Highs & Lows 2016-Condo/Townhouses

Last year I reported that there were 70 condo/townhouses sold for $1,000,000 or more. In 2016 there were 75. That actually did include a condominium for the first time. Here’s the overall poop.

MOST EXPENSIVE CONDO/TOWNHOUSE:

 

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1117 Lord Nelson This wide waterfront unit sold for $1,525,000, listed for $1,275,000. Last year I mentioned that 9 townhouses sold over $1,300,000. In 2016 16 townhouses sold over $1,300,000. 8 of them over $1,400,000 and 3 over $1,500,000. TOWNHOUSES!

 

HIGHEST PRICE PER SQUARE FOOT:

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706 Zumwalt Another gorgeous waterfront in 1530 sq ft sold for $1,502,000. That puts it at $982 per square feet. Last years top…970

 

LOWEST PRICED CONDO:

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1061 Beach Park #108 This unit, a 1 bedroom, sold for $530,000. There weren’t any units sell at the Admiralty. Last year the low came there at $415,000. $530,000 for a 1 bedroom condo seems amazing to me.

 

LOWEST PRICE PER SQUARE FOOT:

 

720 Promontory Point #2103 This project has been a disaster for years…sorry to say. It’s always right up there in this category. This unit sold for $910,000….or $376 per square foot. Last years low was $490!

 

LONGEST ON THE MARKET:

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720 Promontory Point #2303 Here’s a big surprise! A unit at this development with a problem. This unit was on the market for 71 days. If you’re form out of state…that seems normal I know.

 

GREATEST OVERBID:

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1022 Helm This waterfront unit at Bayfront Court was listed for $1,048,000 and closed escrow at $1,415,000. A mere $367,000 over asking!

 

GREATEST AMOUNT UNDER THE ORIGINAL LIST PRICE:

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720 Promontory Point #2404. Every year I do this…and every year this project plays an important (dubious) part. This unit could have easily been listed way too high….at $1,788,000 but it ended up closing at $1,520,000. A reduction of $268,000. Honestly…it’s probably not fair to use this as a number reflecting value reductions in the market. Nobody else was even kind of close to this. Last year’s greatest reduction was $29,000.

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