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<DIV>Thanks Audrey,</DIV>
<DIV>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.
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<DIV> </DIV>
<DIV>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.</DIV>
<DIV> </DIV>
<DIV>Jay Wright</DIV>
<DIV>Queensbury Rd. </DIV>
<DIV> </DIV>
<DIV>In a message dated 2/12/2007 12:59:01 P.M. Eastern Standard Time,
ABragg7393@aol.com writes:</DIV>
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FAMILY="SERIF">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.</FONT><FONT lang=0
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BACK="#ffffff" PTSIZE="10" FAMILY="SANSSERIF"><BR>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.<BR><BR>Just wanted to set the record staight.
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