What’s happening with the Condos in Frederick now
January 8, 2008 by Bob Carney
Filed under Market Condition, Market Conditions, Real Estate Topics
You remember my post about the condos from last month. Well, it’s a new year and there has been some major drops in the over inventory. I wanted to see the impact it had on the condos. Frederick County dropped 200 homes from last month according to my tracking. As of today, there are active 1840 homes on the MRIS MLS today. (1/7/08)
Frederick Condo Market 1/7/08
| Condo Assoc. | Active | Contract | Sold in last 90 Days | Price Range |
|---|---|---|---|---|
| Ambertowne | 11 | 1 | 2 | 109,900-159,900 |
| 8th St Mews | 7 | 1 | 2 | 189,900-219,900 |
| Creekside Plaza | 9 | O | O | 397,900-1,180,000 |
| Jefferson Chase | 9 | O | 1 | 159,900-202,900 |
| Mill Crossing | 12 | O | 1 | 209,900-249,900 |
| Maxwell Place | 4 | O | 1 | 325,000-673,750 |
| Monacacy Overlook | 4 | O | O | 190,000-205,000 |
| Old Farm Station | 7 | O | 4 | 155,000-235,000 |
| Ridgeview II | 5 | 1 | 3 | 215,000-260,000 |
| Springridge | 6 | 1 | 3 | 225,000-249,900 |
| Wormans Mill | 6 | O | 1 | 239,900-369,900 |
| All Frederick County | 142 | 13 | 44 | 115,000-1,180,000 |
There was a drop of 16 condos in the active column (about a 10% drop.) But they didn’t convert to sales or contracts. The sales were relatively the same. The listing either expired or they decided to withdraw from the market. The market overall on New Years day seen a 10% drop in inventory. I am guessing the listings all expired on 12/31/07.
There has been little or no movement in the pricing. The biggest drop has been at the Jefferson Chase Condos. They lowered the high-end. The new Condos out at Old Farm Station and Riverview II are still the fasted movers right now. Springridge is not too far behind. My guess is the prices is key for Old Farm Station while Brand New is a key selling point for Riverview II
Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918. Bob left the Frederick area to manage a resort office near Deep Creek Lake in Western Maryland. He still stays in touch with the area that he has grown to love. 
Bob Carney
Bob: Ya gotta know I can’t speak to Condos with any authority except they are not doing well here unless very aggressively priced–and even then…! We overbuilt/rehabbed condos in this area and when sales fell they seemed to take the hardest hit.