—2014 YEAR IN REVIEW—
And projections for the immediate future…………
WEST MARKET: Park Place
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 Park Place and Projections For 2015 – One cannot determine market trends based on small sample sizes, particularly when elements of that small sample size have characteristics vastly different from the population as a whole. In no community is this more true than in Park Place. There are wide variances in the amount and quality of “extras” residents have installed in homes. There is also a huge premium or discount placed on lot location, so that a house fronting on Market Street might sell $100,000+ more than a home on the main roads with the exact same square footage and amenities. For this reason, standard price per square foot analysis or general Realtor “market analysis” simply using MLS data will likely be inaccurate in determining real market value. It is imperative to consult with someone who understands the subtleties of neighborhood pricing. I have seen enough money left on the table to buy a new Mercedes in some cases, and homeowners stretching for unachievable prices based on far-superior “comparables” in other cases.
2014 Park Place sales:
Date Sold Address Sales Price Sq. Feet $/ S.F. Model
January 12104 Kinsley $910,000 2,534 $359 London (End on Market)
February 12079 Kinsley $872,500 2,466 $354 London
April 12090 Chancery $950,000 2,539 $375 London (End on Market)
June 12200 Chancery $912,500 2,544 $359 London (End)
Nov. 12160 Chancery $820,000 2,466 $333 London
• 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