2009 – the worst year for downtown sales

Crain’s Alby Gallun attended today’s Appraisal Research Counselors luncheon and came back with mixed news.

On the one hand, downtown developers made 148 sales in the fourth quarter of 2009, compared to 56 in the third quarter and a net negative 253 in the fourth quarter of ’08.

On the other hand, developers only sold 572 homes in ’09, which is 20 less than they sold in ’08. That makes 2009 the worst year for the downtown market since Appraisal Research started tracking sales 13 years ago.

We should receive the summary of ARC’s 4Q ’09 benchmark report in the next few days. Keep an eye out for more observations from that writeup.

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