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Real Estate
Reply to "Impending Recession and Selling Our Condo"
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[quote=Anonymous]Being old, and having been through several recessions in different housing markets, my big takeaway is that the condo market reacts very differently than the single-family housing market. They say that "they aren't making any more land," but it is easier to increase the supply of condos in a given market (even a city). Also, there is a long lead time on big buildings, so new buildings tend to keep coming on the market, even after the recession has hit. If a condo market gets even a bit oversupplied, and buyers are very cautious, the condo market can take a real hit, even when the single-family housing market stays flat. I'm not an expert on the DC market, but there do seem to be a LOT of new buildings. I would say that location REALLY matters in this instance. Condos on Pennsylvania Avenue are likely to be fine. The more recently-gentrified the neighborhood, the more risk. [/quote]
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