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.
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.