Readers were underwhelmed by the bankruptcy auction of the West Water Street condos in Sag Harbor. "I don't think there's an interior build out that would remotely justify the pricing. You're talking well over $1mm/unit on average. And then you have to complete the build out, market it, carry it while units are selling, etc. AND make a profit on the sales." "So you need to be selling these for between $1 and $2mil to break a profit? Good luck." "A 2000 sq foot condo for $1.5mm ? You can buy a 3000 sq foot beautiful house on an acre for $1.25mm ? I hope the bank likes being a developer and condo association manager, 'cause they're gonna be one for a lot longer!" [Curbed Comments]
Filed under:
Loading comments...