Rants and Ramblings: random commentary about culture, media, politics, technology and whatnot.

slowdown

Oh, I can only hope that this will hold out until this summer, when I’ll need to decide to either renew my lease or look for someplace to buy:

Sales of new condominiums reached record levels in the Washington area in 2005, according to a new report, but the supply of new condos has begun to outstrip demand….

Melissa Chen, a real estate agent with District-based Evers & Co., said shoppers are touring as many as 40 units now before choosing, enjoying the luxury of time to consider their options. That’s a big change from when there were only a handful of properties available and buyers had to snap them up with little time for reflection, she said … To help sales, condo developers are offering incentives, such as waiving condo fees for a time or helping with closing costs, Delta Associates found. Some builders are cutting prices as much as $30,000…

Much of the growth is coming in suburban Maryland, where several new projects are underway in Prince George’s County … The pace of new condominium development is slowing somewhat in Northern Virginia, although it makes up the biggest share of the region’s condo market, with about 24,000 units being readied for sale within the next three years, according to Delta Associates.

(The Washington Post: “Area Condo Sales Cooling After Record-Setting Year” - 01/07/05)

I’d really rather buy. All that money I spend on rent each month is just going to waste.