Warehouse District Condos, Market Update for December 2008. Buyers Market?

Lets get a feel of the Warehouse District Condo market before getting into the numbers. It is definitely a Buyers Market but the supply is not overwhelming. Many sellers are still asking too much for what they are selling their condos for. The prices are too high in many cases and the units are not appealing. The upper end of the market is the slowest and oddly enough the mid range market seems to be doing OK. This generally happens this time of year but do not get the feel that many buyers are looking in this range.

The interest rates are extremely good so expect some pickup starting at the bottom end of the market and working its way up as we go through the holidays. The MLS shows that there are 161 units listed for sale as of today. You however are looking at 11 pre-sale units at the Tracage, 11 units at 835 Julia Street, 20 units at the Rotunda, and 11 units at 1201 Canal Street Condos. Over a third of the market is these new complexes.

There are 30 units over 500k which is always slow this time of year. There are 35 units under 200k. This segment of the Warehouse District Market is one that is always fairly active. The problem is that many of the units are unappealing for the prices being offered.

I will review the more popular Warehouse Condos associations that are normally attracting attention this time of year. They also comprise a major share of the listings below 350k.

The Cotton Mills Condos which is always a good choice for a condo has 17 units for sale. Out of the 17 units there are two nice buys at the prices being offered. Many of the rest are just overpriced and have too many negatives. The Cotton Mills remains popular since it offers plenty of amenities that people want with low condo fees. Last year at this time there were 5-6 very good buys.

Julia Place Condos located at 333 Julia Street has 5 units for sale. I currently have 2 units under contract to close before the end of the year. People have been choosing this mainly due to the Julia Street location, common areas and very reasonable condo fees. Most of the units that have exterior views tend to sell here if priced correctly.

The Federal Fibre Mills at 1107 S. Peters Street has 6 units for sale. Three of the units are priced to sell. One needs work but could be a good buy for someone willing to do some updating. The common areas are a big selling point and each unit has parking. One is a 2/2 corner with terrace and great views.