Discussion in 'Real Estate - Individual Project Threads' started by interchange42, Apr 7, 2014.
Thread for those interested in purchasing at River City Condos Phase 3.
Price list courtesy of agent Giovanni Marsico. It shows for a few given floors, but pricing will change based on how high or low the floor is.
Yes, the units are getting smaller and smaller for not only affordability reasons but also so builders can cram as many units into the development as possible. I was interested in this development until I saw the tiny units. Phase 1 had much bigger units. Still a great looking project, though. But the developer is just doing what the other devs are doing now. I can't imagine these buildings being the least bit livable. Tiny, tiny units probably loud as hell too. A high priced dorm.
The reason is because there's a much stronger market for 500 square foot units than 1,000 square foot units. Assuming there was actually a demand, they'd make more money selling one 1,000 square foot unit.
Why do you think that demand is there. The demand isn't for smaller units. It is for more affordable units and that means shoeboxes. Builder will make more money off of 3 500sqft units than a 1300sqft one.
We are also baffled how anyone could profit buying here. At $645/sq. ft.!! This isn't the Financial District. It's still an up-and-coming area, even 4 years from now it won't be fully completed with sites still under construction.
With resales in Phase 1 going for $550/sq. ft. does it make any sense to pay $100 more per square foot for something site-unseen? At least you can check out the actual units in Phase 1 and see the actual liveable areas.
Don't get us started on positive cash flow because there wouldn't be at these Phase 3 prices.
We are considering selling in the near term, once all the landscaping is complete and construction completed. If someone doesn't want an extreme level of frustration, then we suggest buying a unit where someone else has lived through all the massive inconvenience and deficiencies and survived. You will actually thank yourself that you made an wise investment decision and bought something with a an actual potential to appreciate.
At $645/ sq. ft. then good luck getting your money back . 'Architecture' isn't worth losing money over.
Well, not everyone is buying to make a profit. Some just want a home or a place to live for the short term. I think the pricing is ridiculous but it seems that people are willing to pay those ridiculous prices. Don't underestimate the power of marketing. People think pries will keep soaring and honestly if the forecasts are right, these units will go for $750+ in the next few years so $600/ft is a steal! ;-)
Also, it takes time to make a profit. You need to hold at least 5 years to see significant profit. The days of making $100K from pre-con to closing are long gone now. So, you'l have to hold a bit longer to profit.
I think this area will appreciate since a lot of businesses and people are moving east (West is overbuilt and unaffordable). Just look at the last 5 years. A lot has changed in the are and a lot more is on the horizon. You may end up doing pretty well if you hold onto your unit.
I see where you're coming from, though...nothing worse than spending hundreds of thousands of dollars on something, putting your life on hold for it and being extremely disappointed.
Monde is a steal compared to RC3. Buy at Monde.
I think if price is equal, you pick Tridel every time.
This is the reality of buying pre con in today's building boom. You better bitch and scream during that 1st year or you're pretty much stuck with whatever deficiencies you have.
Finally, a project with good, generous layouts! The three-bedrooms are more than 1,000 sq. ft. - pure common sense, but rare in recent projects. However, the condensing washer-dryer is a dreadful idea. I had one in an apartment I rented in Paris a couple of years ago, and it is extremely inefficient. Perfect if you only wear jeans that you never wash, I suppose, but it would be an absolute deal-breaker for me.
Phase 1 and 2 also had some generously sized units for the 2- and 3-bedroom units. They were even selling a couple large unfinished loft units in the podium which I was looking at, which these days are virtually non-existent for any development.
Yes the ventless 2-in-1 washer/dryer units are completely useless and it ruins your clothes. I was renting in Cityplace which had one and I had to resort to using drying rack to dry my clothes and it still takes hours just to wash one small load. The building had a communal laundry amenity and was in constant use 24/7 and was a pain waiting for a washer/dryer to be available.
When I was trying to sublet, according to my agent the 2-in-1 washer/dryer would have to be disclosed because of how undesirable they are.
They are definitely a deal-breaker for me too.
The condensing washer/dryers are horrendous. No one likes them. The burning smells in dryer mode is gross. You have to crank up the energy recovery unit just to breathe. They are deal breakers now that we've experienced them firsthand. But every time we post something negative about the beloved and adored River City, our post gets moved. So we will just lie from now on and say that everything is wonderful here and it's a very smart choice to invest your hard-earned money and no, it won't go down the toilet because these condos arent duds in the slightest
NBGTech: if your post is deemed to make more sense for the Real Estate section, that's where it goes. It's pretty simple. Real Estate is for helping people decide what to buy, or how to deal with what they've bought.