The Rhapsody – Bad Buy or Perfect Opportunity?

Every morning when I walk into work I jump on MLS and take a look at the prior days listings to keep both my clients and myself abreast of the market. As I have been browsing the past few months I haven’t been able to help noticing the transience of the Rhapsody Condominiums at 2120 Vermont Ave NW so to understand this phenomenon lets delve a little deeper.

Within the past 6 months there have been 14 units listed on the market. Of the 14:

• 8 are active
• 3 are withdrawn
• 2 have sold
• 1 is under contract

Of the 8 active

• 3 are short sales
• 1 is an REO

Could this be a fluke or could there possibly have been too many ARM loans issued in when the short sales & REO’s were first purchased? Would you buy here given the conditions?