[RP TownTalk] Pete Buildings

[JayRite at aol.com]

Thanks Audrey,
I'll also point out that it states, "at the current rates of sales". That  
would be alarming if the current rates of sales continued for 4 to 6 years. It  
won't. The usual "tide" if you will of real estate sales in the DC Metro area 
is  from 18 months to 3 years. We are currently at the bottom of that scale 
and  should be going up from here. Also, nearly half of those 24,000 units are 
at the  "luxury rate" (ie $600-$800 per square foot). Those units have become 
hard to  sell and is one reason that the PG county market remains the exception 
thus far. 
 
Concern for Pete to sell his units is unfounded and any doubt that he won't  
is pure speculation. Thanks to homeland security and an unprecedented amount 
of  government spending there is a projection of 10-15K new jobs per year in 
the DC  metro area. The condo market in PGC is still considered affordable and I 
do  believe that, in comparison to the rest of the region, Pete's prices will 
 be affordable too.
 
Jay Wright
Queensbury Rd. 
 
In a message dated 2/12/2007 12:59:01 P.M. Eastern Standard Time,  
ABragg7393 at aol.com writes:


The last point I would like to make is this.  The  president of the RBA 
passed out a report on the condo sales situation in the  DC metro area at the last 
meeting.  She obtained this report (MriS  Trends in Housing, Year-End 2006, 
Delta Associates) off of the MLS listings,  which means only realtors have 
access.  It states and I quote, “With a  current inventory of almost 24,000 units 
(condos in Washington Metro area),  it will take about four to six years to 
sell these units at current rates of  sales velocity”.  The article further 
states, “Only 663 new units were  sold in the Washington metro area during the 
forth quarter (of 2006)”.   Please read these last two sentences three times to 
make sure they sink  in.  They were written by realtors for realtors.




The article also stated that  Prince Georges County was the exception to the 
slowing sales in the  area.  Prince Georges County had a 50% increase  in 
condo sales from  last year.

Just wanted to set the record staight.  




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