All hail the first $1MM Crown Heights condo
Hello Living's (aka Pacific Blue) design and marketing masterminds re-upped their much-talked about website over the weekend and we can now see the regal spawn of Madison and Hudson.What's news? Well, in the Madison, 5 out of the 15 units are accounted for already. If the other units are any measure, the 5 1 bedrooms in contract have given nearby condo owners a $650psf comp. What's more, Crown Heights now has its' first $1.3MM condo, which we suspect is a townhouse. Weighing in at a hefty 1,475 square feet in 3 bedroom, 2.5 bath format, this unit with private terrace is asking $1.3MM ($881 psf).
Naysayers, of which I'm sure there are many of, may ask what else you get with that $1.3MM. Well, take a look: indoor pool, screening room, gym, kids playroom, billiards/game room and a business center. Rooftop cabanas are also available.
Almost half of the units look to be 1 bedrooms, starting at $324K. A slew of 2 bedroom, 2 baths range from 850 square feet for $545K to 1194 square feet for over $810K...My how times have changed in such a short time. The units are generally in the mid-600 to low-700 psf range, which is seeping into Clinton Hill territory and surpassing even its' next door neighbor, Prospect Heights. I can see how purchasers may want to purchase at the buildings closest to Washington, Ave. but I would personally be averse to even looking at the units towards Grand.
With the nearby Washington Condos nearly sold out, Aguayo & Huebener may be capturing neighborhood sentiment and trying to extract top dollar from potential purchasers. Whether it works remains to be seen.
Labels: condos, helloliving, pacific blue, prospect heights
12 Comments:
It's hard to get a true ppsf comparison on these since many have double height ceilings in parts of the units. I think this will work to inflate the numbers by that measure.
That said, it doesn't surprise me that they are getting these prices. I don't think the average buyer sees a big difference from one side of washington to the other, regardless of whatever label is put on the neighborhood.
In fact, being midway down a residential block is more appealing to some than being right on Washington as a good chunk of the Washington's units are.
I'm guessing that if the construction quality is good here they will move, it's a very innovative project.
I looked at them in February. The 2 bedrooms were priced around 522K but I found them too small in the end. The double-height ceiling is nice but once you start imagining your own stuff in there, it quickly fills up.
At that time they had sold six apartments, which means they haven't sold any in the mean time. There was construction going on during the weekends.
how large were the $522k apartments? did you take a hardhat visit?
They were 850 sq. No hard hat in sight!
The website now shows 9 out of 25 sold. Looks like this is off to a very strong start.
website shows 2 more sold, 11 sold now.
ben, why do you think the majority of units in contract are the small one bedrooms?
i doubt it's investors. at a 550k sale price, you're still talking $3000 of mortgage. i doubt you can rent an 850 sq ft apt for much more than that...
not sure why but my reply didn't stick.
Anyway, I think the reason the units in contract are the lower priced ones is because this location is much more acceptable to younger, first time homebuyers.
I think the $1MM condo in this location is a tough sell as the neighborhood isn't quite there yet. The people with that kind of money to spend are going to be more attracted to some of the surrounding areas.
In general, condos under $400k are harder to come by and when a building like this comes along with a bunch of units in that range they will go fast.
ben -
by my count, still just 9 - 6 at Madison, 3 at Hudson. This was on the official site as of today. Am I missing something?
You're right, it is now at 9. The website showed 11 when I posted that. I checked again last night when posting my response and it went back to 10. Now it's at 9.
I don't know if there was an error or if some of the units fell through. This also makes me wonder what criteria they use to post a unit as "sold" Does it mean a contract has been fully executed or simply that there is an accepted offer? I'm not sure of the answer.
all greedy developers go to H&^%&^5!!!!!!!!!!
Anyway, I think the reason the units in contract are the lower priced ones is because this location is much more acceptable to younger, first time homebuyers
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