For those who have been reading this blog, you may recall that I’ve been following the outcome of an apartment building/condo conversion project here on Beacon Hill.
Back in August 2008, I sold a 10 unit building for $2.9 million to a successful condo developer.
So here is where we stand as of Febuary 13, 2009
* The 10 unit Beacon Hill building was purchased at the end of August 2008 with the intent to convert the units into 10 condos for a quick profit.
* The condos range in price from $379,000 to $389,000.00 per unit. The bldg. consist of 9 one bedrooms approx 450 sq ft. each, and one commercial space.
* The condo developers carrying cost are over $24,000 per month.
* From September 1, 2008 to February 13, 2009 only three condos have sold/under agreement, of which two are owner occupied.
* The condo developer just hired a new new broker (top notch real estate company) in January 2009 to market the condos, but the agent/owner is holding the line on the original asking price for the one bedrooms.
* Here’s the big question. How much longer will the developer hold onto to his original asking price before considering a price reduction.