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Downtown Condo Market

Frankie811

By Frankie811
in Providence

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runawayjim Metropolis

runawayjim

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The author, Michelle Hillman, attributes the slow sales to the appeal of the city, when in fact the current economic climate is probably a big part of the problem. In any case, the slumping market is a great opportunity for a Boston business magazine to take a shot at Providence. Nothing like a little home-spun negative pub to keep potential Boston investors from looking at Rhode Island projects, luxury condos or ortherwise. Case in point, here's the article's first sentence:

"Boston developers' New Year's resolutions may be to get out of the Rhode Island condo market unscathed."

I think that could be re-worded to ""Boston developers' New Year's resolutions may be to get out of the Rhode Island condo market unscathed."

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TheAnk Hamlet

TheAnk

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I read some quote by a developer, maybe Westin, saying they wouldn't drop prices because people aren't buying.. Dropping prices to sell a few units now, in the longrun undermines their own bottom lines.. I guess if selling 20 now at a discount leads to lower prices on the other 100+ or whatever that makes sense..

Besides, these big guys can ride it out, its the small frys who go belly up for the most part.. Speaking of which, what is the status of 333 Atwells condos? Any of those selling?

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runawayjim Metropolis

runawayjim

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I read some quote by a developer, maybe Westin, saying they wouldn't drop prices because people aren't buying.. Dropping prices to sell a few units now, in the longrun undermines their own bottom lines.. I guess if selling 20 now at a discount leads to lower prices on the other 100+ or whatever that makes sense..

Besides, these big guys can ride it out, its the small frys who go belly up for the most part.. Speaking of which, what is the status of 333 Atwells condos? Any of those selling?

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