Friday, February 16, 2007

Today

Traffic AND contracts are up so far in 2007. That may be obvious to everyone in real estate in general but not entirely true for the sub market of "urban"; that niche is split. We have written six contracts for urban properties so far in February; not huge but certainly not bad. These numbers put us among the top in the market niche. Of these six only one is a high rise, the rest are architecturally interesting "urban" style condos closer to the ground.

I love high rise and in fact live in a high rise. I have very high expectations for the product niche over the long run but I am concerned about it over the short term; two to three years. I believe that 2007 may present wonderful opportunities for those who want to own and live in high rise with the understanding that they may not see great (or any) appreciation for the short term.