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I tweeted yesterday that of the 230 West Side #vanre sales that have taken place since Aug '18, only about 5% of those (that were not either new builds or mega mansions $10MM plus) sold ABOVE their July 1, 2017 assessed value. And yet, of the 17 new West Side listings...
2/ posted today, 11 (65%) are listed ABOVE their July 1 2017 assessed value, and the rest are all listed ABOVE their 2019 Assessment (July 1, 2018) Seems logical 🤦♀️And many of these "new listings" are really re-listings that are still way overpriced. Most of these homes...
3/ (except for a few that are 2-3 years old), are older homes. Older homes on the West Side are selling (if at all) for about 10% BELOW recent assessed values. And many recent assessed values are down 20% from the previous year. That should give you an idea...
4/ of where sellers are STILL at. ie IN DENIAL. Something has to give and I don't think its the buyers who are going to cave and start bidding wars again anytime soon.
