Victoria Joh…, Home Buyer in Del Mar, CA

what is going on with the Aldyn, Element, Riverside condos? prices are increasing? above 2006-7 levels

Asked by Victoria Johnson, Del Mar, CA Tue Feb 14, 2012

If the height of the market in this area was in 2006 and 2007 why is this area increasing so much in sales price and rental prices? Is it a fluke or what....???? Any input is appreciated

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Answers

6
The Aldyn has probably the most amenities I have seen in any luxury buildings, and prices reflect that. Initially the Riverside Blvd. location was seen as a bit far from the subway and a little out of the way. In my experience the location is becoming more accepted. Also as the inventory does get absorbed, remaining inventory can ask higher prices. Also please make sure you are taking into account whether or not the units you are comparing are river views or city views, otherwise they are not comparable. Same for what floor the units are on.

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com for all NYC listings
0 votes Thank Flag Link Fri Feb 17, 2012
If you are interested in condos in this area, I would be able to assist you. Please call Clyde at 917-843-6947 . Thank you and good luck.
0 votes Thank Flag Link Thu Feb 16, 2012
Victoria,

I think The Element is also down from the 2007-2008 prices. Forgot to mention it.

Best regards,

Jeff Sholeen, SVP
The Corcoran Group, Inc.
(212) 875-2821
(917) 846-8225
jps@corcoran.com

P.S. Forgot to mention that I live on Riverside Boulevard
0 votes Thank Flag Link Wed Feb 15, 2012
Dear Victoria,

The prices in the older (6 to 12 years sold) buildings, 200, 220 and 240 are below 2007-2008 prices (2006 was not the peak of the market - 2007-2008 was). The newer buildings such as 100 and 120 are just below the height. 60 (The Aldyn) and 80 (The Rushmore) are newer (60 is the newest - having been just completed) and their prices are higher than the other buildings because of their finer finishes (kitchen cabinets and appliances and finer bathrooms) and extravagant amenities such as very large, luxurlous health clubs, screening rooms, childrens' rooms, package rooms, more impressiver lobbies, etc. (the 60 RSB - Aldyn - health club is 40,000 s.f. for instance). The Element at 555 W 59 is trading below the height of the market). I recently sold an apartment in Midtown West for a higher price than it traded for in 2007, so the phenomena is happening in certain desirable areas where location and Park views, etc. are coveted. I hope that helps. It's a steady market right now with some increases in price (2010 went up about 14%. Manhattan wide).

Best regards,

Jeff

Jeffery Sholeen, SVP, The Corcoran Group, Inc. ((212) 875-2821, (917) 846-8225, jps@corcoran.com
0 votes Thank Flag Link Wed Feb 15, 2012
Hello Victoria,

The Aldyn as well as the condos along Riverside Blvd, are in a very desirable area. It is like being in a gated community within NYC. I am in the middle of transacting a few deals in the Rushmore and the Aldyn as we speak. I do not think that the prices you are seeing as a fluke. The Avery, the Rushmore and especially the Aldyn, offer amenities that are normally not offered in most building. So it is only natural to see the general price per sq, ft. a bit higher. The Aldyn just hit 53% percent sold just a few days ago, and they have many contracts out for signatures, as per the sales office.

if you are interested in purchasing a property from the sponsor of any of the building i have mentioned, let me know and I could tell you approximately what kind of discounts the sponsor is offering from the asking price.

Paul Macapagal
Town Residential
917 612 2746
paul.macapagal@townrealestate.com
0 votes Thank Flag Link Wed Feb 15, 2012
Hey Victoria, a fluke would have been maybe one building showing price improvements, multiple major developments in the same area - is a fact to be taken seriously. The area between West 60th Street and West 70th, west of Columbus has been under a close watch by the investors as multiple construction projects were being planned there, including the expansion of Fordham Law School just next to Lincoln Center.

Now as the architectural makeup of the area is becoming clear and the construction activity begins to settle, the result of all that land improvement is beginning to show.

I have a 4 bedroom 4 bath listing at The Alfred, a luxury condominium that stands right next to Lincoln Center, and next to the Fordham construction site. As the frame of the Fordham building began taking shape, the activity and interest in the building and the unit increased dramatically, and prices are beginning to firm up there as well. http://www.luxdwellings.com/?p=47

If you are in the area, I can tour you around the buildings this market area, and the complete picture will begin to form.

Feel free to call with any questions. Contact numbers are on my site.

Warm regards,
Armen
http://www.luxdwellings.com
0 votes Thank Flag Link Wed Feb 15, 2012
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