Property Q&A in 10533>Question Details

Mary Muoio, Other/Just Looking in

Why are so many units for sale in same development?

Asked by Mary Muoio, Mon Jan 19, 2009

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As listing agent to two of the units listed in Downingwood, I can tell you the reason so many units are for sale is just coincidence. Right now there are 4 units for sale on upper Birch. And yes the prices have had to be adjusted for a changing market. The owners of these units have lived in Downingwood for a mininum of 10 years. One of the units is owned by people who were original owners. 390 is on the market because the owner can no longer handle the stairs. Another is being sold as the owner is downsizing now that the kids are out of the house. This is a great opportunity for a buyer to live in a fabulous location in a wonderful development.
0 votes Thank Flag Link Wed Jan 21, 2009
Hi Mary,
The reason that you will find multiple units "sitting" in any community is a function of price. Three of the 4 townhouses currently for sale in Downingwood have been on the market for over 4 months. One of them has been reduced over $100,000. The truth is that it was overpriced to begin with.
I am currently selling a unit in Fieldpoint (another Irvington development) that went in to contract very quickly. Why? Both seller and buyer were reasonable AND realistic.
Make sure that you work with a realtor that work for you and do the necessary homework.

Amy Singer
Prudential Centennial
0 votes Thank Flag Link Tue Jan 20, 2009

I live in a condo development very similar to Dowingwood where Birch Lane is located. Every complex goes thru cycles. People are relocating, buying larger units or homes or numerous other reasons. To the best of my knowledge, there is no particular reason why now there are many units on the market. Obviously, it is advantageous to buyers.

Finally, if you are going to purchase a unit in this complex or any other, you and your attorney would have the opportunity to look at the complexes financials and also receive information via your realtor as to any current and potential future assessments for capital improvement projects and possible increases in the common charges before you sign any purchase contract.

If you have specific questions about this complex or other, I look forward to answering them for you.

Steve Geiger
Associate Broker
Houlihan Lawrence
0 votes Thank Flag Link Mon Jan 19, 2009
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