Dave Reid

Condominium Sales Update

By - Jan 14th, 2008 06:18 pm
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A sampling of projects in varying states of completion showed that over 200 recently completed or under construction condominium units have not been sold. A look at the data indicates that In many cases the high priced units have gone un-sold. Clearly the market downturn has slowed sales but this may also indicated a demand for units priced at an affordable level.

Development # Units % Sold Status
City Green 44 20% Ready to Move In
First Place on the River 184 56% Ready to Move In
Park Terrace Bluff Homes 16 56% Ready to Move In
Park Terrace Row House 21 71% Ready to Move In
Residences on Water 31 29% Under Construction
River Renaissance 81 55% Ready to Move In
601 Lofts 83 61% Ready to Move In
Sterling 112 98% Ready to Move In
University Club 56 89% Ready to Move In

Data was not available for the The Breakwater, Park Lafayette, Flatiron, Union Point, The Edge, and Kilborn Tower

Categories: Real Estate

8 thoughts on “Condominium Sales Update”

  1. Did you make all the calls yourself or how did you gather all the data?

  2. Dave says:

    All the data is provided on the project websites. It looks a little troubling with so many unsold units. Further I just saw today that the Flatiron is less than 50% sold as well.

  3. I wouldn’t be surprised to see Flatiron sales to go up as the North End literally goes up.

    Also, I would imagine sales will be higher in the summer when everything looks a little nicer.

    601 Lofts are only going to look nicer and nicer now that Convent Hill is done and they’re finally going to start construction on Park East Square.

    Residences on Water sales are pretty high for it not even being close to done and with their prices being rather high per square foot (my friend had a low offer rejected not too long ago too, so they’re not negotiating down a whole lot).

  4. Dave says:

    As a real estate agent indicated to me recently the feds rate cut had immediately spurred some activity and now with the second cut I believe things will dramatically pickup. And I agree the Flatiron sales will go up as the North End goes up. Now 601 Lofts is a little different in that from what I’ve heard they are pricey but the finishes are well not especially great. And it is true the Residences on Water has a long way to go both in construction and sales.

  5. What we really need is a real estate agent blogger in the Milwaukee area. Although I suppose they’re not going to tell us that the property they’re selling is overpriced or underselling.

    I really think the 601 Lofts are going to be a lot more desirable as the neighborhood improves (retail moves in to Convent Hill, old building comes down, more buildings go up there). Park East Square I think is going to make everything east of it seem a lot nicer as it finally develops a full neighborhood feeling around the Jackson and Ogden intersection. It will also serve as a connector for The North End and Flatiron developments to the rest of the area.

    They might be overpriced now, but I think they’ll warrant the higher price in the long run. Maybe they’ll convert some of them to apartments in the short term (I think there is technically a law/ordinance that prevents that though with condos in the building). Either way, they probably won’t become a whole lot more attractive in the next year.

    Interesting stuff on the rate cuts though, proof that they do work at least for some things.

  6. Dave says:

    There used to be a Real Estate agent blogger but they rarely kept the blog up to date. And oh yea that whole part of downtown is about to dramatically change, especially with the North End, but I guess even RSC to some extent. Though I’m still hesitant about RSC ever actually getting in the ground.

  7. Curto technically has like 45 days to get started before he has to start paying fines. Seemed like a lock to me at this point, I would expect to see equipment out there once the snow melts (which better be sooner rather than later).

  8. Dave says:

    Well I do hope RSC finally gets going, I just don’t have a lot of faith in it. And I still don’t think its that wonderful of a project i.e. it will have a large surface lot I believe but I suppose something is better than nothing.

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