Reply to Shaw condo drops $200k in value

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Crime is up in Shaw, and condos generally don't hold value that well and are difficult to sell. That combo=price drop. [/quote]

Also don't forget about rates. A $1,050,000 condo in 2019 is cheaper than an $850,000 in 2024. [/quote]

It's this. Without the rate change, you might still have seen a small decline in value, or maybe the condo just holding steady with no appreciation. Paying 7% on a jumbo loan for a condo in a pricy neighborhood where everything else is also really pricy is just increasingly out of reach even for DINKs with good jobs and a big down payment.

I think you'd see more sales like this right now if not for the fact that many sellers have such low rates from buying or refinancing in 2019-2021 that they simply choose not to sell below a certain floor and will rent it out or just suck it up and stay. Looks like this seller was highly motivated and willing to take a big loss. Or maybe financially insulated such that the loss doesn't hurt them as much as it would hurt someone else.

I own a condo in the district and we could not sell for 15% below our purchase price -- we simply could not afford to do that, and would just stay in our condo rather than do it.[/quote]

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