BLVD condos debuted back in October 2011 but has now apparently gone rental after not being able to sell units in the adaptive reuse development. This two-building new construction at 2192 and 2196 Frederick Douglass Boulevard has a total of 26 apartments that were originally priced in the high $200K to the mid $300K. Most of the other lower FDB buildings have been selling and only have a few units left but BLVD never took off. According to Streeteasy, the entire development was sold to a new developer in June for $3.7 million and now six units have been successfully rented:
LINK. BLVD appeared to be the right price for entry level buyers and had a great location so what went wrong?
The total monthly expenditure (cc + taxes) was extremely high. I believe this was a result of the building not having a tax abatement which is fatal for new developments that are not in a prime location (eg UWS, UES, the village, etc).
ReplyDeleteThe apartments also seemed poorly finished, and not as sleekly done as other buildings on FDB.
ReplyDeleteI never saw the interiors, but the external attempts at sale were haphazard. I've been past the front every day, walking the dog, for the past year+ and it's been amusing to see the hand-written signs, laser-printed "open house" invitations, junk stored in the lobby etc. Plus the "for sale" signs seemed to go up and down on a whim. Not the kind of vibe that appeals to a prospective buyer. If the marketing looks like amateur hour, then it raises questions as to why should I buy there.
ReplyDeleteThe one bedrooms that were offered appeared to be little more than studios in which a wall had been installed.
ReplyDeleteWe visited the apartments, and the layout were very odd (to put it nicely) and the finishes not to par with that of other buildings in the area.
ReplyDeleteAn extra geographic factor to believe is proximity to work. The option between a condo and a home is subjective by your phase of life. A young couple just begins out and with some degree of money and no plans for start a family may locate a condo the superior option.
ReplyDeletehttp://www.mexicodream.ca/perladelmar/