You came back?! Wow, I lost that bet - but glad you're here!
As reported in The Roanoke Times this weekend:
“The town of Blacksburg saw 30 condos sold during the first nine months of 2009, down from 49 during the same period of 2008, a reduction of 39 percent, according to figures real estate agent Jeremy Hart pulled from the Multiple Listing Service, a real estate database.
Hart said he would be cautious about recommending either of the stalled projects to clients.
‘There’s an oversupply [of condominiums in Blacksburg], financing is tough to get, and people are more carefully watching their money,’ Hart said.”
You can read the full article here.
I wrote about this last week, and talked about this particular issue of game day condos in Blacksburg back in January 2008. And I hold firm – until financing guidelines for condominiums loosen up, and consumer confidence – and spending – increases, we’ll continue to see condos in Blacksburg sit on the market. You just can’t manufacture buyers because you think they’re big fans, or think that because they have money they’ll spend it.
Buyers – if you want to purchase a condo in Blacksburg, for ANY purpose (to live in, to stay in part-time, or to invest in the student market), and you want to get conventional (15 or 30-year fixed) financing, you’ll need to:
- put down 20% OR MORE
- be prepared to wait (see “Why Is It Harder To Sell A Blacksburg Condominium?“
And Sellers, if you have a Blacksburg condominium you want to sell, I’d suggest weighing the balance between having to sell and covering your mortgage payment and HOA fees with the rental market. Swift sales in such a tumultuous financing environment are not going to be happening anytime soon, so if you don’t HAVE to sell, consider speaking with a qualified property manager – contact me for recommendations – until these products begin selling again, and expect that that time frame might be as long as 24 months away … or more.
Photo from Sean Dreilinger
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