Bargain news

53 Locust Street

53 Locust Street

The two condo units, 53 Locust Street #A and #B, are reported under contract, asking price $1.399 each. I don’t know what final selling price will be because these are being sold either to or by the lender. Originally priced at $2.199 per unit, the project was put up by a really good builder with awful timing back in late 2007, early 2008. The downtown market curled up and died just then and so did this building. I thought they represented good value at their last price but they had to be sold together and I had no one around who wanted central Greenwich and had the money to buy two. One, but not two. Darn.


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6 responses to “Bargain news

  1. Anonymous

    I used to mock these downtown condos. Now I admit that when my kids head to college in 6 years I will be hoping to find one of these units, and a buyer for my 3 acre 8,000 sq. ft. supersized spread in mid country.

    Especially when a nice 2 bedroom condo in Manhattan is $3MM – my original trade down plan.

    I suspect in relative terms these appreciate and my very nice custom designed turbo house depreciate within 6 years.

    • I’ve got just the place for you in downtown, Anon, but it’s another one of those bank-owned deals, so you have to buy both. Still, at $3 million you’d have two great units, one to live in the other to rent out at $10,000: not bad. At a discount of something like $3 million each from original price. Now of course that original price was ludicrous but still, there’s a steep discount here.

  2. Anonymous

    Are you referring to the units across the street from the Putnam hill entrance?
    And for 3 million!!

    I remember when they were asking 6.9 million a peice.!

    • no, different project, though the ones you refer to are quite nice – I showed one to a rental client a year or so ago and we were both impressed. Not impressed enough to rent (or even buy) one, but impressed nonetheless.