Alicia and Jeff Hennie, whose Columbia Heights condo hit the market Thursday with a $399,000 price tag, say they are prepared to wait it out, at least for a few months. Their one-bedroom unit is in the 20009 Zip code, which has the highest inventory of condos in the region. In their 64-unit building alone, two other similar condos are for sale, including an investor-owned, fully renovated unit. The couple is looking at a May 20 move-in date for a brand new condo downtown in the 20001 Zip code, another area with high condo inventory.
"We don't have to have it sold right away," said Alicia Hennie, 28, a manager at a nonprofit teen pregnancy prevention group. "But we don't want to carry two mortgages. . . . We'll see what happens."
Yikes. They better reduce their asking price now or they will be carrying two mortgages and facing declining prices. Can Alicia manage twin mortgages?
The hyped spring real estate boom is turning out to be a dud for seller's in the bubble markets across the country. The false hope's of the housing industrial complex are melting away as the snow melts from the high mountains during the summer meltdown. The great rivers of the MLS are flowing with plenty of housing inventory for sale.