December 9, 2009
Take Two (And Big Cuts) For Thirty-Four At 188 King
If you've been plugged-in since 2006 should know the full saga of 188 King. Now three years later, the rented units (34 of 44) "are being converted back to condominiums in a phased manner" according to The Polaris Group.
Speaking of which, orignially priced at $2,150,000 in May 2006, 188 King Street #604 is back on the market and asking $1,350,000 in December 2009, a cut of 37 percent.
∙ Listing: 188 King #604 (2/2.5) - $1,350,000 [MLS]
∙ The Scoop On 188 King Street: Now Selling Leasing [SocketSite]
∙ 188 King Street: The Rents [SocketSite]
∙ 188 King: Phase I Pricing [SocketSite]
First Published: December 9, 2009 2:30 PM
Comments from "Plugged In" Readers
Ouch!
Posted by: Michael at December 9, 2009 3:33 PM
37% in three years! At this rate, by 2016, woo hoo, houses will be free!
Posted by: tipster at December 9, 2009 4:45 PM
the sky must be falling as the wishing price is now down to $808/sq ft.
Posted by: steve at December 9, 2009 5:03 PM
And should have been $2.305M inflation adjusted, so 41% down in real terms. What were they thinking with that original price?
But the fact that this is mostly a renter-occupied condo building can't be good for values, right? The prior post also alludes to problems with financing.
Posted by: sfrenegade at December 9, 2009 5:21 PM
They can't be serious about selling it with those photos. Really - a close up of the stove? Another close up of the floor?
Posted by: bgelldawg at December 9, 2009 7:23 PM
The photos of the space make this unit look big. The "at this rate" comment is strange. Corrections move sharply at first, then much more slowly later. Movement is neither linear nor unbounded, but approaches a point where excesses are shed.
Posted by: Mole Man at December 10, 2009 8:43 AM
After three months on the market at $1,350,000 the listing for 188 King #604 has been withdrawn from the MLS without a sale. Once again, orignially priced at $2,150,000 in May 2006.
Posted by: SocketSite at January 22, 2010 11:30 AM
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