One Park Place Condos are Windy and Lonely
Did anyone read the Star Magazine story Sunday about One Park Place? It was a strange and pointless article about these two families that live in One Park Place and how they feel like they pretty much have the place to themselves. You see, there are only about 25% of the condos sold in this large condominium tower sitting high on the hill between Westport and Downtown, and many of them aren’t full-time residents so it is pretty empty most of the time. Maybe I missed something, but when I finished the article, I just thought, “Yeah, and…?”. How about talking about what is going to happen there if they don’t start selling more of them. How about talking about how you have to have a large downpayment to get a loan on a condo in a building with a low number of purchased units. Will the developer have to auction them out or can he afford to ride this out indefinitely? How can the building pay for all of those amenities with only 25% of their homeowners’ association dues coming in? Just a few questions I have off the top of my head…
On a side note, I was discussing this article with a group of agents this morning and one lady had quite an interesting anecdote. She said she worked in the BMA building back in the day when it was an office building. I suppose the wind was on her mind because of our local wind advisory today, because she started telling us about how windy it was perched up on that hill. She said they had to completely relocate the entrance to a different side of the building because of it. Also, and this is the funniest part, she said they had rope pulls so you could climb to the front door of the building from your car without falling over from the wind. What???!!!
(Since my Jan. 08 post on One Park Place, not much has changed. Unfortunately.)
This is a scenario I have wondered about. What happens when they only sell a few units? What happens when the condo developer can’t pay his mortgage?
My developers have approached the entire complex and urged us to allow them to rent a sizable portion of the remaining units that have not yet been sold… Luckily we have a majority sold already. Only 17 or so units will be rented for a period of 5 years.
These guys holding these empty properties are screwed (and so, the folks that bought into them are as well)!
I’m drowning my sorrows tonight!
Any followup on this comment by Corbin about One Park Place going rental?
Surely it will either go rental or auction off soon… Reece & Nichols is simply not moving these units.
I think Corbin’s comment was actually about a different condo complex. This is a common issue all over the city.
As to One Park Place, I have heard that they have hired the construction crew to go back and finish off the rest of the condos. I am trying to learn more, but I assume they will sell them finished – instead of customizing them along the way as they have been doing. I would hate to see them go rental, but once they are finished I suppose that could happen if the developer needs cash.
Latest update – They have secured financing and will finish off all approx 70 of the remainder of unsold units. I think they will have a better chance to be sold completed, but still – that is alot of expensive condos to sell in a tough market!
Thanks for the follow up, Sarah. It’s interesting to watch this project to gauge the health of the high-end condo market.