Bargain units back on the market
From the September, 2009 issue
In the aftermath of the global financial meltdown, it's a rare piece of real estate that's holding its value. But it seems to be happening at Ashley Mews--at least for the eight small "affordable units" the city required the developer to include as a condition of approving the downtown condominium in 1999. Three of the one-bedroom, one-bath units were on the market in August, listed at $116,135 each--in every case, more than the buyer originally paid.
Why weren't they snapped up immediately? For one thing, a purchaser must earn no more than $44,800, or $51,000 for a couple. For another, appreciation on the units is limited.
Still, "it's a fabulous opportunity for someone who's qualified," says Ann LaCivita of Reinhart, who's listed two of the condos. And if the sellers get their asking price, the affordable units will turn out to have been a better investment than the larger, full-priced condos in the complex--half a dozen of which are currently listed below their last sale prices (in some cases $50,000 to $70,000 below).
[Originally published in September, 2009.]