Quote:
Originally Posted by Traum
On a different note, I was chatting with a friend who works as a notary. Much to my surprise, he was telling me that he has been swamped at work lately doing real estate transactions, with most of them being apartments / condos, a much smaller number in townhouses, and very few detached homes.
So from his POV, he doesn't think the RE market is cooling at all. It's just that the vast majority of the action is happening with apartments and condos.
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Because that's what people afford now. Most of them are also one bedroom or one bedroom plus den. 2bedroom apartment have been sitting in the market longer or not getting sold at all. During my search right now for a 2 bedroom some of the less desirable units have had multiple price reduction and is still in the market. Most of these are either tenanted out (Basically it needs a major reno), facing bad directions or the layout is just weird.
Location plays a factor also. Before you can sell even if the area sucks. Now people actually think about the location.
If anyone is buying now I would advise NOT buying anything that face west (NW and W being the worse) especially if the apartment you are looking at is lower than 20th floor. Simply is too hot and you will regret it.