We last featured the new-construction condo complex "841 Westmount Townhomes" in a June post, where we wondered if a greater than 40% reduction from original bubble list pricing would be market-clearing.These are "new" construction only in the sense that some are unsold - from the info I could find, this project started selling in early 2008.
There are 16 total units, all 2+2, 3 level townhomes ranging in size from approx 1200 to 1600 sq ft.
As of June, a real estate broker's blog was indicating that 5 units had been sold, with one pending. I show no public sale records for any units in the building - wonder if they've been leasing them?
And now, we have anther round of minor reductions on 4 of the units - to the tune of 3% or so, bringing some into the low $700 to mid $800k range.
Will this be enough? Next door at 843 Westmount, looks like the "summer selling season" was moderately successful for the "Westmount Oasis", with a 2+3, 1500 sq ft unit selling for $800k in July, and a similarly-sized unit selling for $775k in early Sept.
Anyone seen either or both properties?
2 comments:
I know 3 people who bought in the "oasis" I think they paid $815,$775 and $750k. Each paying at least 20% or more below the origional asking prices. The units themselves are pretty upscale standard, kind of remind me of the Rosewood Villas (near Larchmont). Each unit has a private rooftop deck in addition to one or two private patios on the first floor. You are really paying for location here.
These condos are far from worth the price they are listed at. The build quality is questionable. The kitchens cheap and tiny. The first floor in all remaining units have zero natural light, the bathrooms are cheap and small and there is a tiny pool with a huge glass surrounding squeezed into an already small courtyard. In fact I'm finding it really hard the say anything positive about these units. Especially given that for something along the lines of $800,000 I can get an immaculate 2bed/2bath at the brand new 928 Croft building. Even at a cheaper price than they are now the build quality isn't even there so if I could manage to live with zero privacy through windows, no natural sunlight and a kitchen that no real cook could cook in, with crap build quality I'd even struggle in re-sale.
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