1703 West End #1707

Each time a new condominium development opens, there is some concern that new owners might not be able to sell their properties shortly after purchase should the need arise. As more and more enormous projects climbed skyward, with even more on the horizon, those concerns were amplified.

Yet, with each new development those buyers who purchased as investments and those who purchased for occupancy have seen profits even when selling shortly after purchasing. Each new development brings higher prices, making existing high-rise homes seem like bargains when they hit the market.

In the Broadwest Tower at 1616 West End Avenue, unit #1703 closed last week for $1.21 million or $915 per square foot. It features two bedrooms, two full bathrooms and one half bathroom.

The property was listed by Mark Deutschmann of Parks, a phrase that is difficult to type as he founded Village Real Estate Services and owned it for nearly 30 years. He sold the firm four years ago. As is usually case, Deutschmann co-listed the property, this time with Danielle Hasley Helling, who is also with Parks.

The real estate duo listed the condo for $1.425 million and reduced the property by $100,000 12 days later. It stayed there for 44 days until they reduced it to $1.299 million, the price that attracted the buyer, who paid $1.21 million. The seller had paid $895,000 in November 2021, so the purchase proved to be a wise investment.

In their description of the property, the listing agents stated the property offers “stunning views, top-of-the-line finishes and unparalleled amenities.” They described the amenities as being on the 34th floor and including a fitness center, resort-style pool, steam, sauna, golf simulator, dog park and 24-hour concierge.

After a 108-day stay on the market, Craig Cowan, also of Parks, sold the condo. Cowan decided to enter the real estate fray after his apartment burned, leaving him with no possessions. Imagine no possessions. I wonder if you can. This is being written on John Lennon’s birthday.

Back to Craig. He had no possessions and decided to purchase a home of his own so he could protect his belongings and himself. Now he heads the successful Craig Cowan Group and has possessions.

Four Seasons condo

When the Viridian began closing in late 2006, the prices on the presold unit ran from $181 per square foot to $388 per square foot, with the penthouse closing for an unheard-of $427 per square foot. It was the first newly constructed downtown condo since the 1960s when a moratorium had been placed on downtown development.

One veteran, quite-successful Realtor who had been out on maternity leave returned to the market and was asked to list a Viridian unit. “I have no idea how to comp these,” she exclaimed. In the opening rounds, there were sales in the $180s per square from the $240s, the $330s, the $380s and all points in between those numbers.

Now, some 17 years later, the Four Seasons has a sale for $1,815 per square foot with a price of $2.375 million for 1,542 square feet. For comparison, a Viridian with 1,590 square feet sold in 2006 for $355,000, which equates to $227 per square foot. Each had two bedrooms and two bathrooms. Today a 1,465-square-foot unit Viridian sells for $1.2 million or $747 per square foot.

And as far as comps go, relocation specialist Jack Miller sold a Four Seasons unit with 1,524 square feet for $2.8 million or $1,936 per square foot. On the recent sale, top producing agent Coby Ginsberg of Synergy partners was the listing agent and noted that the condo included “Josh AI” technology.”

In short, pricing or buying downtown condos it tricky and complicated. Buyers should see one of everything and talk to residents and owners.

Richard Courtney is a licensed real estate broker with Fridrich & Clark Realty, LLC and can be reached at [email protected].