Quote:
Originally Posted by dr_gingivitis
I work for a homebuilder who's sales are down about 40%, so I will not deny that the market as a whole is not as strong as it was last year at it's height, but that 40% decline would still have beat our numbers up until 2004. 22% below asking probably still represents a 30%+ profit, which I know is higher then most of the national homebuilders are seeing right now. To do this on a block with 32.5% vacancy (and I'm only counting the ones that are obviously vacant, ie, missing windows...) and one short block away from a top 20 drug corner is pretty amazing to me.
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Pretty amazing or really stupid. That area is so overpriced. The fact that someone would pay that much on a block with abandoned homes makes no sense to me unless they plan on staying there for 15 years. Center city has improved, but it's not a thriving metropolis like boston, NYC, and DC. I know what the come backer is going to be "That's why the house cost ONLY $500k". I can get a real nice condo in DC for that price.