I was writing an email to a client yesterday and it seemed to me the same information would be valuable for everyone.
Referring to an upscale townhome project in Ketchum, “These are for sale at or below replacement cost for the construction alone, not including land value. I believe they are worth a lot more than they are asking. The only reason they are not gone is that people are still edgy about the economy… but it seems to be changing. The deals available on the market are great deals. Great deals even for a down market.”
Just as a commentary, it is interesting to see the market dynamic changing. I think a lot of buyers are beginning to realize just how low the market has descended, and what incredible deals are actually available. The bank owned deals and distressed properties are insane buys. Even in this market. It is evolving to the extent that I am currently working on sales for several bank owned properties where the ultimate purchase price will be above asking price. That wouldn’t have happended six months ago.
It’s just interesting to take a step back and get a bird’s eye view of where things are heading. It’s like the fog is lifting for a lot of people and the market is coming into focus and people are excited about what they see.
Perhaps we are entering a balance point or possibly even a tipping point where our market is beginning to change…and change is good.