As I have reported previously in this blog, that the facet of the real estate market that was most severely impacted by the financial downturn in 2008/2009 were the new development projects. But now, for no logical reason, the upscale high rises that have seemingly sprung up over night in every neighborhood of the city are selling again.
It may very well be a combination of things...banks are more willing to loan on these projects, prices are lower but not in a free fall so stability has been added and at the end of the day its all about getting a good deal.
Perception is one of the greatest factors in driving real estate prices either up or down. Today, the perception is that things are better, that prices have bottomed out and that now is the time to buy. So, people are buying and inventory is dwindling and developers are almost ready to smile again....lets hope it lasts.
Oct 13, 2010
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