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AriPVD

IN PROGRESS: Pratt Hill condos

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AriPVD    0

Interesting townhouse development on the corner of Pratt and Olney designed by Friedrich St. Florian (architect of the National WWII Memorial and the Providence Place Mall). Website is www.pratthill.com

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Garris    0

Interesting townhouse development on the corner of Pratt and Olney designed by Friedrich St. Florian (architect of the National WWII Memorial and the Providence Place Mall).  Website is www.pratthill.com

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The prices for this area continue to fly upward. The Pratt Condos list on various sites for between (I think) $710,000 and $750,000 :o . I love Providence and urban living in general but, man, for that kind of money, I'll take the 6 bedroom/2 fireplace, 2 acre home in East Greenwich or West Warwick 10 minutes from Downcity or, for that matter (and money), something in Newton or Brookline (bumping up against entry level Beacon Hill too).

I mean, reality check here: a 2 bedroom luxury condo that's 3/4 of a million dollars nearly across from the Staples strip plaza at the base of Olney near North Main? Wow...

Here's the Pratt condo listing link: http://www.rirealestate.com/ekas0015.htm

Also, in the "wow" zone, 2-3 bedroom condos across the street from me in Wayland Square selling for $700,000, more than double what other condos in the neighborhood are right now. They're nice, granted, but maybe for $400,000 or so. Check it out: http://www.rirealestate.com/brhi0021.htm

Other fun "what the hell?" pricing: Brand new luxury homes in Wayland Square, about 1.4 million: http://www.rirealestate.com/ekas0022.htm

The condos above Cafe Chocolad, 1.3 million: http://www.rirealestate.com/jsiq0004.htm

- Garris

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Cotuit    0

Someone mentioned the condos at Angell and Benefit (that are all but surrounded by RISD dorms) are pushing a million.

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AriPVD    0

Providence had a condo under-supply for a long time, so as more are built I think the market will catch up with itself. Plus, all of the Downcity Cornish properties will eventually go condo.

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eltron    0

all of the Downcity Cornish properties will eventually go condo.

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Yep, this is certainly true...they are currently only rental because they needed federal historic tax credits to make the numbers work, and those credits require that the units stay rental for at least five years. I bet after that, most if not all go condo.

I've been repeatedly hearing from people at the Planning and Development that they think the condo craze is already oversupplied in Providence, and getting worse. I tend to agree, but then again I thought it was absolutely crazy that people were getting $320k for flats in crappy Somerville triple-deckers two years ago, and those are still going strong, so who really knows.

The market just seems impossibly difficult to predict right now. interesting.

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Garris    0

I just drove by the rapidly completing Pratt Condos across from University Heights (next to the Carribean clothing store). If their advertising banner is to be believed, they only have 2 units left, and they're not even done with construction! Considering those are about $750,000 for the honor to live in designer condos across from University Heights and Staples, that's pretty good, and says something about the robustness of the high end demand... Wow...

- Garris

PS: Cotuit, I also stuck my camera out the window and took some none-to-special shots of the buildings. Would you want the images for your project list, or just wait until it's done (which looks like it won't be long...).

PS2: Speaking of high end demand, it looks like 1 of the 3 new 1.4 million dollar homes built in Wayland Sq has sold, and one of new $600,000 condo's across from Whole Foods in Wayland Sq also sold. Don't know how much actually changed hands though... Again, wow...

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Cotuit    0

PS: Cotuit, I also stuck my camera out the window and took some none-to-special shots of the buildings.  Would you want the images for your project list, or just wait until it's done (which looks like it won't be long...).

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Sure, that would be good.

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PS2: Speaking of high end demand, it looks like 1 of the 3 new 1.4 million dollar homes built in Wayland Sq has sold

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I am baffled by those houses. If you look online you can buy older houses that are just as nice and have much bigger lots for under a million. Those new houses are certainly nice, but they are right on top of each other. I dont see why anyone with that kind of money would want one.

Liam

(The house across the street from mine just went on the market for $428k. This makes me very happy.)

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Frankie811    0

Providence had a condo under-supply for a long time, so as more are built I think the market will catch up with itself. Plus, all of the Downcity Cornish properties will eventually go condo.

Ari, do you still stand by this statement?

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