[Dartmouth] The Avery | ? m | 5 fl | Completed

[atbw]

Looking on some real estate listing sites today and came across 23 units in the building still up for grabs. On the Avery's website, it appears the majority of the building is still vacant with prices in around $400,000 - $500,000. How long can that go on, realistically?

[Colin May]

Originally Posted by atbw

Looking on some real estate listing sites today and came across 23 units in the building still up for grabs. On the Avery's website, it appears the majority of the building is still vacant with prices in around $400,000 - $500,000. How long can that go on, realistically?

The HRM planner tried to convince the developer to apply for a building with 2 more storeys and opined that they would most likely be approved after a public hearing ( which would have been a delay of many months). The empty lot across the street will eventually be developed and the view from the Avery will be blocked. 59 units sold to date and 40 units available.

[Drybrain]

Originally Posted by Colin May

The HRM planner tried to convince the developer to apply for a building with 2 more storeys and opined that they would most likely be approved after a public hearing ( which would have been a delay of many months). The empty lot across the street will eventually be developed and the view from the Avery will be blocked. 59 units sold to date and 40 units available.

The fact that this is the case, even as there's record low inventory and record-high demand would seem to prove that the prices are out of whack. (Seriously, only a handful of residential properties have been listed in central Dartmouth since the beginning of the year--I've been looking, and the lack of listings is incredible.)

[mattyt]

There's been 4 units sold in the last month if you look at viewpoint (3 of them for more than half a million), 12 in the past year. I've noticed they are starting to move, at current pace even if there's 23 left they'll be mostly gone this year.

[kzt79]

Originally Posted by atbw

Looking on some real estate listing sites today and came across 23 units in the building still up for grabs. On the Avery's website, it appears the majority of the building is still vacant with prices in around $400,000 - $500,000. How long can that go on, realistically?

It amazes me the developer is able/willing to carry that many empty units for so long.

[Dartguard]

Originally Posted by kzt79

It amazes me the developer is able/willing to carry that many empty units for so long.

The Annapolis Group has very deep pockets and I believe some of the principles of that investment group live in the building.

[Keith P.]

Originally Posted by mattyt

There's been 4 units sold in the last month if you look at viewpoint (3 of them for more than half a million), 12 in the past year. I've noticed they are starting to move, at current pace even if there's 23 left they'll be mostly gone this year.

Just learned of someone I know who just bought in here. Empty-nesters who sold their house for amazing money (thanks, overheated market!) and were in a position to pay cash more or less for this. Fees/taxes are going to be around $1K/month but they can handle that fine. I still think a condo in another location with more amenities nearby would be a better investment but I guess they wanted to stay in Dartmouth.