Fourteenth and Vine, a new construction condominium project by the Model Group, has three of its units listed for sale.
The three units are:
- #1: $185,000 for 1,315 square feet, 2 bedrooms, 2 baths
- #6: $221,000 for 1,195 square feet, 2 bedrooms and 2 baths, and two outdoor spaces
- #8: $231,000 for 1,200 square feet 2 bedrooms and 2 baths, and access to a roof deck
All three units also feature a 10-year property tax abatement.
Upon completion, Fourteenth and Vine will include 9 condominium units ranging in price from $185,000 to $244,000.
The redevelopment is part of the third phase of 3CDC's Gateway Quarter project, a $30.3 million project that includes 106 for-sale housing units and over 15,000 square feet of commercial space.
Previous reading on BC:
Blogger Tour of Living, Part II (10/2/08)
Two OTR projects in LEED pilot program (9/30/08)
City Home photo update, 8/4/08 (8/12/08)
City approves OTR property sales (5/27/08)
City likely to sell OTR property to 3CDC, OTRCH (5/20/08)
11 comments:
The price per square foot on these condos is great.
And I was thinking it's too expensive.
$185,000 for 1300 square feet? Outrageous.
These are going for about $140 per square foot. Condos downtown are averaging about $550 per square foot.
I'm a booster for the Gateway too, but with this location being this far up Vine St., they need to ask a little lower.
$550 a square foot? Really Randy? where? Downtown has got to be closer to $200-$250/SF..$550 is half the price of Manhattan..Can you point to a 1000SF condo selling for a $550K? Would not sell anywhere but NYC, Boston, DC, SF, LA and Miami in 2004..
"The average size of a downtown condo is approximately in the 600 square foot range and the average sale price is $330,000. Condo sales now represent at least a third of all properties sold in Calgary. The price per square foot for the cost of real estate, labor and materials is now in excess of $500.00 sq/ft."
Source: http://articles.directorym.net/Is_Downtown_Condo_Living_For_You_Cincinnati_OH-r868128-Cincinnati_OH.html
The Ascent goes for $400+/sq. ft. That is the most expensive property downtown. Most stuff downtown is $200-300/sq. ft. The price per sq. ft. on these is certainly reasonable but nothing eye-popping.
It will be intersting to see how fast these places are sold. It still is a pretty sketchy part of OTR. Not the worst by fat, by attracting suburbanites down this way at that asking price may be asking alot.
^I remember when everyone was saying the same thing about 12th & Vine a year or so ago.
"These are going for about $140 per square foot"
This is a method best used for commercial space that is comparing a white box in building A vs a white box in building B. In residential development there are too many variables including finishes, parking, outdoor space etc that does not lend well to a simple $ per sqft comparison.
Some in the Q are over 200 per sqft including units in Duveneck and I am sure that the 400,000 condo on Main also would exceed that amount. But what does that mean? It means that the finishes were absolute top notch, the volume size alone of a few of these condos exceed three floor vaulted ceilings, 2 car garage etc. Sqft costing alone does not tell that story.
Trideca number 7 is 219 per sqft at 890 sqft for 195,000 and includes secured parking lot, original hardwood floors, granite countertops, outdoor space, elevator, stainless appliances, granite and travertine in bathrooms and on and on and on. So is 219 too expensive for this unit? The building was 66% presold so apparently others do not think so.
14th and Vine will be a new anchor for Vine. Its proximity on Vine will be the center of the Q so I would not say that its location is a detractor any more so than 12th and Vine was 2 years ago.
Take a look at 14th and Vine, see what you think about the whole picture before you make a decision as to whether it is appropriatly priced first. 2 bed, 2 bath, garage parking, granite countertop, bamboo floors, elevator, energy star rated, stainless appliances, etc. If after all of that you still believe 140 per sqft is too expensive, I recommend just making an offer and see what happens.
Michael Redmond
I completely agree with the sentiment that price per square foot for these units is, at best, a rough statistic to include in the excel spreadsheet, off the screen in column ZZ.
I bought #4 Trideca at about $190/sq. ft. Just calculated it; never had even thought about calculating it before. I doubt I'm alone.
The people who look here are open to thinking about what this place will become, not what it is currently. There's some excitement about that. Traditional rules don't apply.
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