The bubble bursts in the Triangle

This scary post on DC Housing Prices today was enough to raise the hairs on the back of my neck. I’m not quite sure what to make of it… do you?

“If I owned a unit at the Sonata, I think I’d be a tad unhappy that the developer is lowering prices 6.4 – 14.4%, less than a year after I closed on my unit.”

DC Housing Prices Blog

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Comments

  1. 1

    mediocre bad guy says

    MLB… remember that comment you left on my post about developers? Looks like they didn’t take your advice.

  2. 2

    fourthandeye says

    FWIW – I’ve visited unit 207 that had the sizeable price reduction. It has a terrible view and enormous condos fees ($650/mo). The eye level view is of some exhaust vents and the ramp to the garage. In this market it wasn’t going to sell for high 400s. I could be naive but I don’t think selling one 2BR Beethoven unit that has an awful spot in the building is going to have a big effect on the equity of every other 2BR unit.