After last weekend’s close of a 1-bed, 1-bath, 766-square-foot unit in the Aspens/Racquet Club at $220,000, I took a closer look at this market segment. A quick look reveals this is the lowest price since October 2005 for what is perhaps the most common unit in this neighborhood dominated by short-term rental properties.
Going back to this date in 2004, there have been 66 sales of these units that were built mainly between 1976 and 1980. Highlights of these sales include:
- There were six in the last year, 8 in the year ending on this date in 2009, 10 in the previous year, 16 in the year before that, 10 in the year ending on this date in 2006, and 16 in the year ending in 2005.
- The highest price paid during this period was $565,000 for a 1-bed, 1-bath, 736-square-foot condo in the Strawberry building in September 2007. There were three sales above $500,000, all within three months of the above sale. Another closed sale during this stretch was not reported, but sold after just 15 days at a list price of $510,000.
- Interestingly, even though the last sale as low as last week’s at $220,000 was October 2005, there were five sales in 2004 above $200,000 and threes sales in 2005 below $200,000. Clearly a fluctuating market during this two-year period.
- There are six active 1-bed, 1-bath listings in the Aspens/Racquet Club. The lowest priced unit is $249,000 with the highest-priced unit at $395,000.
- There is one pending unit that is a short sale listed at $275,000 after 190 days on the market, originally listed at $350,000. This unit last sold in August 2006 for $469,000, hence the short sale.
With prices for these units dropping from a high of approximately $737 per square foot to a five-year low of approximately $287 per square foot, analysis is hardly necessary. However, to discuss opportunities and challenges in this market today, contact me.