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Tuesday, January 23, 2007

Hello Again, Condo Anecdote

This is at least worth a brief mention. Another unit has come up for sale in the condo complex in my neighborhood that was the subject of my first anecdotal post. Actually, it's not "another unit" but rather the same unit that sold just over a year ago.

In December 2005 Unit #6 was bought for $300,000. It is now on the market for $350,000, a 16.7% price increase. Given that the most recent county-wide data (pdf) shows condos up 21% from a year ago, perhaps the asking price is too low?

Since county-wide data is based on an ever-changing data set of new homes, remodeled homes, sub-divided lots, condo conversions, and so on, same-unit sales are the best way to gauge the actual appreciation in the market. It will be interesting to see how long it takes to sell this condo, and what the eventual sales price is.

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