Charlottesville condo market poised for …

Crash? Adjustment? Nothing? Same old same old?  We’ll know in five years.

I had this exact conversation with clients this morning. There are some condo developments in the Charlottesville area that will not be as susceptible, but more perhaps that are at risk than not.

What happens to the (condo) market when buyers have to have at least 10%? Will condos still be considered affordable housing?

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3 Comments

  1. TrvlnMn March 12, 2007 at 18:07

    I would hope a condo crash would bring a price correction. There is just no way that a condo should cost upwards of 200k, not for shared walls and certainly not in Charlottesville.

  2. J March 12, 2007 at 19:55

    You can’t really argue with the market. Go ahead and offer less, but if willing buyers are paying 200k for condos, then that’s what they’re worth….

  3. Jim Duncan March 13, 2007 at 09:58

    But … if those willing buyers are willing but unable to pay $200k, then the property is not worth that. Now that the easy money is going away, there are going to be fewer “ready, willing and able” buyers in the market – less demand for increasing inventory.