Although we haven't even reached Open House Sunday yet, we're pretty sure that this week's CILF (Condo we'd like to...woo woo) is the magnificent 333 Rector Place . We saw mostly 1BR, 1BA units priced between $630,000 - $810,000 (most were around $730,000 or so) - all in the 760 sq ft - 870 sq ft range. There are two "finishes" available for these units - the "Park" and the "River". The Park finish has darker floors, a kind of retrolicious white marble in the bathroom and a lighter wood on the cabinets/doors. The River is almost an exact mirror image, with lighter floors, dark marble in the bathroom, and a darker wood on the cabinets/doors.
All of the units that we saw had balconies and the southern facing units have direct water views. The fixtures look great and we loved the large, open layouts of the apartments. The amenities seemed fine although only the bar/library was finished enough to show.
The units here get significantly more expensive on the higher floors (there are 14 floors in the building) with only apartments higher than the 8th floor having any water views. Similar to 20 Pine and The Riverhouse, we now lust after One Rector Park (which we think of as The Riverhouse of the South) but we are of course concerned with the building's financials. Particularly given that Rector Square, which is located literally across the street, has filed for bankruptcy in a public shitstorm that might not go away for awhile.
One Rector Park tells us that the sales office has been open for about three weeks and that the building is 10% sold. They have "relationships" with some major lenders but those lenders require the building to be 50% in contract prior to allowing anyone to close (all cash buyers, whoever you are, you can close any damn time you want). Sooooo....that means that of the 174 or so units in this building, 17 are sold leaving an additional 70 units or so that have to go into contract before anyone can live there. Hmmmm....no transactions right now means fat chance you're moving into here anytime soon.
Oh and ummm...if you're a little light on your brunch budget these days, pop by their weekend open houses from 1-4PM. They have mimosas (yep), croissants, scones and you can even pocket some granola bars to go. PLUS they give you a cute tote. We love you 333 Rector.
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6 comments:
Contrary to what they told you, the sales office has been open and showing units since September of last year. I know this because I was corresponding with the sales agents there and saw an apartment back in October 08. They're telling everyone now that they opened a couple of months ago but in reality, that's when they dropped their prices after not even getting so much as a sniff at the $1000-1100 price per sq. foot they originally wanted. As for them being 10% sold, my understanding is that it's closer to 8%. To put things further into perspective, they've been telling prospective buyers that they've been 10% sold since the beginning of the year which means that units arent exactly flying off the shelves. Their traffice is up a bit but people still arent pulling the trigger further illustrating the point that their prices, while lower, are still not in line with the market. They just havent come to grips with it yet.
Is anyone interested in purchasing? If so we should team up and try to get a better deal!
I am looking ot buy into this building as soon as I go into contract with my apt that I ahve for sale.
any news with regard to this building? Is it really just the market or are there deeper issues?
Hi, I am interesting in purchasing either here or the visionaire. like to team up if we can. email me at blue2005_99@yahoo.co.uk. how are your guys finding the price? I find it pricy compared to other new developmennt in the area.
I work at 333 rector and for what I hear from the owners is that they are thinking in bankruptcy, they are facing the same fate as the Rivershouse. The bank that provided the financing is charging them thousands every month in interest, and they have not even sold 5 percent of the building, the other 5 percent are just potential buyers, only promises. Get yourself well documented with the building financial situation first, and them proceed to make a buy or decline.
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