wilson
Posts:670
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| 11/22/2008 7:05 PM |
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| The number of downtown listings were above 600 in June, dropped down to less than 500 a couple of months ago. Now increased back to 550 with seasonal slowdown. With Fannie/Freddie holding off, will number of listings keep heading back up? |
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Brian
Posts:2614
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| 11/23/2008 1:19 AM |
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I bet that that number of listings will creep up as the desperation sets in.
1) That fact that listings are increasing in the fall is unusual as listings should be dropping during the slow selling season of the year.
2) The fact that listings are increasing also go against
a/ foreclosure moratorium sign by the Governator.
b/ other forbearance schemes the banks have put into place.
c/ Fan/Freddie moratorium in foreclosures.
When those schemes expire, then listings will increase even more. Those bailout schemes only delay foreclosure. They will not prevent foreclosures.
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rentingman
Posts:447
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| 11/24/2008 3:30 PM |
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Many of the listings are for the "Sold Out" Hard Rock Hotel.
Still looking at an increase during a period of time where listing typically decline does not bode well for the Spring selling season. There are still many more foreclosure listings in GLCS, 350 W Ash, etc to be completed. These have actually already been foreclosed on but are now waiting for the tenant to leave and the asset manager to authorize the lisitng.
There also seems to be issues with getting financing for many building DT based on the comments left in the listings.
In conclusion I do not believe there will be higher prices in any building DT in 2009. Hard to believe but true. |
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wilson
Posts:670
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| 11/24/2008 6:51 PM |
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I have noticed new listings for Hard Rock, but with a total of 29 listings the strength does not all come from one place. I notice you make reference to "spring selling season." I
I often have heard the higher activity in the summer season, but don't recall it being a "selling season" or a "buying season." I guess it depends on if you a "glass half-empty" kind of person.
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rentingman
Posts:447
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| 11/24/2008 7:54 PM |
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| I had previously posted that I believe the decline in inventory was due to the end of DAP. I am not surprised inventory has increased since Oct 1. |
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wilson
Posts:670
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| 11/25/2008 8:49 PM |
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| It looks to me like new listings are definitely getting priced more competitively. |
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wilson
Posts:670
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| 11/25/2008 8:54 PM |
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| Look at doma 303, nice unit and low ppsf. |
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