Some Guacamole To Go With That Condo?
The Capital reports on the housing bubble in Maryland. "February home sales presented fresh evidence that the five-year housing boom is losing steam in Anne Arundel County. While the median price of homes sold in the county last month reached $324,500, a 13 percent jump from the same period a year ago, that figure fell from $330,000 in January, and was significantly off from December's record-setting $350,000."
"Other key measurements, including the annual rate of growth, number of homes sold and time on the market, all dipped as well, appearing to paint a picture of a slowing market."
"Here, one of the most startling figures in February was the number of homes sold: 484, a 12 percent drop from the same month a year ago. Not only did the volume continue to shrink last month, so did the pace of sales."
And the Washington Post reports on nearby condo promotions. "Marketers have unveiled their secret weapons in the fight against a suddenly cooling condo-buying market: chips and guacamole. Or a laptop. Or a Vespa scooter. Or just about anything else."
"To offset the recent slowdown in sales, condominium developers across the region are offering a range of goodies to attract buyers. sales agents have good reason to step up their efforts. More than 51,000 condo units are planned or marketed for delivery in the region within the next three years."
"The current trend is noteworthy because it marks a shift in tenor. The most popular giveaways are assistance with closing costs and several months of prepaid condo fees, said Gregory H. Leisch."
"But flashier promos are on the rise. 'Once in a while, cars are being offered. Plasma TVs are somewhat common,' he said. And then there are the parties. Those who attended a sales event for a new condo building at 555 Massachusetts Ave. NW on Wednesday evening got the royal treatment. A line of valet parking attendants stood at the ready. Waiters in bowties served pasta hors d'oeuvres and pomegranate margaritas inside a white tent pitched at the entrance."
"The event, dubbed 'Massive Party, MassHysteria,' came just a week after another party at 1010 Massachusetts Ave. NW. That one featured cocktails and DJ Tom B. Those interested in one-bedrooms above the seventh floor were informed of a $5,000 credit, something not available at a similar sales party last fall."
"Party planners made sure everyone left a winner. On the way out, each potential buyer was handed a plastic tube of candy, stamped with the building logo."