So what you're saying is that we should buy right now before rates go up. Got it!

Absolutely. If you want to lose a fortune now is a great time to buy. After interest rates go up the valuation of your residential real estate will go down (a lot). Why? Because anyone who wants to buy with a mortgage will have a higher monthly payment. That means house valuations go down.

If that isn't clear to you you can take a basic course in economics or even read a book on the subject.

Good luck in that quest.

Did anyone listen to Jay Lamont this morning? According to his analysis of data from Trend for the 1st 6 months of ‘08 compared to the 1st 6 months of ‘07.….for the 5 counties in PA and 5 counties in NJ that they include in the Philly metro…….volume of sales is off about 23% and the median price of residences sold is completely flat…….didn’t go up and didn’t go down. The most rural area, Berks slipped a little but was countered by appreciation in other areas. He doesn’t bother with “days on market” because it isn’t consistent and is about to be replaced by some other way of measuring that information.
Also property is selling for an average of 93% of asking price.....down from 95% last year.

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Can’t we all just get a lawn?

I haven't posted here in a while because things were getting repetitive. But here are some more tidbits to consider.

Anyone notice that there are now lights on at night in some of the Murano condos? The apartments even look furnished. But I have a friend who has a clear view into those apartments: there is no one living in most of those units. It just staging by the developer.

Also, keep in mind that some of the under-construction condo towers that are claiming to be, say, 60-80% "sold" actually only required the "buyers" to place very small deposits on the units, pre-construction. With many of those units being bought by potential flippers, those units will only be purchased if they can be sold at a higher price than the pre-construction price. If not, all of the flippers will walk, and the developer will have to lower the asking prices until real buyers come in.

very interesting. we need an update from GoogleBoy. he's been curiously MIA for a long time. I wonder if he's now aimlessly roaming the quiet empty halls of the murano, searching for signs of life.

hmmm, these developers required 15% down when making the reservation so your post is incorrect. Also don't expect residents here until August/Sept. My closing has been pushed back several weeks from a July 22 date and I'm on a mid floor. And by the way, the developer has only modeled the 23rd floor as sample units. Your staging comment is baseless. Just the facts.

I suggest you re-read my post more carefully. I never said that the Murano, specifically, required a small deposit. I was referring to other developments.

Only the 23rd floor of the Murano is staged? Who told you that, the developer? Now there's a great source. It is clear -- even from the ground at night -- that there are units on multiple floors illuminated at night.

I hope you only bought one unit that you plane to live in and enjoy (so you ignore the value of the place). Any other investment in a condo in this city is likely to be a bad move.

No-one needs to tell me because unlike you, I've actually been on many floors in the building. Most folks havent even closed yet and so your point about some floors being lit is what exactly? That the developer is playing games? Ahhh, the paranoia on this thread never ceases to amaze me.

ah yes, this is where Gekko and company are supposed to chime in. Please resume your discussion about the pending collapse of Philly real estate. Have fun!

Is that $3.5+ million in inventory that your building is now carrying? That's the summation of all the numbers that aren't round. Looks like your building owns most of the inventory for sale.

When do you think the building will resume buybacks. After they clear this inventory? Maybe around 2015?

I know, Damon is going to sell them all this month! Yay! (He's selling them like hotcakes you know. Yay!)

I also forgot - you'll be selling yours (with all the "bells and whistles") for $100k more than the building's pricing. That'd be $350k for a 1BR + 6% comm? About $371k! Yay!

Still happy you went to all those meetings but had no clue what was going on in your own building ?

Oh wait, I forgot this too. Alan Domb still lists properties for a lot of money. That's the reason that housing valuations are great in Philly! Yay!

Volume down 23% but prices stable. Still totally in fairy-land I see.

Congratulations!

P.S. Jay Lamont! Yay!