’04 a unit sold in about a week for $420k, last summer another unit was put on the market for the same price. I’ve been reading patrick.net for the last 2 years, mish’s blog occasionally and piggington for maybe a year? so I have a fairly accurate gauge of market conditions.
The market here in the College Area had really slowed down since the summer of ’04, but the realtor told me at the first open house she was confident it would sell at that price. I took great pleasure watching her waste Sunday after Sunday hosting open houses. She finally dropped the price to about $390 and it sold promptly.
Approx 55 days ago we placed our townhouse on the market at a range from $400-420k. Our’s has a number of improvements and to my wife’s credit it is tastefully decorated and shows like a pottery barn catalog. We just accepted an offer for $380k and needless to say we are happy to accept it. The number of condo conversions in the College area is soaring, and while we aren’t getting out at the peak we are taking a healthy profit.
I convinced the wife to bubble sit for 1 year, but she didn’t want to rent longer than that. Nesting instinct I guess. I think 1 year isn’t long enough and that prices will really hit a low 3 years from now. We’ll see. I guess it doesn’t get more current or anecdotal than that.
Even though I disagree with you on political issues I appreciate you taking the time to post PowaySeller. You are keeping this forum lively.
