Friday, November 4, 2011

Continued Demand For Downtown Property

The accompanying chart illustrates the breakdown
of condo's that have, or are in the process of, changing hands, and the total number is 471 through the end of October.  To be sure, the majority of the units are being  rented by individual owners who choose not to sell due to market conditions.

While that fact exists, the fact that the demand to live downtown is stronger than it has ever been.  Financially distressed properties in downtown are hovering around 16 units.  Many of them are still on the market, or have returned to the market because of lender underwriting issues.  One of the main considerations of underwriters is the number of owner occupants in a development, another is the amount of homeowners delinquent on their HOA dues.

Investors who can buy with cash, or mostly cash are getting the best deals in this market.  Investor activity has increased significantly.  The ability to look at a property as an investment and not have an emotional attachment to it clarifies their ability to act firmly on what they consider a fair price. 

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