Star Tower

[sunshine]

Just want to start this thread so people that is interested in buying can share info.

Historic Creations

Ph: (407) 835-3773

Email: [email protected]

From OBJ 2/21/2005

New downtown high-rise set to break ground in April

Royal Palm Homes and Historic Creations will break ground on their second downtown condominium high-rise -- The Star -- in mid-April.

Currently, the two Orlando-based development companies are building The Sanctuary, a 172-unit, mixed-use downtown condo development. To date, the project is 80 percent sold, and residents are planning to move in this fall.

The Star's 18-story tower will include a five-story parking garage, as well as one-, two- and three-bedroom condos. Prices range from $315,000 to $800,000.

With presales now under way for The Star, more than 40 of the project's 100 proposed condos have been reserved.

[ptdavid]

Sunshine you are a good moderator... I have to say when all the new projects were first announced I was leaning towards Star Tower as where I wanted to live but as time went on and the sale price went up, I was priced out of the market

actually I liked the Jackson quite a bit as well as I don't need all those amenities that I never use anyway and certainly don't want to pay for them... like the 41 cents/sq foot at the Solaire... but was too slow on getting involved in that one

[sunshine]

ptdavid..thanks

I cant afford any of these condos now. If I can, my first choice will be China Glass Loft.

[ptdavid]

love the china glass lofts but don't love the location

[prahaboheme]

here's the latest rendering for Star Tower:

[jennjt]

Went to the sales office this week. Condos start at $570K. Looks like they only have 2 bedroom condos but they are big - over 1700 s.f.

[prahaboheme]

Expensive! But one of my favorite projects.

[GreenHills]

Went to the sales office this week.  Condos start at $570K.  Looks like they only have 2 bedroom condos but they are big - over 1700 s.f.

<{POST_SNAPBACK}>

Is $570,000 the base price of the cheapest units in the building, or is that just the least expensive condos they have left available? I think Star Tower looks great, but if the cheapest condos start at $570,000, that is just mind-blowing to me. If they can sell them though, more power to them.

I think the 180,000-350,000 range is really the sweet spot on the price curve. It seems like whenever units are offered in this range in a new condo downtown, they sell almost immediately (e.g. the somewhat comical, somewhat disturbing example of Solaire having to hire security to keep potential buyers out of their sales office). It seems like units that are offered above $400,000 sell much slower and are easier to find.

Just looking at numbers from the downtown Orlando website, it would seem that a developer could a nice profit offering condos solely in that price range. For example, total investment in Solaire is listed at 52 million. If that is true total cost of development , then it would seem the developer could make a nice profit even if they sold each unit for an average of $225,000. There are 310 units, which if you multiply by 225,000, comes out to 69.75 million. At that rate, I think the developer would still have a profit margin over 30 percent, which sounds pretty good to me (although I'm not in the real estate business).

[jennjt]

Is $570,000 the base price of the cheapest units in the building, or is that just the least expensive condos they have left available?  I think Star Tower looks great, but if the cheapest condos start at $570,000, that is just mind-blowing to me.  If they can sell them though, more power to them. 

$570K is the current rate for a 1765 s.f. 2/2 condo on the 9th floor (cheapest available). Similar units (same s.f.) on other floors are $600-$635.

A larger 1975 s.f. 2/2.5 unit had a price range of $700K - $805K.

Obviously they are priced a lot higher because the square footage is greater than any other 2 bedroom condos downtown thus far. They also have lots of closet space and a huge laundry/utility room in every unit. Unfortunately, they are way out of my price range.

It is clearly obvious that anything priced under $300,000 goes quickly, leaving only $400,000+ units left. Most (if not all) of the buildings that report 80% sold-out only have these higher priced units left.

There is a huge demand for downtown condos in the $180,000 - $325,000 range. Who will supply that demand?