Quote:
Originally Posted by esquire
For what it's worth, the prices for some Waterfront Drive condos were in that ballpark when they went on the market nearly a decade ago, when houses were much cheaper than they are now, and for the most part they sold out. It seemed even more implausible then (when $450K still bought one hell of a house) as compared to now, but some people just prefer the condo lifestyle...
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Well, those condos on Waterfront had a tougher go than most people thought. A lot of them ended up being sold incomplete at a discount with the purchaser finishing the unit.
A unit
did sell for over $500/sq ft last week in D, but you'd be hard pressed to sell many at that rate, I'd think.
Pre-sale condo units are largely the domain of spec buyers. I couldn't agree more that it wouldn't be something I'd do (buying a pre-sale condo to live), but thankfully these people are willing to or nothing would ever get built. That said, if your spec buyers don't think they can push their option to somebody else, it's going to be trouble because they make up a significant portion of your pre-sales in a lot of cases. I'd think buying pre-sale at $493/ft and trying to push it at $515 just to cover your costs is probably a little too risky for most. I'm curious to see what happens here, especially with a record number of condos currently on the market...