Fastest Selling Condos In The Pearl

Posted on 09/19/08 12:10 PM

Not all condos linger on the market forever. Here’s a list of the 10 fastest selling Pearl condos in the last 3 months:

1st Place: Chown Pella. Unit #408. This west-facing, 1086 sq. ft., 1-bdrm loft sold in 11 days for 449K. No price drop. Unit #408 benefited from unit #314 (slightly larger, one floor down) selling earlier for the same price.

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2nd Place: Unit #1022 at The Henry sold in 16 days. This is 736 sq. ft east-facing unit that sold for 430k. At $584/sq. ft, this unit was considerably above the median ($530/sq. ft) for sub 800 sq. ft units at the Henry. #922 sold not too long ago for 395k. It’s amazing what a difference a good sales job can make.

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3rd Place: McCormick Pier, unit #H1. An abundance of foreclosures at McCormick Pier hasn’t stopped this 694 sq. ft condo from selling at asking price (180k) after a mere 18 days on the market.

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4th Place: The Riverstone. Following a price reduction of 20k, unit #409 sold in just over a month. This is a 2 bed, 2 bath corner unit with SE exposure overlooking Jameson Park. As one of only a handful of transactions in the last year at The Riverstone, this deal closed at 605k.

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5th Place: After 45 days on the market and a 30k price drop unit #1323 sold for 440k – well below the median time-on-market at the Elizabeth of almost six months ( based on last 12 months sales). The buyer ended up with a 1000 sq.ft, 1bd, 1bath condo of his dreams.

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6th Place: Bridgeport. A day sooner and unit #302 would have tied for 5th place. No doubt dropping the price by 50k helped speed the sale of this 2 bd, 2 bath corner unit with NE exposure. If you’re ok with living in the shadow of the Wyatt you too could have picked up this beauty for 525k.

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7th Place: It took 48 days and a 25k reduction for unit #211 to sell at Hoyt Commons. At 375k, the buyer made the best $/sq.ft deal at this building in the last 12 months and walked away with a 1030 sq. ft., 1 bed, 1 bath in a great location in the Pearl.

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8th Place: Bridgeport again. This time it’s unit #507 that sold in 52 days. The price was reduced by roughly 25k on this 847 sq. ft, 1bdrm condo with courtyard views and balcony before it ended up selling for 377k in July of this year.

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9th Place: Unit #721 at The Edge started out at 419k. Two months down the road the price dropped by 25k and this 1000 sq. ft loft overlooking the city sold. It certainly helped that #623 (same floor plan, one level below) sold for 390k a couple of months earlier.

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10th Place: Unit #609, a coner unit with SW exposure and 1061 sq. ft of living space at Park Place sold in 77 days. Back in Dec. 07 the same unit three floors down had sold for 550k. No such luck for #609. Although the seller started out in the mid 500s, it took a 35k drop to sell fast.