Ladies and Gentlemen,
The links below contain descriptions of each property organized by “status”, that is, whether it’s currently available for sale, under contract, sold, or was listed for sale but did not sell. A short description of each property is provided, followed by a summary table of each property’s key features, which allow you to easily compare the features of your unit with others in our building.
Click here to view the sales from January 1, 2020 – August 30, 2020
Click here to view the properties for SALE
Click here to view the properties for RENT
I appreciate the opportunity to provide you with a Comparative Market Analysis for Turnberry on the Green Condominium. This analysis contains a summary of the recent real estate transactions in our condominium for apartments that are similar to yours. While none of the apartments included in this analysis are exactly like yours, they do provide a good basis by which to compare your home with the “competition”.
Your home may have special features or improvements that could substantially affect the price range in which it should be listed. We will discuss pricing in more detail after you’ve had a chance to review the enclosed information.
Since peaking at 6.6% year-over-year growth in December 1, 2018, national home value appreciation has slowed to 3.4% in December 1 2019, its lowest level in seven years.1 This decline in home appreciation rates is expected to continue or, at best, maintain its lukewarm growth.
There are, of course, dramatic regional differences, from a 0.5% loss in the Seattle metro area to a 7.9% gain in Philadelphia.
According to a report this July,2 85% of real estate experts forecast a recession beginning in 2020-21. Their outlook is due to factors such as trade policy, a stock market correction and geopolitical events, rather than a housing adjustment itself. However, this deceleration is still expected to influence the residential real estate market.
The impact of a slower appreciation rate
How this affects your clients depends mostly on your metro area’s House Price Index (HPI) and whether they’re looking to sell their home or purchase one. If they’re eager to move on, sellers may want to drop their price to get in front of other sellers. Or, if there’s less urgency, clients may decide to take their home off the market to wait out the downturn. For buyers, in contrast, this ongoing drop in appreciation implies a buyer’s market. Their strategies could include taking more time to find the right home or leveraging this slowdown to negotiate a lower purchase price based on a seller’s fears of depreciation.
At the least, your responsibilities include educating your clients on the wide-ranging implications of a further cooling in the appreciation rate.
Updated: August 13, 2020
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