Oceanview Floors 1-3
With just 15 units, this is
the smallest sample group therefore there are many quarters with no
sales activity. Each "blip" on the graph represents a single sale. In
fact there hasn't been a sale in the group in over a year. The
whipsawing in the graph also demonstrates the vast differences in
location.
The low "blips" in 1Q00 and
1Q02 were single units on the first floor -- arguably the worst
location in the building. Every other "blip" until 2Q03 represents a
sale on the third floor -- the best views in this group. In 2Q03 units
208 and 308 changed hands. The unit on the third floor cost ~$111 more
per square foot. In this group, the credo "location, location,
location" means a lot.
Overall prices have increased
the most of any group -- an unbelievable 4X! Because of the low sample
size and radical different in prices between floors, this number must
be taken with a grain of salt. But clearly, the strategy of
buying the least expensive home in a neighborhood (or building) has
worked for these owners.
Joined units 204, 205, 206
sold in June 2005 for $1,650,000. Unit 104 sold 3 months earlier
for $938/sft. If I use this calculation, the value of
the 05/06 units was only $468/sft. In December 2005, the units
were being fully gutted/renovated in preparation for use as separate
rental units.