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August 1, 2005

Housing Stays Hot

Daily Local News: Business -- August, 2005 | (excerpt)

” … The slowing in the high-end market is beginning to show up in the data. “The market at $1 million and above is still very active throughout the Philadelphia Region, particularly in the western suburbs, but we’re beginning to see the first signs of weakening demand” said Steve DiFrancesco, president of Hunter, Reed and Company Inc, a firm which markets luxury homes and estates and has offices in Philadelphia and Nantucket, Mass.

” Inventory in the $1 million to $4 million range, and especially resales which are being brought to the market now, are being priced so aggressively that properties are sitting unsold for longer periods of time”, DiFrancesco said. In addition, “we’re beginning to see some modest price reductions in high end new construction”, DiFrancesco noted.