With 5 condo sales in each of the first two quarters of 2008, the slower second half prices held steady throughout the year. As you can see below, the average sales price at Park Place, in the second half of 2008 was a $962,600, with a high of $2,225,000.
The two lowest priced unit were an REO and a short sale “ what a surprise. Similar to other high end buildings, the average sales price was about 5% below the average asking price. And with 2 sales that had banks involved and one sale at $2.225 million dollars, its easy to see why the average market time was 91 days.
Again, over all of 2008, there were only 20 sales at Park Place. The building has 178 condos total, so the second half of 2008 saw less than 3% of its homes sold. This is similar to the Grande towers, which saw 4.3% of its condos exchange hands.
Whats next? Well right now, there are nine condos for sale at Park Place, only one of which is a distressed sale. Park Place also has one unit currently in escrow, which is a 1,545 square foot 2 bedroom plus den unit. This floor plan offers some great city and bay views, but isnt great if you need larger rooms. Both the den and second bedroom are pretty small, but it does have two balconies.
Click here to see all condos for sale at Park Place.
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