Condo sales cooling… or not???

According to the Washington Post, condo sales in the metro area are cooling off as supply is now starting to outstrip demand. According to the article, condo sales have already peaked and many developers are offering incentives for prospective buyers such as waiving condo fees for a set period of time, money towards closing, and some developers have dropped condo prices by as much as $30,000.

An associate of mine at work just put his condo in Alexandria up for sale on Thursday. As of yesterday, he has already received several full price contracts that he’ll have to sort through, so it appears as though there is still a bit of demand. The condo was only on the market for 24 hours before contracts started flowing in – that’s not what I would call a “cooling off” market, for sure. I guess the old adage, “location, location, location” holds true, even in a “cooling off” market.

2 Comments so far

  1. wayan (unregistered) on January 7th, 2006 @ 2:51 pm

    Aww, yeah! I can’t wait for a good 36% off sale to drop condo prices into my budget. I’m thinking Jan 07 would be a good time to pick one up cheap(er).

  2. rachael (unregistered) on February 3rd, 2006 @ 11:34 pm

    Looking for a condo in columbia heights within walking distance to the columbia heights metro

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