Another sign of a slowing market

Posted on October 14, 2005 by Jim Duncan

This from a property that just came on the market.

$5000 under market! McIntire interior unit with garage, brand new, available early November. High efficiency heat pump; hardwood floors, ceramic tile, maple cabinets, GE appliances, and more. Close to University, downtown, I-64. Instant equity!

I wonder when was the last time that C’Ville saw this type of advertisement for a new construction flip. Another sign of a shift in the market.

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About Jim Duncan

A Charlottesville Realtor who tries to stay on the bleeding/cutting/functional edge of technology and real estate trends. I have been selling real estate for the past 10 years, lived in C'Ville for twenty+ and am married to one of few Charlottesville natives left.
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  • Stormy

    It may be “under market,” but it is most likely is 12-15% at a minimum over what the original buyer paid for it less than 12 months ago. And might not the “under market” language be a red herring, trying to drive up the price through a bidding war by encouraging more people to bid than would otherwise?

  • http://www.jduncanrealestate.com Jim

    It probably is above what the original buyer paid for it, I have not yet verified the public records. Look at what the other properties’ asking prices are – that are being marketed by the developer. This current owner is probably taking a (all speculation here) much smaller profit than anticipated. Other properties are here.

    When I see properties being resold prior to the rest of the development being either sold or completed, in addition to the “under market” remark, I think that that is a sign. Bidding wars on this type of property are, in my opinion, (and I am could be way wrong) soon to be rare occasions for unique properties. This property is not unique.