Condominium sales have improved in January and coupled with the increase in December, the numbers are showing that bottom might be here. If you’ve been sitting on the fence waiting for the bottom it has arrived. Historically low interest rates and deep discounts to move inventory have brought in buyers. That is exactly what we are seeing in today’s condominium market.
Pending sales recorded of new condominiums in January show an impressive four-month high, up 50 percent from December.
Developers are offering some of the best financing opportunities for new condos. In Seattle, Loft 42 and Mode offer great downtown buys. In San Jose, Villa Fontana’s is offering up to 100% financing, and if you’re looking for a condo in Phoenix you won’t find better buying incentives than Mountain Ridge. Condominiums
Despite my previous rants, Newspapers are still a source that people go to in order to receive information about everything – finance, style, sports, world events and etc. These newspapers are trusted my millions which is why they continue to stay in business. However, like news on tv, if it bleeds, it leads. A common motif in newspapers across the country is – that’s right…you guessed it: the woes of the housing and mortgage industries. Countless headlines continue to grab the eyes and minds of readers and suck them into believing that we’re going into a recession and that housing is the worst since the depression. But then if you turn a few pages, you’ll see ads for condos for sale or new developments offering great incentives for first-time homebuyers and etc.
Does it ever cross your mind that newspapers are really evil mediums? Allow me to explain. Even though newspapers are not as popular to advertise as they once were for condo developers or any real estate developer for that matter, these publications still are able to charge exhorbitant prices for a full page, full color. When I say exhorbitant, I mean, $46,000 for a full page full color ad in the Sunday Real Estate section. This is obviously for a leading newspaper but this is 1 ad for 1 day of the year. This is not even trackable.
How do editors sleep at night knowing they are making a killing from these real estate ads and then on the flip side endorse articles that state the end is no where in sight for the real estate market. Conflict of interest? Uh…yes! Many newspapers are now losing real estate advertising clients because they are always writing about how bad the market is. If you were a smart editor/newspaper owner, you would think it would dawn on your not to hurt your main revenue streams.