|The Avenue Condominium|
Furthermore, sales are within 3% of the asking price, and within 13% of the original sale price back in the heat of the real estate market in 2007. Prices are stabilizing in The Avenue and will begin to rise over the next several weeks.
Other downtown properties will also begin to show this type of change as well. Often when I show properties, my client will comment on the number of lock boxes on hand. Other condo developments are all showing few properties. Fifth & Poplar has 1; Courtside has 1; TradeMark has 5. Currently, at The Avenue, there are 12 properties available for sale, and 5 for rent. This represents about 4% of the total number of units available, 10% is considered the norm.
I have said it before, supply and demand is the only law that is absolute, and we will soon see the effects of this law in full swing.