No Rush to Wormley Row
28 01 2008
Remember the new row homes we showed you being built on Prospect Street in Georgetown a few months ago? Well the construction is almost complete and they are ready for people to start moving in. There’s only one problem… they are having trouble finding anyone who’s interested!
According to the sales folks at Wormley Row, they have only sold one home so far after being available for an entire year.
It looks like they are in the same situation that many of the new projects coming onto the market face right now, they were priced before the extent of the current house crisis was known. Since the financing is tied to these numbers, properties have to stick to their original pricing or they don’t make a profit.
Wormley Row is in such a great location though, we find it amazing that only one unit has sold, we will be sure to keep you posted! [Flickr Photo: AlbinoFlea]
I still find it hard to believe when these developers say, “We can’t sell it for any lower, we won’t make a profit”
I think it is more wishful thinking that for every informed buyer, there is a sucker who won’t realize they are paying significantly overthe market!