Things went wacky again this month on the courthouse steps. NODs fell dramatically to 80 from 207 in August and 165 in July. That’s more than a 60% drop in one month, and puts the NOD activity back where it was in May. Election season effect? NOSs remained relatively stable at 123, down from 129 in August and 128 in July. TDs continued their slide down to 65 from 79 in August and 90 in July. This is the lowest number of TDs since May 2007. Click HERE for the chart in PDF, or HERE for the chart with the data attached (double click on it to bring up the data).
– Montage continues to be on a roll, with 15 more units closing this month. I track them at 212 of 388 of units sold. The Sheik of Sharlands even picked up his 4th unit in the building (he has 14 at Silver Creek on Sharlands). Montage has been really miserly about reducing the price on the 3rd floor lofts, and their strategy seems to be paying off – 2 more closed this month. 302 sold for $174,500 with a ringside seat to the 2nd Street “entertainment” district, and 321 sold for $178,000, both at $140 psf. Now I really like the lofts and actually looked at buying one once, but I can’t see how they pencil at these prices, not with a $525 monthly HOA assessment. Maybe it’s the Apple effect with those rich hipster engineers about to move over the hill.