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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Wyätt Gwyön who wrote (24438)	10/11/2004 10:05:20 PM
From: ild	Read Replies (3) \| Respond to of 306849

Inventory is very large and asking prices are all over the map. The bulk of properties are priced at about 5% below top sale prices. Top of the prices was in May and in May-June many properties went on market at another 10% up, but they were not sold. Many properties are still priced very high. My impression is that you need to offer 10% discount if you want to sell. If the current price level holds then starting next April there will be first negative YOY price comparison. Example for some floor plan in the same development: Winter 1997 price - $175,000 Summer 2002 price - $330,000 Summer 2003 price - $400,000 Winter 2004 price - $460,000 Spring 2004 price - $530,000 (highest 2004 sale) Current asking prices are from $550,000 to $480,000. Most at $500,000. Highest asking price in May - $585,000 IMO the price that would result in quick sale - $450,000