Spec condos

sound-view-driveI’ve been watching those $3.5 million condos going up on Sound View Drive and wondering whether they’re going to sell. One went to contract last June but since the buildings aren’t completed, it hasn’t closed, and if I were the buyer, I’d be hesitant to be the only buyer in such a large project.

In favor of these units is that they seem to be quite attractive and luxurious. Against is the location – on a steep hill that trucks use as their route from the Thruway to the Post Road, downshifting as they go, and the general real estate market, which isn’t seeing much activity in this price range. The builder obviously still has the wherewithal to press on, though, and the project is drawing nearer to completion. It will be interesting to see what reception it meets when its done.

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2 responses to “Spec condos

  1. anonymous

    CF, see the several NYT snippets on distress-sale ~$10MM condos on mkt in Manhattan (incl Dickie’s daughter’s)?

    Sounds like, on couple that have traded, prices have already gone to ’04 levels

    Manhattan’s lag effect on transacted condo prices (vs Greenwich) is due to its far more liquid rental demand…and its global nature as a playground for wealthy guys from Greenwich, SF, LA and London who need a Manhattan crash pad for all sorts of reasons…

    Where else does one hang out w/one’s college-age “nieces” (also available for rent in Manhattan, at increasingly cheap rates in this deflationary economy) after some late, supposed business dinner???

  2. Anonymous

    The builder’s plan is to build another 8 units further up the hill- it will be interesting to see if that happens any time soon.