—2014 YEAR IN REVIEW—
And projections for the immediate future…………
WEST MARKET: Logan Park
Overall Market Review – The local real estate market may be undergoing a significant shift from recent years. The RayMaxTeam Year in Review reports for 2011, 2012, and 2013 all cited much stronger underlying fundamentals than was generally predicted at that time, citing many forces which would drive prices much higher than consensus forecasts. Naysayers called us polyannas, but the RayMax forecasts proved more accurate. For the first time since 2009, this annual review is citing caution for those expecting big price appreciation for the market in the upcoming year, especially the first half of 2015. The yellow light is on, not red and not green: I welcome any discussion on this topic and feel free to contact me at any time.
A Review of West Market’s Logan Park and Projections For 2015 – Logan Park is a desirable community of well-built, traditional town homes within the upscale West Market community. It is difficult to draw broad-based comparisons on a small sample size of sales, particularly given the relative value differences in unit location. A large premium should be afforded to those homes with exceptional location (the Christopher Company-built oversized homes backing to the pond and woods are prime examples). When seeking advice or consulting a real estate practitioner, Logan Park residents should talk with those who understand the nuances of the neighborhood, not someone who churns out a vanilla “market analysis.” The homes at Logan Park are currently in strong demand, despite a slower overall market. Over the past few years, there have been numerous “quick sales” which underpriced the true value of the homes.
2014 Logan Park sales:
Date Sold Address Sale Price Sq. Feet $/ S.F. BR/Bath
March 1911 Logan Manor (End) $855,000 2,689 $318 4/3/2
June 12230 Dorrance $724,000 1,788 $405 3/2/2
July 1986 Logan Manor $810,000 2,832 $286 4/3/1
October 12165 Tryton $744,000 1,977 $376 4/2/2
• Seeking a more detailed discussion on this report?
• Looking for a true market analysis of your home?
• Thinking of listing in 2015, and seeking to have it promoted as a high- end home in a unique, high end neighborhood should be promoted?
Ray Wedell, Realtor
Chartered Financial Analyst, CFA