Egads– discounting hits new houses
by Hawes Spencer
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In a further sign that the bloom may be fading from the real estate rose, Charlottesville’s top real estate discussion site points out that 31 percent of new constructions have rolled back their prices.“Price reductions for new construction has been unheard of in this market for the past several years,” says blogging real estate expert Jim Duncan. “Changes are upon us.”
Duncan says that of the 1136 properties are on the market in “CharlAlbemarle,” 341 of them have issued price reductions since January 1.
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I knew the bubble would end soon!
[...] In mid-May, in one sign of local softening, prices fell on spec houses in this area. However, Phillips notest housing under $300,000 is still appreciating. It’s the bigger ticket properties that are suffering– relatively. [...]