More Olive 8 Units Hit the MLS
Yesterday Olive 8 added ten units to the MLS. Four on the 28th floor, one of the 30th, one of the 36th and four on the 37th. (At the auction, they didn’t sell any units above the 26th floor.)
In terms of pricing, the 1 beds, 1 baths they added range from $659/sq. ft. to $943/sq. ft, the 1 beds, 1.5 baths range from $544/sq. ft. to $893/sq. ft., the 2 beds, 2 baths are $796/sq. ft. and $911/sq. ft., the one 3 bed, $863/sq. ft.
This pricing is a far cry from the auction pricing of 1 beds, 1 baths at $474/sq. ft., the 1 beds, 1.5 baths at $563/sq. ft. and the 2 beds, 2 baths at $440/sq. ft, even though the new units are higher in the building and are a part of the “luxury collection”. (I tried to look up what the difference between the luxury collection homes and the other homes are but their website doesn’t say.)
Looking at the difference between a few of the units it doesn’t look like they’ve taken the auction pricing to heart. For instance #3000 (1,534 square feet) is listed at $1,325,000, #2200 sold at auction for $695,000. Does a $79,000/floor premium make sense?
Or, #2810 (650 square feet) is listed at $445,000, #2610 sold at auction for $319,000. $126k difference to move up two floors?
On their blog today they’re proclaiming 35 sales in September and October so perhaps they have reason to be so optimistic.
