REAL ESTATE UPDATE
The market is definitely moving but about 50% less closings on condominiums than last year at this time. The number of single family homes is about even - but look at difference in dollar volume.
Sellers got very aggressive early this summer at prices immensely higher than last year with many over $3500-$5500 per SF. Now, comes the fun for a Buyer. I just closed on a beautiful home for $12,000,000, about $2700 per SF in the West End that was on the market since last winter listed for $13,500,000. There is definitely Buyer resistance so Brokers are just starting to lower prices on product Sellers actually want to sell and not just “test” the market.
We do get calls often for great, unlisted products. I brought on Jackie Friedman to help with those unlisted requests. She manages 84 amazing properties and has been able to pull incredible unlisted products for “one time showings.” This type of product generally sells for" stupid" dollar amounts.