John Ross Condos Responds To Atwater Auction

Posted on 10/9/09 12:37 PM

As expected the John Ross has bowed to the pressure unleashed by the recent Atwater auction, which had forced price points below the $300/SF mark. With roughly 80 units left to sell, the inferior John Ross has been the obvious target for similar price reductions.

Last week the consortium responded and has slashed prices once again. Since then 9 homes have sold.

Prices Reduced By Roughly 10%

Price points had most recently been reduced towards the end of June, but had largely remained north of $300/SF. Now prices have been dropped by another 10%, bringing most of the inventory in line with the neighborhood trend. In fact, with several units trading in the mid $200/SF, the Ross once again offers the lowest price per SF in the area.

Here’s an overview of some of the new pricing:

Unit #      Type      Sq. Ft.     Price         $/Sq. Ft.

1616          B-SW       637           $189,000      $296

1304          C-NW       788           $229,000      $290

918            A-SW       1,205        $294,000      $244

203            B             1,874         $479,000      $255

1710          E-SE        1,826         $489,000      $268

3003         J-S            3,456         $1,149,000   $332

Click for here the updated price sheet and compare it with the old one here. Meanwhile, over in the Pearl District 937 is offering a $15,000 credit towards closing on all offers accepted before Nov 1.