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<DIV>Folks</DIV>
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<DIV>The sentences below were taken verbatim from the article (except for the text in parenthesis which is for clarification). If there is any speculation going on it's not on my part. My intent is to make our readers aware of the current condo market conditions.</DIV>
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<DIV>Bruce<BR><BR><BR></DIV>
<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 0px; BORDER-LEFT: #0000ff 2px solid">-----Original Message----- <BR>From: JayRite@aol.com <BR>Sent: Feb 12, 2007 3:20 PM <BR>To: ABragg7393@aol.com, bruce.wernek@mindspring.com <BR>Cc: towntalk@riverdale-park.org <BR>Subject: Re: [RP TownTalk] Pete Buildings <BR><BR><ZZZHTML><ZZZHEAD><ZZZMETA content="text/html; charset=UTF-8" http-equiv="Content-Type"><ZZZMETA content="MSHTML 6.00.2800.1586" name="GENERATOR"></ZZZHEAD><ZZZBODY id=role_body style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Arial" rightMargin="7" topMargin="7" leftMargin="7" bottomMargin="7"><FONT id=role_document face=Arial color=#000000 size=2>
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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. </DIV>
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<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>
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<DIV>Jay Wright</DIV>
<DIV>Queensbury Rd. </DIV>
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<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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<BLOCKQUOTE style="PADDING-LEFT: 5px; MARGIN-LEFT: 5px; BORDER-LEFT: #0000ff 2px solid; MARGIN-RIGHT: 0px" TYPE="CITE"><FONT lang=0 style="BACKGROUND-COLOR: #ffffff" face="Times New Roman" color=#000000 size=3 FAMILY="SERIF" PTSIZE="12" BACK="#ffffff">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 style="BACKGROUND-COLOR: #ffffff" face=Arial color=#000000 size=3 FAMILY="SANSSERIF" PTSIZE="12" BACK="#ffffff"><BR><BR></BLOCKQUOTE><BR></FONT><FONT lang=0 style="BACKGROUND-COLOR: #ffffff" face=Arial color=#000000 size=2 FAMILY="SANSSERIF" PTSIZE="10" BACK="#ffffff"><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. <BR></FONT></FONT></BLOCKQUOTE></DIV>
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