What is going on with condominiums in Mayfield Heights this year?
The Cuyahoga County statistics data on condominium sales in 2008 does not look real pretty. According to Realist.com,
|Time Period||Number of Sales||Median Sale Price|
However, the condo market in Mayfield Heights is different. Regardless all financial obstacles which Fannie May created for fair borrowers willing to buy Real Estate, especially condominiums, in Cuyahoga County, there are still many people who prefer carefree condominium lifestyle in Mayfield Heights.
Per MLS, this year 25 condominiums in Mayfield Heights closed on the average price of $134,000. It was a lot of negotiations on price, as sellers received 92 % of asking price in 2008.
Same period of 2007 gave us 19 sales for average price of $135,000 (no changes whatsoever). Sellers were not ready to negotiate: Sold price / List price ratio was 98 % in 2007.
Interesting: despite all the negative news on Real Estate market, sellers of Mayfield Heights condos were more optimistic on pricing this year. Reality check, though made them accept the same price as it was in 2007. Out of my and my colleagues' experience - sellers are better prepared for sale this year than a year before. Condos are in a better shape. More remodeling and staging done. As a result, buyers get the better deals. May be that's the secret of better activity on this market?
Dear buyers! Please pay attention to the wonderful condo in the Golden Gate Villas of Mayfield Heights. That's the perfect sample of the sellers' great job on getting it ready for new owners: newly redone bathrooms, nice updated kitchen, fresh paint, comfort and beauty. Just move in!