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Brownstones at Thornton Park


Jernigan

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The property will begin around $280/sf.  A unit at the Sanctuary just sold for $400/sf.  The interior build quality is FAR above most condos downtown and these are "fee simple" with far lower HOA fees.  This will certainly be on the high side of the immediate area but not far off from what is offered in Winter Park or Windermere.  Dollar for dollar, there is great value in a 2100-2300sf 3 story maintenance free downtown property.  

 

We have a pre-sale party later this month.  It will be interesting to see how many go to contract on day 1!

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Still quite pricey, though.

 

This.  This.  My friend bought one of these in 2012 with the exact same design/layout/construction/etc in a hip part of Cleveland right off the light rail (Little Italy/University Circle) for 325.  With the market upturn since then, I anticipated 425-475, but UPPER 500s?  That's pretty high!

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They are priced appropriately for the size. Try and find another unit in downtown at that price per square on the newer side. You do not have the amenities of the sanctuary but i am sure the HOA fees are dramatically lower. These may even be under priced. 

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It seems a bit high but there's always time/room to drop the price.  This kind of development is sorely needed downtown - townhomes (I guess if they are "urban" we're supposed to call them Brownstones?) of this size are a good way to keep those aging out of the the condo scene due to kids, family, etc in the downtown core.  I'd like to see more built on some of the smaller open lots

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They are priced appropriately for the size. Try and find another unit in downtown at that price per square on the newer side. You do not have the amenities of the sanctuary but i am sure the HOA fees are dramatically lower. These may even be under priced. 

 

The single best way to tell is whether they sell or not.

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They are priced appropriately for the size. Try and find another unit in downtown at that price per square on the newer side. You do not have the amenities of the sanctuary but i am sure the HOA fees are dramatically lower. These may even be under priced. 

Copley Square on Michigan is a very similar project that just completed.  It looks like they have their last upgraded 4 bedroom builder's model for $447,400, but in the past year many of the new units were selling closer to $350,000.

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Copley Square on Michigan is a very similar project that just completed.  It looks like they have their last upgraded 4 bedroom builder's model for $447,400, but in the past year many of the new units were selling closer to $350,000.

Unfortunately these examples are not even a little bit similar.  There are far more variables to think of than just curb appeal.  A townhouse project built by a national builder (builder grade) off Michigan is not in the same category as a Thornton Park project built by a custom builder using the same materials as many $1.5 million plus homes.  The kitchen appliances alone are over $20k.  

 

Example:

A 1700sf CUSTOM condo in Winter Park is currently for sale for $900k ($529/sf). HOA monthly fee is $641. Is it worth it?  Debatable but they sell. 

 

Point of my rant is location and build quality mean everything in real estate.  This same project would be half the price in Metro West and half again if build in Metro West by Ashton Woods (Copely Square). BTW - they would be double the price if walkable to Park Ave like the David Weekly built 2000sf town homes sharing a rear yard with train tracks starting at $637k.  

 

We'll see if they sell.  Initial demand is extremely strong but no cash has changed hands just yet!

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If the renderings are any indication, these will have major curb appeal.  Now if the city would finally buy the adjacent park space and turn that lot into a legitimate "Savannah-style" square / park, we'd have the makings of a beautiful neighborhood.

Agree.  I heard that the City recently lost a lawsuit with the owner of the Constitution Green property.  Does anyone have any details about that?

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Unfortunately these examples are not even a little bit similar.  There are far more variables to think of than just curb appeal.  A townhouse project built by a national builder (builder grade) off Michigan is not in the same category as a Thornton Park project built by a custom builder using the same materials as many $1.5 million plus homes.  The kitchen appliances alone are over $20k.  

 

Example:

A 1700sf CUSTOM condo in Winter Park is currently for sale for $900k ($529/sf). HOA monthly fee is $641. Is it worth it?  Debatable but they sell. 

 

Point of my rant is location and build quality mean everything in real estate.  This same project would be half the price in Metro West and half again if build in Metro West by Ashton Woods (Copely Square). BTW - they would be double the price if walkable to Park Ave like the David Weekly built 2000sf town homes sharing a rear yard with train tracks starting at $637k.  

 

We'll see if they sell.  Initial demand is extremely strong but no cash has changed hands just yet!

Copley Square and these Brownstones are like comparing a 3 series to an M3. Both nice cars and will give you the same amount of space, but one is a lot more enjoyable. The interior finishes but mainly the location is what stands apart. And the new Copley units do not have a roof top deck. 

high 500's with no pool...hmmm...i need to do a comp with see how much a house with pool cost around that area before i can decide...

 

It is probably the same per square foot. If it is brand new, it may be a bit more. 

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The renderings are really great. Fixtures are so important. Build quality is SO important.

 

I have a lot of friends buying McMansions in the suburbs, and you can absolutely feel the mass production low quality in every aspect. The doors feel like they weigh mere ounces, and you'd swear the sink fixtures aren't metal, but plastic with brushed aluminum paint jobs. 

 

If the build quality and interiors are high quality, they're worth every penny of 500k. 

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In the event you haven't seen the interior/roof top shots:

 

We all should be VERY excited about this.  It is the first project that is actually purchasable (for some) since 2007!!!  

 

You guys, the only thing wrong with this rooftop view is that it places the condos squarely on top of the fountain in Lake Eola.

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