Quote:
Originally Posted by Top Shelf
Hard to believe that he didn't mention sales are down 34.89% from Feb 2007.
Oh and he forgot to mention the 148.41% increase in inventory over last year too...
I've said it all along, it will be an interesting spring
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Yeah, the devil's in the details. Just wait until a bunch of condo projects around town finsh construction in the next couple of years. Then you'll start to see weakness in the market. I wouldn't want to be someone getting into the condo market right now. How many of those going up were bought on spec by people looking to make money off of it as opposed to a place to live? Even if they are people who plan on moving in they're vacating a place that will end up for sale or for rent. The more rental units available the lower you can charge for rent and thus the lower it's worth to a potential buyer.
As for anecdotal evidence, the townhome complex I'm in right now in the burbs is half empty either with people currently selling their place or with people who bought recently and can't find tenants at the price they need to charge for rent to turn out positive cash flow. Either all potential buyers came by while I was sunning in a plastic children's mini-pool while eating a hot dog in the back yard, or the numbers don't add up.