Quote:
Originally Posted by lorenavedon
has anyone bought into this place yet? around $650 / sqft. Seems high.
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The thing about 3EC is that the units are really small. The math is a bit different for small units versus larger units. I think Mark on 10th is indicative of current rates for high rises, which conveniently is currently listing 3 different types of units on MLS.
Comparing to something like Mark on 10th, which has a one bedroom 578 sqft going for $368,340, that's about $637 per sqft. The similarly sized 3EC unit actually has two bedrooms so I'd estimate it a bit higher.
A two bedroom at Mark is going for about $533,190, but that's over 966 sq ft, putting it at around $551/sqft - but this unit is nearly twice as big as the biggest 3EC unit.
I think 3EC has the right strategy for getting a condo built quickly in this market. Price units lower to make them accessible to a wider amount of people who are doing the math in the rent versus buy equation. As far as I know the smallest unit at 3EC was priced at a very reasonable $229,000 (unless it's gone up since then) - about $500/sqft - a compelling low figure for anyone who spends about $1000/month on rent.