Recently, a number of condo developments, both new and conversions, adjusted prices downward.
Luxe – reduced prices on a number of units between $25,000 to $30,000.
Queen Anne High School – recent adjustments on select units ranged from $10,000 to $99,000. For these units, the aggregate reductions ranged from $40,000 to $300,000 since they were originally listed in the NWMLS.
The Pittsburgh – reduced prices on select units in the $35,000 to $40,000 range.
22 West Lee – a few units were dropped $40,000 to $50,000. One unit reflected a $140,000 price reduction since it was originally listed.
NoMa – select units were reduced $20,000 up to $80,000 in the past few weeks.
Beacon Flats – the adjustments were only $4,000 but the units are under $200,000.
One Main Street – hmm…$1,000 price reductions.
September 7th, 2008 at 10:07 am
I looked last year at the Alex on First, which was going to have big bold prices, not worth the risk for me then (even less so now, with things as they are). A friend in the biz has kept an eye on Alex for me. Lately she says the developer has interior designers scrambling to scale back all the interior materials to apartment grade. From down payment to rental deposit, that’s a big price reduction!
September 7th, 2008 at 5:21 pm
I wouldn’t be surprised if Alex ended up as apartments for the time being considering how the market has turned.
October 1st, 2008 at 4:18 pm
I’ve looked at most of these places and felt they were over priced for what you get/construction quality. With everything that is happening in the markets – is listing right now a really, really bad idea? I’m getting ready to put my condo on the market. It’s completely remodeled – in a great location – - established building – in the upper price range ($690-$725K). Guess listing can’t hurt, right?
October 1st, 2008 at 4:54 pm
Sea-sak – there are a number of variables to consider in respect to listing and whether it’s a good time to do so. Much of it, though, depends on the need and motivation to sell at this point in time. Depending on their specific circumstances, I have counseled sellers to both hold off listing till we see improvement in the market, as well as, listed properties where the need to sell is necessitated. It really depends on your specific circumstances, so there isn’t a single or right answer.
On the surface, if you’re in a position where selling is not a necessity, it may not hurt to test the waters. However, there is a danger, where if the need/motivation to sell changes, a property that has been on the market will diminish in value and astute buyers will key in on that. This becomes more apparent as the cumulative days on market can now be displayed, which can only be reset if a property is off market for more than 90 days. Also, keep in mind that the average days on market has tripled since last year while fewer properties are being sold. Pricing will be key.