—2014 YEAR IN REVIEW—
And projections for the immediate future…………
WEST MARKET: Madison 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 Madison Park and Projections For 2015 – Madison Park is a walk-up condo community 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. I do not believe enough premium is afforded to those homes with exceptional location (pond views; higher ceilings; away from the main road, etc.). When seeking advise or consulting a real estate practitioner, Madison 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 Madison Park are currently in the “sweet spot” of sales in an otherwise slower market. A more homeowner-friendly mortgage market in 2015 for first time home buyers should benefit sales in Madison Park.
2014 Madison Park sales (Address is all “Abington Hall”):
Date Sold Address Sales Price Sq. Feet $/ S.F. BR/Bath
January 12160 #301 $469,500 1,344 $346 3/2
April 12195 #204 $390,000 1,172 $333 2/2
June 12160 #201 $425,000 1,172 $363 2/2
June 12165 #104 $368,000 1,172 $314 2/2
October 12190 #104 $425,000 1,154 $368 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