Washington Park Real Estate

Washington Park Real Estate Results 1st Q 2009

The first quarter of 2009 saw sales in Washington Park Real Estate slow slightly when compare to the same period in 2008 from 27 units to 25 units. This is not the entire story, however. While overall sales were relatively steady, the mix of sales among the 5-segments we track changed considerably. In addition, the average of the sold prices within the segments dropped while days-on-market increased. Clearly, Washington Park Real Estate is not immune to the economic slowdown.

The origin of our current real estate crisis is composed of several factors:

• Loose monetary policy of the Federal Reserve over the last 8 years,
• Excess capital availability,
• Relaxation of risk management standards by lenders,
• Political pressure to expand home ownership, and
• Poor debt management by the home purchasers.

Although Washington Park Real Estate is not a “sub-prime” zip code, where many of the problem loans were issued, it is seeing the spillover effect. There clearly has been a chilling of buyers’ enthusiasm, even when houses are priced at historically aggressive levels. The largest homes dropped from 6 units sold in 2008 to only 2 units in 2009. The homes of greater than 3000 square feet share of the market dropped from 22% to only 6%.

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