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Monday, April 30, 2007

Development: Condo price checkup

Though none of the hundreds of proposed condos have yet been built, the Seniors project on East Front Street seems likely to be the first.

When Faith Bricks & Mortar put the condos in its 209 East 7th Street makeover on the market last October ("Faith Bricks & Mortar condos a tour de force"), I suggested keeping an eye on the sales prices as a likely indicator of prices for proposed condo development elsewhere in town.

Offered at $350,00 each, the four bedroom, two and a half bath units are the match of anything a developer will put up.

In the current market, it should come as no surprise that the first sale took a while. Or that the sales price of $300,000, posted in the Courier in April 20, represented a 14% discount over the asking price.

Meanwhile, yesterday's Ledger had a story ("
Revamped luxury site looks to August opening") about the makeover of the once-glamorous Mayfair in East Orange.

The $20M makeover is turning the 15-story landmark into a gated luxury community with 183 condos. With sizes ranging studios to one- and two-bedroom units, prices will start at $99,000 and max out at $300,00 for the eight two-bedroom penthouse units.

Owners from the 9th floor up will have spectacular views of either the New York City skyline or the South Mountain Reservation.

The building, to be rechristened '60', will feature, according to the Ledger --

...24/7 security featuring 36 on-site cameras; a fancy lobby with a chandelier and beige, brown and charcoal gray marble floors; an upper lounge area with a working fireplace; a concierge desk service; 230 on-site parking spaces; a state-of-the-art indoor health club/gym; a ground level laundry facility; a beige brick-paver circular driveway; three elevators, a ground-level meeting room and lounge area, and a bus stop, right in front, where NJ Transit's No. 77 bus takes commuters to and from the Port Authority in Manhattan, Moses said.

Inside the individual condo residences -- 155 of which will offer balconies -- there are oak hardwood floors, stainless steel appliances, granite countertops, walk-in closets, individual room air conditioning and heating units and walk-in closets.
To my mind, Plainfielders wanting to make sure their redevelopment meets the standards being set elsewhere would do well to visit and check out the East Orange condos.

If our developers don't match the East Orange project's amenities and quality, we should know there is something rotten in Denmark.

My big fear still is that we'll get a 'bait-and-switch' outcome, with a lowering of the quality of the project overall in line with a softening market and an attempt to keep profit margins up. The worst-case scenario would be having the units become mostly -- or entirely -- rental.

Semper vigilans!

-- Dan Damon

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mckinley hill condo for sale said...

It's been a years since you post about this price check up. Do you have a new updates? Thanks! :)