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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: tdl4138 who wrote (58757)8/1/2006 8:57:54 PM
From: Les HRead Replies (1) of 306849
 
Recently purchased new homes are entering the resale market and skewing the market stats for resales. Comparable older homes have all along fetched a lower price. For example, most of the newer luxury condos (not the conversions) sell for 400 to 700 thousand, whereas those 5 year or older are generally selling for 200 to 300 thousand. Both sets of homes have declined in value anywhere from 10 to 20 percent over the last six months.

The value skewing may start to swing the other way in the coming year. I'm seeing far more ads for new developments where the pricing is nearer the lower end from 150 to 300 thousand. In fact, we owned property during the last downswing in an established community next to one of these newer, affordable developments. The competition brought down prices by nearly 20 percent in one year...
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