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What do people think about this? Looks like the guy is taking at least a $300k losss on the unit to get out...bummer!
Guy doesn't have a choice. Building sales average $900 per sq ft.
Most of the "penthouses" are on the market now. Both private and sponsor.
It's also not the tallest building on the block, views from the penthouse are the same as the 10th floor. Awful light. THough pretty apartments, some awful layouts and awkward columns in the middle of a room. Bathrooms are beautiful except the wood counters, tub border, and accents will absolultely rot and warp.
Amenites are stellar. Cab rides to everywhere else are not.
Yeah, the area def needs some work...but this particular unit seems to have decent views and light. Although pictures often disappoint. Might go see it this weekend. Seems like if you live there a few years and buy low now you could make some dough.
How do you feel about purchasing a true 1 bedroom in this building? Is this building doing well or on a downward fall. Amenites are great, just the view and light arent. How are the buildings finances?
"Seems like if you live there a few years and buy low now you could make some dough."
You may want to sell by year 5 though as those abated taxes start to reveal themselves.
For example this apartment has $28K in abated taxes a year. That's $2300 a month.
I think PH31 will struggle to reach $2 million and that would still be almost 1,100/sqft. I've seen this unit, it's nice, although the views to the North and West aren't great. The South and East are very good. And there is alot of light in this unit.
Why should this unit be closer to 1,100/sqft? Take a look at the recent sale of #2801, a 3BR a few floors lower. Went for $1.8 mill or $1,000/sqft in June 2010 whereas 2901 sold for $2.7 million or $1,400/sqft. in March 2008. And 2601 is still on the market by the sponsor at a fantasy $2.515 million and they would likely take in the $1.8 mill range. These units are comparable in size and location to PH31, maybe slightly less desirably. Slightly.
I've written about the building on other threads (rented in the building for a while), ameneties and staff are great. If you like the neighborhood, a 1 BR isn't bad, although rentals are considerably cheaper than buying. The higher in the building, the better and look for units which face South and East for best sun/light.
Thanks for the insight Goldie. I was thinking myself that it looked like a $2M place in FiDi. I just don't know if I could live down there really...