How High is High?

Now admit it…sometimes buying a house around here feels a lot like this guy feels pictured above. Probably scarier actually. The question is…how high can it go? I said houses…that goes just as well for condos and townhouses right now. Earlier this year I had planned on listing the townhouse at 808 Volans for $699,000. That was in February. My client had a change of mind and decided to wait. When they were ready to go in September we listed for $789,000. We got multiple offers and it went well over that. When it closes it’ll represent by far the most money ever spent for a non water front unit in Isle Cove. Amazing! How high can it go there. Heck a water front townhouse at Isle Cove just closed for $930,000!

I still can’t get over how long it’s been since a single family house sold for less than $1,000,000. Actually it was July 10 at $850 Pollux. Incredible! I swear it really seems like yesterday that the vast majority of single family homes sold under $1mil. I don’t have an answer for how and when and why it stops…or even slows down significantly. I’m really not sure it’s EVER going to really depreciate. I don’t believe our market is a bubble. everybody has significant downpayment…we’re just not going to get a bunch of short sales and foreclosures from this crop. I guess we’ll just have to wait and see.

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