Closed Sales & In Contract for Q3 2023
19D | 2 Beds | 2.5 Baths | $3,035,000
5C | 3 Beds | 3 Baths | $3,343,000
10C | 4 Beds | 4 Baths | $5,200,000
10N | 2 Beds | 2.5 Baths | $2,395,000
Numbers
PPSF: $2,006 - Down 15%
Average Discount: -2% from original price
Days on Market: 44 - Down 23%
One Riverside Park
2023 was an interesting year for One Riverside Park. While the average price per sqft went down compared to the year before, the amount of time an apartment was on the market is down.
The amount of sold apartments is very comparable to the same time last year, however, it is significantly down compared to 15 sales in Q3 of 2021. The higher mortgage rates have kept both buyers and sellers looking to upgrade on the sidelines, while the "hot" rental market provided a great alternative for owners to wait out the "storm" by renting their apartments.
Those who sold did get very close to their asking price (and relatively quickly) with an average discount being only 5%. There are currently 7 units on the market in the building, and only time will tell where they will trade as buyer’s demand subsides due to higher mortgage rates and uncertainty in the economy. But one thing remains certain -- the building’s incredible upkeep, low monthly charges, and amenities will always be high on buyers’ wish lists and 2023 could prove to be the perfect year for an upgrade, especially for those not relying on the banks for the funds. When selling in a buyers’ market, you buy in a buyers’ market, and typically the larger the purchase the bigger the discount.
