Market Condition in Park Cities

The market in the Park Cities seems to have finally stabilized. The homes that are selling are the ones in prime locations, pristine condition and priced right. There are still so many sellers that can not wrap their heads around the fact that they have to take a lower price for their home. If a seller bought in 2006 or 2007, he probably paid top dollar and will take a loss if he has to sell. It's an awesome time for buyers to find fabulous deals for the first time in the Park Cities compared with prices in the past. Young couples trying to get into the school district should definitely stretch in this market to get into the school district. The million dollar and under market seems to be selling at a brisk pace (if priced properly). Pricing is still key! Older homes are having a difficult time selling because there are so many newer constructions that are distressed or going for short sales. There have been several "high end" sales in the last few montsh....$11,000,000! The $3-5,000,000 range is definitely slow unless the price was reduced from $5 million down to $3....or $3 million down to $2.5 It's definitely an interesting market! Keep in mind, if it's priced competitively or under market, it will sell. It has to "stand out" in this market or it will sit.

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