Maybe they got a bulk discount.
Click here for a snapshot of five condos that were entered into the MLS yesterday as new listings and then marked as sold. Aside from the fact that this will screw up/skew the Days on Market data, click on the image below for a real shock.
I think this may be an ongoing trend in the condo conversion developments such as Hessian Hills, Barracks West, 1800 JPA … as such, if you’re looking at an investment, now may be a very, very good time to pick up a condo or three.
The really scary thing that I debated not writing … how many of these condos were purchased for $130k+ with 5/1 ARMS? And when do they reset?
The market will come back …. it’s a matter of when …. Charlottesville is a fairly dense locale and it’s only going to get more dense and more densely populated … these locations are very good and will still be good in three, five, ten years and beyond.
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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