I used to live there when it was Post Properties Block 588 (Apartments). We leased unit #717 and then later leased #341 while our townhouse was being built over here near Deep Ellum. I'm estimating there are 139 total units at 588. 27 units on each floor plus four penthouse units - I went up there once or twice and I'm not sure if there are four, five or six penthouse units so I'm being conservative with my estimate. 27 * 5 floors + 4 = 139 total.
As Bruce said below, there are many units for sale (19) or lease (6) with four of the six leases also for sale. That means 21 properties are currently for sale or lease at 3110 Thomas. Using the above number of total units, that means about 15% of the entire complex is for sale or lease. 15% is a little high and price is king right now. Buyers want a bargain. The advice of aggressive marketing and pricing is great advice, especially the price part. If you cannot afford to be aggressive on price, then renting is the direction you want to go and hold on to the unit for a year or two. The market is showing a lot of activity right now - a lot of buyers actually purchasing property instead of just looking.
Here are some quick stats for 588:
Two of the 19 properties are under contract awaiting inspections so of the 17 units that are still for sale, the average price per square foot is $215.70.
The last seven sales have an average selling price of $166.06 per square foot *.
* Of the last seven sales, three were foreclosures. There are no more foreclosures in the building right now â€“ silver lining. Of course that could change if someone loses their job or something but if foreclosures remain at zero and buying is strong, property values will get better - it's just a matter of time. If I remove the foreclosure sales, the last four sales have an average selling price of $196.72 per square foot. Each property is different and you can make adjustments in your asking price if there are substantial differences in the properties.
I hope this helps.
The ones on the sale are pretty basic.....have you seen them?
You have a top of the line place, but it is hard to tell.......
In this market, pictures are worth more than 1000 words....
Very tough market in this building though with many for sale.
Probably 10% of the units or more are for sale and a couple of foreclosures coming.
Another 1/2 dozen for rent. Some on the market over a year in this building.
Showing it while occupied is often tough....renters don't want people inside, seem to never be
accommodating or keep it looking good.
My best suggestion is have it absolutely looking good.....use agressive marketing...agressive pricing....
Pictures are important in this venue.
Just let me know if we can assist you. We can do everything long distance, over the phone, over the internet. You need not make a special trip to Dallas if you are in Florida.
If you want to keep up to date on prices in this building, just click on my website and fill out the form.
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