Flipper Alert at 340 on the Park
Closings began a few weeks ago on 340 on the Park, one of the world’s tallest residential buildings. Flips have already begun.
Two of note:
Unit 307, a 1 bedroom, 1.5 bath approximately 1,100 square feet.
- Original sale price of $415,000
- New list price: $625,000 plus $50,000 for parking
I don’t know if the original price included the parking or not. Does anyone know? Also, it has north views of Lakeshore East.
Unit 403, three bedroom, three bath with south views of the park.
- Original sale price: $944,000
- New list price: $1,150,000 plus $50,000 for parking
Again, I don’t know if the original sales price included the parking. It is also available to rent for $6500 a month.
Looks like the “flipper premium” in the building is about $200,000.
Also of interest, there are a lot of rentals in the building already. I’ve located at least 16 rentals. There may be even more than that. Some have interesting listings such as offering one month’s free rent if rented by the end of August (guess that didn’t work.)
Unit 307 is the cheapest unit for sale, so far, in the building.
out of approximately 45 closings as of 9/4/07, there are 10 units for sale, 2 under contract, and 15 for rent.
I think that the prices DO include the parking. 340 OTP had one bedrooms originally starting at 319,900. We have already seen a little bit of downward pricing pressure in the building. I will be curious to see how quickly these units go off of the market. The Regatta seems to be selling out (again!).
Thanks for the info. So some of them are trying to flip the one bedrooms for nearly $300,000 more. It’ll be interesting to see if that is the “new” market in that area.
There is a unit for sale under $500K in 340 on the Park. Granted it’s views are NW on a low floor. Clearly prices will be declining even in this building….or at least hold steady in real dollar terms.