Madison Lofts sent out this email recently.
Prices reduced up to $50,000.
Example of new pricing:
Home 204 – Was $699,950 – Now $649,950
Home 306 – Was $569,950 – Now $539,950
Home 310 – Was $499,950 – Now $479,950
Madison Lofts is 55% sold and approved for FHA financing. With FHA financing, buyers' down payments can be as low as 3.5% for qualified buyers.
There is a real possibility they will be worth half that in 5 years.
I’m not sure I agree with that, but they are still way overpriced. They don’t seem likely to catch up to current conditions with these weak little cuts.
@paul
If that were the case, we should all be stocking up on guns and water purification tablets. I don’t know when the last time real estate prices were cut in half.
Can you share how you came to this conclusion?
@jake – well, of course my conclusion was conjured up in my head, and I did say “possibility”.
I meant half of the original asking price. The asking price halving from the top of a bubble is not the same as house values halving.
Unit 204, 1100 sq ft originally asking $700k. I can envisage a world in which 1100 sq ft condos are worth $350k without also having to imagine Waterworld or MadMax scenarios.