Quote:
Originally Posted by The ATX
The fact that some lights are off in a couple units in one building does not make for any reliable conclusion about anything. But a recent article in the ABJ about 70 Rainey may help make the point you might be trying to make. The developer switched to a new real estate company to market the remaining 20% of the units that have not been sold.
https://www.bizjournals.com/austin/n...ew-broker.html
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I remember that the Nokonah didn't finish out their last units due what I assume: 1. economy was in rough shape, so cheaper not to spend the money till you had a buyer 2. (I know of a guy who purchased a Nokonah, then immediately ripping out the kitchens and baths to replace them with his taste, I passed on the chance to purchase the "used" appliances from one of the units from the contractor) 3. With larger units, you can build out the floor plan to the buyer's specs along with the other finish outs.
I've known developers to keep a few premium lots off the market in subdivisions for the same type reason. They are typically still "available" just- off market- and for well above what the comps go for.
When you look at the super premium condos, they all sell to high net worth people who have designers-builders in tow, and will never accept anything other than custom. IMO, there are only a few super premium condo buildings in town, most are "builder grade". My Milago and 360 units were finished with Home Depot quality...no shit.
Not to mention, it seems like it would be relatively cheap to sit on a vacant shell.