For all my friends at the The Rob Clark, here is an update on what’s going on in the building. As of yesterday I just leased out unit 329 (1+den) representing the owner for $2200 (unfurnished w/ custom closet and mounted plasma) and unit 326 (1+den) representing the tenant for $2350 (fully furnished w/ all linens, dishes, etc). What does this say about the current rental conditions in the building? What I can say is that when I was selling the last phase of the project towards the end of the summer, there was little to no rental inventory. Because the supply was so low and the economy was fairly stable, the two units above could have easily rented for $2800 and $3250 respectively. Right now there are three - 1br, one - 1+den, and one - studio ranging form $2400-$2600 with an average days on the market of 97. This tells us that right now the going rate for leases is probably around $2,000 for a 1br, $2220-$2400 for a 1+den (lower unfurnished - higher furnished), and about $2400-$2600 for a 2 br. This is just how things are right now.

On the sales front, the units that are for sale are sitting. At the moment there are three - 1brs ($499,000 , $499,000, and $549,000) and one - studio at $369,000 with a combined average days on the market of 77 days. Unfortunately the condo market is shouldering much of the brunt of this transitioning market.  If you are considering selling, I would only consider it if you absolutely have to.  Should you have no other alternatives, you are going to need to price extremely aggessively and I mean extremely! Please feel free to contact me to go over any pricing questions you might have and just the condition of the market in general!