This is for Myrna the Minx and anyone else interested in the downtown condo market. In the last 12 months, 103 condos sold in and around downtown for an average $272,595. The high price paid was $572K for a 2300 square foot, fully-decked-out, near top-floor unit in the Park Towers. We’re talking great views, cherry cabinets, limestone tile and brushed steel accents. The lowest price paid (per our MLS… does not count developer direct sales) was $124K for a modest, out-dated, one-bedroom in Salem Plaza on Plumas, a couple miles south of downtown.
The prior year, 121 condos sold for an average $199,179. The low price was $72K for a studio apartment, also in Salem Plaza, and the high price was $459K for a nearly 2400 square foot penthouse unit at the Riverside.
So, prices are an impressive 27% higher this year over last (as compared to our general 20% increase in residential… way to go condo buyers!) Though volume may appear to be off this year, actually, it’s almost definitely higher when you factor in the non-MLS Riverwalk sales.
Pablo
A jump from $199,179 last year to $272,595 this year is actually a (much more impressive) 37% increase, not a 27% increase, like you say. The median, though, would probably be a more interesting number to analyze.
Diane Cohn
Pablo, thanks for catching this. Median price last year = $260,000. Median price for prior year = $199,900. Again, these are MLS-only sales. Private sales are not reflected in these numbers.
senorsmith
What do you think the Riverwalk will do the average price paid for a condo downtown? These aren’t included in the MLS, right? It seems like the property value keeps going up and up downtown, especially with the addition of the high-end Riverwalk. Whats your expert realty opinion about this?
Myrna the Minx
The reason I bought in Riverewalk was my Park Towers place held its value very well against it. I suspect the effect will be mostly because of the number of large (and more expensive) units rather than because Riverwalk is necessarily selling for a lot more than the others. Now the Palladio—that is going to be another story. I found those prices to be outrageous.
But, I’m no expert like Diane! And I think Riverwalk has gone up a good chunk since I bought. Incidentally, they still have several of the large 2 bed/2.5 bath units left. Much harder to sell.
Diane Cohn
I think the Riverwalk has been good for downtown values. If I recall, their lowest priced studio units started in the high $100s and went up from there. Today they have a couple units in the $300K range that fell out of contract and are now available, and of course, the penthouse loft unit for $550K. Plus, as Myrna pointed out, some other pricey two bedrooms.
The Montage, I think, will bring up prices significantly in the next two years assuming those units close as planned. They started in the twos and will likely have penthouses in the million plus range.
The Park Towers I think will continue to hold value despite the lousy parking situation. Their location and Wingfield Park views on the Truckee River side are incomparable. People tend to go in there, fix up those little places and really make ’em shine. If only I’d had the money to buy that tiny little two-bedroom fixer penthouse that went up for sale last summer at $450K… It seemed pricey at the time, but long term, what an opportunity.
senorsmith
You mentioned that a couple of units fell out of contract in the 300K. Which types of units are they? I’ve been considering the two story town home, even though I know they might be harder to sell at the end. They are extremely cool inside and have a great set up. Considering what is out there today, they seem like a good value in a high rise like that for 450K. Whats your opinion about this? I need help!!! Thanks!
Myrna the Minx
senorsmith: I keep meaning to go look at one of those two story townhomes. Now, I’ll be sure to do it this weekend. I still cant afford one but a girl can dream cant she? I bet the 300k units are the smaller two bedrooms–right Diane?
Myrna the Minx
or some high one bedrooms