From: "CalNeva" 
Newsgroups: misc.invest.real-estate
Subject: Re: Lauderdale Insights?
Date: Sun, 01 Jan 2006 20:03:50 GMT


"Steve"  wrote in message 
news:1136133414.776271.101190@o13g2000cwo.googlegroups.com...
>
> Great, "lower their prices" from the outlandishly high to ridiculously
> high. So they're now trying to get 20% over market price instead of
> 35%. Great analysis there, Steve.
>
> A couple of high profile examples:
>
> Jackson Tower:  32 units for sale or rent. In the past year, no
> ~2000sqft unit under the 30th floor has sold for more than 1.05M.
> Typical asking prices, 1.2-1.3M
>
> Riverhouse: 47 units for sale under 1.5M asking price. Developer prices
> are a good indicator here, as there are still some available. The
> building is half empty and clearly not moving. Columbus Unit 2605 went
> for 1M in October. Developer asking price for 2705, 1.2M. Developer has
> continued to increase prices even though they can't sell anything.
>
> of all of the buildings I'm tracking, with 100s of units available,
> I've seen 2 units lower their asking price, and 1 was a unique
> penthouse unit that is difficult to price because there are no real
> comps to it. Clearly the market is soft, but asking prices continue to
> rise. That was the point of my point.

Towards the peak of a bubble, supply increases and prices go up at a slower 
pace.  The market does not make sense here and aftera while it declines. Is 
this close to what you are seeing?

http://www.AmericanWest.biz

>