Thursday, August 2, 2007

Rockville Town Square: No Sales = Conversion to Rentals

Earlier Rockville Town Square announced that it will no longer be selling what remains of its 600 unit building and instead convert the remaining units to rental apartments. Due mainly to the over development of Montgomery County near Metro's and the tightening of lender requirements.

A look at Rockville Condo Stats over the last 30 days:
Average Sales Price...............................................$399,000
Active Condos...........................................................149
Condos Under Contract:..............................................41
Settled Condos.........................................................24
Average Days on Market Active Condos.....................83
Average Days on Market Condos Under Contract.......79
Average Days on Market For Settled Condos.............58
Average Dollar / SQ FT for Active Condos...............$328
Average Dollar / SQ FT for Settled Condos..............$312

Alright, so lets analyze this data: If your selling a condo and its been on the market for 58 days or longer and you are not priced below $312 / sqft, its time to reduce or you may face holding that property upwards of one month longer at best before receiving an offer. In addition, we are approaching the winter market, an even more difficult time to sell so chances are prices will drop further and if you dont want to hold your condo through the winter it might be time to consider reducing.

GOOD LUCK!

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