I was doing some analysis work and a client of mine sent me an eMail asking about March sales downtown. I did a recap of sales and properties that have gone under conract in March, and the summary is here.
The numbers show that 25 units sold in March, and 22 units went under contract. That is a pretty significant number as things continue to improve. Of that total of 47 units, 32 were under some form of Distressed Financial Condition. The average $ per Square Foot for the 25 sold units was slightly under $199.
The keys here are that there is a significant increase in activity. Property re-evaluations have come out, and many properties have had their taxes reduced, most noticibly at Fifth and Poplar. Interest rates remain low, though rising slowly, and the low hanging fruit of short sales and foreclosures are being grabbed.
Look for this trend to continue.