Large price reductions are becoming more common in the bubble markets as the housing market continues to decline. The inventory is growing steadily in most bubble markets as sales continue to decline.
One of my readers sent this listing where significant price reductions are listed for new condo construction in the outer suburbs of Washington, DC.
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Wow. That is a nice reduction. I wonder if this is the start of something.
ReplyDeleteIt is great to see some real price reductions. I hope this will continue.
ReplyDeleteThanks to the reader who sent this in.
ReplyDeleteMy general view is that the DC Bubble won't be as bad as the bubbles in Phoenix, San Diego, Boston, Las Vegas, Miami, and California (damn, that's a lot of bubbles!), but there'll be some popping. I think single family homes inside the Beltway in good school districts will do the least bad, while condos and homes outside the beltway will do worse. A condo outside the beltway, though? Double ouch.
ReplyDeleteI know where those condos are. My husband drives by them on his way to work. They sit next to a strip mall, right at the corner of a very busy/dangerous intersection. Not exactly the most exciting balcony view. [*rolls eyes*] There's no scenery and nothing to do within walking distance, unless you want to eat at the nearby Taco Bell or KFC. IMO, they should have been selling at the $100,000 price reduction to begin with. But, of course, EVERYONE wants to buy a condo, no matter where it is, right?
ReplyDeleteYeah, it is funny where they are building "luxury" condos these days.
ReplyDeleteI am an apartment dweller, and I would not consider living in a condo unless the price were very low. Right now, my apartment costs are only a little more than a condo's costs (taxes, insurance, fee, maintenance, utilities) if I owned the condo outright, and then I have to worry about buying and selling the condo.
While I like this seller's initiative, prices do still have a long way down to go.
HERNDON? HAHAHAHAHAHAHA....
ReplyDeleteThere is a ton of for sales now in DC & VA. In May 05 I sold my house in VA - was offered an obscense price. Went condo shopping in DC - did not want to commute any more - For months there was nothing see. Terrible one bedrooms for $400+K. Now there is more for sale than you could possibly look at. Lots of one bedrooms even under $300K. Some 2 bedroom for $450K -
ReplyDeleteWhen to visit my parents in VA suburbs this weekend. Could not beleive the number of for sale signs. It's not even March.