90 E. Elm Street, Unit 1 of Arbor Rose, sold new in 2004 for $2.660 million ($60,000 above asking price) as part of the great condo boom that swept the downtown back then. Arbor Rose and its companion project across the street, Lily’s Path, went on to great success, with the last Arbor Rose unit, at 94 E. Elm, selling for $3.8 million in January of this year and a Lily’s Path unit fetching the improbable sum of $5.010 million in December of 2007. Now, those prices seem to be sliding back. The last Lily’s path unit, unsold, has dropped from the $5s to the $3s and today Arbor Rose Unit #1 is back up for resale, asking $3.450. Will they get more than the orignal sale price of $2.660? Will another bidding war erupt? Stay tuned.
Tag Archives: Arbor Rose
These units on East Elm Street set all sorts of price records when they were first offered back in 2004 and they obviously retain their appeal and continue to resist the price deflation that’s afflicting the rest of our housing stock. A unit at 94 E. Elm, originally purchased for $2.878 in November 2004 went to contract again this past October 27 and sold yesterday for $3.8 million. The market’s gotten worse since October but it certainly wasn’t flourishing at that time, so this sale should please fellow Arbor Rose owners.
Perhaps a more typical story is a new listing today for 9 Stanwich Road. Purchased for $2.350 million in 2005, it came up for sale today for $2.495. William Steele, at Round Hill Partners, has the listing and I’d say he has a realistic view of what’s happening these days.