Sunday, June 05, 2005

Washington, DC

Driving around the NW quadrant of Washington, DC I noticed lots of houses for sale or available for rent. Every two blocks seemed to have one. Maybe it is entirely seasonal. Doubtful. The RE websites are showing a large increase in listings. Refering to the Washington area one commentator on another blog site stated "I’ve never seen so many for sale signs in this area as I’ve seen this spring." Real estate is expensive here due to huge appreciation in the last five years. More reports to come.

7 comments:

  1. I'm in DC and there do seem to be a lot of for sale signs up and not much interest from buyers. Lots of lookey lous that seem exhausted looking at crappy old places (but with nice granite-topped kitchen counters).

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  2. Same here in Vancouver. CRAP starts at around 400K CAD. This is a city of bubbles and we are seeing people dropping money on places that won't be built for three years. Insane. The Canadian Banks are lowering rates to keep liquidity sloshing - but I hear a POP coming.

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  3. Inventory in SF Bay Area is also increasing. We are on track to a bust this October.

    Damn. I predicted October but it may be sooner.

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  4. Hey Tom,

    And, in contrast to our American neighbours, we can't deduct mortgage interest or property taxes from our income taxes. Advantage - renting!

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  5. I believe that a lot of people can sense that the bubble will burst and are "afraid" of missing the big money.

    Did you see this article in the post about apartments being converted to condos? The landlords will provide less services but will receive condo fees and the money that the sales bring in will be big profit- if they succeed in selling enough condos.

    http://www.washingtonpost.com/wp-dyn/content/article/2005/06/06/AR2005060601750.html

    -Debbie

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  6. Inventory seems low here in Fl, everybody is hanging on.

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  7. I'm in northern Virginia, and we've been discussing how every intersection has several "for sale" signs posted. The townhouses behind us have 4 for sale on one street. The demand can't be too high anymore.

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