I am currently marketing a condo in Turtle Creek*, have been for a couple of months and through a couple of price reductions (the most recent of which was a $10k reduction yesterday). I expect the best competition, one building over, to drop its price swiftly in line with our reduction. I continue to think that Turtle Creek remains a wise purchase, primarily from a quality of life perspective – it is well-located, generally well-run and perhaps most importantly, well-built (and it’s not a condo-conversion).
This year, 26 condos have come on the market. 6 have gone under contract
In 2006, 22 condos came on the market between 1 January and 1 June. 7 went under contract in that timeframe.
In 2005, 9 condos came on the market between 1 January and 1 June and 6 went under contract.
In 2004, 11 condos came on the market between 1 January and 1 June and 10 went under contract.
Notice a trend?
*I generally do not discuss properties I am marketing, but this one fits in line with the greater real estate market in Charlottesville, and the condo market specifically.