Despair The Norm For Most Sellers
As much as 60% of inventory at some condo buildings qualifies as Desperate
With the number of Desperate Sellers now totaling almost 200 (up another 5% from last month’s count), Despair is increasingly becoming the norm. As little new inventory hitting the market this time of the year and a mere 3 units selling in South Waterfront last month, the share of vacant units with substantial price drops typically ranges between 30-50% for several condo buildings currently selling (new construction sales not included). Here’s the breakdown for several buildings in South Waterfront, Downtown and The Pearl.
# of Desperate Sellers/Active Condo Listings
Prices have dropped more than 15% for roughly a third of all Single-Family-Homes in the Database
The Database includes more than 100 Single-Family-Homes in close-in Southeast and Northeast neighborhoods, featuring more than a 30 homes that have witnessed price drops of more than 15%. Consider this 2,800 SF home in Alameda. It was originally listed at 650k, then went into foreclosure and is now available for 170k less – bank owned and ready to go.
Substantial inventory for first-time home-buyers
Upscale areas such as Irvington and Mt. Tabor typically contribute a large number of homes, but a number of opportunities exist for first-time home-buyers. More than a third of all properties tracked are in the sub-350k category.
# of Desperate Sellers by Price Category
