Still more good news, this time for affordable two-bedroom condos:
- We have a client interested in older condos in good locations. We focussed on two-bedroom condos built between 1979 and 1983, in good ski in, ski out, or walk to slopes locations. We charted all 13 such sales 2009, and the price-per-square-foot has stabilized and is going up! (See the magenta line). There’s a 10 percent per year uptrend (yellow line) in the price per square foot.
For older two-bedroom condos in ski in, ski out, or walk to slopes locations:
- The peak selling prices occurred roughly from July 1, 2007 to July 1, 2008, and averaged $502 per sq ft
- Selling prices in 2009 averaged $443 per sq ft
- That’s a drop of just 12% from the peak
- Prices appear to have bottomed out, and since 1/1/2009 they are rising at a rate of 10% per year
Compare this to our recent posting, “Luxury Home Prices Stabilize”
So, come on up and get a condo! These condos have been marked down 12%, but they’re already heading back up.
You’ve been good this year, haven’t you? Why not make an investment in The Best Place On Earth!