Today's interesting article is about Condo sales slowing down dramatically.
Here is the link.
If you're too lazy to click and read, know that the W, Barton Place, and the Four Seasons are all at about 50% sold, with tons of people having backed out of their commitments.
The Spring (the super tall stick looking one, over by 5th and Lamar) is the only building that seems to attract buyers and is almost sold out.
(No word on the Austonian, but I can't imagine it's moved much past the low numbers it was enjoying last time i read an update on it.)
My two thoughts I'm pondering:
- I wonder what break even is for these developers (in terms of units they need to sell)? {at least the W and the 4 Seasons have the hotel side to help keeps the lights on}
- It must suck to be a condo sales person at any of those three condo buildings since only 2, 2, and MINUS 15 units were sold between September of last year and now. OUCH!
3 comments:
The last numbers I saw for the Austonian were around 30 percent, but I hear they've had some more contracts pulled since then. The reason the Spring is selling is because it is the only one even close to afforadable pricing. This is not Dubai, there are not thousands of tycoons fighting for million dollar 600 square foot studio condos. The developers need to get a grip.
what do you mean this is not Dubai?? it isn't?
; )
Friends that have gone condo shopping have liked the floor plans in the spring the best. they say some of the other condos have lost all sense of reality with their layouts. I kind of want to fake condo shop some weekend and go check stuff out!
With the heat consistently climbing to 100, maybe I'm wrong and this is Dubai.
I've seen them all, except the W. Here's my take:
The Spring has cheap interior finish-outs and no storage space. They feel cramped and tight. Doesn't seem like a comfortable place to live.
Barton Place has good finishes and decent storage. Floor plans are ok, but not great.
Four Seasons and Austonian are impecable in every sense - but you pay for it. The prices at these two are outrageous and not justified. Four Seasons gets the edge on finishes and storage, while Austonian has the more interesting floor plans.
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