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Altair 20 why cheaper relative to other condos

Started by 300_mercer
about 13 years ago
Posts: 10569
Member since: Feb 2007
I am curious why this building trades at 1100-1200 per sq ft despite high end Reno. Other condos in that area are 1400-1500 per sq ft. It could not be the gentleman's club discount which is on the same street. Urban digs?
Response by aboutready
about 13 years ago
Posts: 16354
Member since: Oct 2007

I did a fairly extensive review of all Chelsea recorded condo sales under $2.5m for the last six months. Surprisingly few large units, most bigger apartments were not in prime areas and were around $1100 psf, and the more expensive ones psf (usually under 1300 sf) were almost always ones that still,had tax abatements.

Also the floor plans kind of suck for this price. But given that there is so little like product available now, it is interesting. Maybe too many rentals? Or not. Many banks are not happy writing mortgages for condo resales right now. Although a great area, it might not be a target location or type of apartment for the all-cash foreign buyer.

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Response by REpart
over 12 years ago
Posts: 0
Member since: Jun 2011

what other deals are you seeing at 1400+?

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