Those who visit this blog regularly will have noticed that I have not posted anything since mid’ September. My schedule has made posting and gathering information regarding the local real estate market difficult and it will remain this way over the next year of so.
From the conversations I have had with realtors and developers, the market has seemed to have bottomed out with a number of realtors experiencing good activity. The activity however, is with real estate that has been substantially reduced in price from its highs. But at least there is activity, good activity, something they haven’t seen over the last few years, which should help create a firm bottom for this cycle.
Unfortunately it is not the same for developers, many of whom face a situation where re-sale properties are selling for less than what they can build for. The developers who are selling are those that have entered into the market with new product involving smaller sized units with less amenities, so they can be competitive. We are even seeing the return of the one-bedroom condo, something the market hadn’t provided for some time.
Prices are down as much as 40%, back to what they were in 2003, before the market really took an upswing and real estate activity tripled in one year, as reported by the local MLS.
So it is definitely a buyer’s market. If you have been considering buying property in the region, its a good time to be looking.
That’s it for now, hope to be back soon.