Is There a Hyde Park, Oakley Condo Conundrum?
May 20th, 2009 categories: Sales
Webster’s defines conundrum as an intricate and difficult problem.
The condo market in Hyde Park and Oakley presents a delicate balancing act between supply and demand. According the Multiple Listing of Greater Cincinnati:
- 23 Active Listings, – 21 are new construction
- 7 Pending – all new construction
- 11 Solds- 5 new construction
As the market slowly comes back to life, condominiums in Hyde Park and Oakley present an interesting conundrum- meeting high demand for new construction versus reselling previously owned real estate. What compounds the problem is that many of the resales are relatively new (less than 5 years old). The absorption rate (number sold vs the number available) indicates a 24 month supply of condos priced at $500,000 up.
So what’s a condo seller to do?
Look at the facts and market accordingly. Pricing has to be competitive against new construction. Get creative by offering the right incentives and be patient. As the new construction is sold, the demand for the market will heat up.
Solving the condo conundrum requires timing, flexibility and buyers getting of the fence and into the marketplace.
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