''If there is one indicator that you are looking at to determine if people want to buy, it would be how well their stock portfolios are doing,'' he adds.
Swallow Hill at 1630 Clarkson St and 1631 Emerson St. is the largest single condo project underway in Uptown. It includes a seven-story and a five-story building with a total of 104 luxury condos, priced from $245,000 to $600,00. It is scheduled to be completed in the fall of 2002.
''Pre-sale activity has picked up in the last 30 to 45 days,'' he tells GlobeSt.com. ''We had kind of a major lull six months prior to 45 days ago.''
The culprit? The collapsing NASDAQ, he says.
Both yuppies and empty nesters, the two main markets, feel more comfortable buying when their stock portfolios are firing on all cylinders, he says.
Surprisingly, the terrorist attacks of Sept. 11 didn't halt sales, he tells GlobeSt.com. ''The stock market is up more than 20% since the week after the attacks," MacKenzie says. "Actually, that created sort of the bottom of the stock market and allowed the recovery to begin.''
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
