At the beginning of September The Potrero (451 Kansas) was reporting roughly 60% of their condos (105 units) in either contract or closed (including 85% of the north building and 33% of the south). And according to the president of their marketing company, “[w]e were aiming for 12 a month and are selling 18.”
It’s a little over three months later and The Potrero is now reporting 70% either in contract or closed (with an expected 100 closings by the end of the year). Almost all of the movement has been in the south building (50% now in contract or closed while the north building remains flat at 85%). And based on our calculations, net new sales have been running at closer to 4 condos a month since the beginning of September with roughly 50 left to sell (which might help explain the pricing on their latest release).
Two other numbers we found interesting: over 50% are first time buyers and over 90% are planning on making The Potrero their primary residence. And yes, all stats (but not the calculations) are according to the sales office.
The Potrero (451 Kansas): Now 60% “Sold” And Closing Contracts [SocketSite]
The Potrero (451 Kansas): Now From Under $400,000 (Just Barely) [SocketSite]

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Comments from “Plugged-In” Readers

  1. Posted by Foolio

    Looks like the price reduction and the incentives (2 years HOAs, plus some appliances) may have worked (somewhat) in the south building. Still, they can’t be too thrilled about the 4 condo/month rate.
    I smell more reductions.

  2. Posted by FSBO

    4 sales per month for a 165-unit complex – that’s a Miami-like absorption rate of about 3 1/2 years.

  3. Posted by nonanon

    ^ big difference between 18 and 4 but with only 50 units left that’s a year of inventory which isn’t at all unreasonable. i’d also expect a bump in activity come spring.

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