Post by ADMIN. on Jul 26, 2012 18:13:37 GMT -5
The answer seems to be 'Yes'. The below post was on my blog at: nautiluscondosrules.blogspot.com and got more hits in one day than the site ever got, well over 100.
Clearly prices are an interesting topic at NCC. I have said several times recently that prices here were probably as low as they were going and if they did in fact go lower, then it would be by an insignifigant amount.
Unfortunately you just can't outguess the realty market. Take a look at the below post for further information.
There are a good number of old hands here at NCC who would just love to sell out and leave (me for one), but with the prices of foreclosures and short sales so low our condos can not possibly match these rock bottom sales.
No new potential buyer is going to buy a condo from an owner who wants to sell at a loss and prices their unit as 60% of what they paid for them 2006-08. When a bank or mortgage company is offering one for 35% of what the unit sold for when purchased from the developer.
Probably the only way to go is to rent out an unwanted unit and hope you can make enough so you don't actually lose money.---------------------------------------------------------------
#610 Sets Record Low Asking Price
Remember unit #610? That is the old David Ellingson unit. A 3/2, 2nd floor end unit with a courtyard view. (MLS#: 506123)
It was put up for sale by BAC HOME LOANS SERVICING for $74,900 which was pretty much expected for a foreclosed unit as they have been selling between 40-50% of their original sale prices.
So $74,900, with the O.S.P. of $178,200 purchased on 11/21/06 wasn't all that bad, even though Ellingson probably overpiad initially by about 10k.
Well it didn't sell after 84 days, so now the price has been reduced a further 14%, to $64,000 and that is a record setting 35.9% of the original sale price.
Original Owners who want to sell out have no chance against those foreclosed units that are going so cheaply. No Owner would want to sell their unit for 35% of what they paid but the banks and mortgage companies just don't want to keep these units and will take the loss just to get them off the books.
Good news for the new Owner (it will sell quickly) but bad news for those of us who would just like to sell and leave.