A while back I wrote about three “identical” condos at Horizons that I thought were good deals. Two were on the 16th floors (one in the 510 First Ave tower and the other in the 555 Front St tower) and one on the 15th floor (First Ave tower). The prices were pretty similar and since they were the same floor plan with pretty similar views, I thought someone would be able to get a good deal (supply vs. demand). 510 First Ave #1605, which was originally listed for $649K back in March, just closed escrow for $600K (a 7.6% final discount).
One of the other condos was relisted by another agent and has since been withdrawn from the MLS. The other condo is still on the market and is in the more desirable south tower (in my opinion, the ’05 units have better water views from the south tower since it’s less obstructed by Pinnacle to the west). This 15th floor condo has even lowered its price for the second time in about two months, from $620K to $599K to $589K.
Based on the tax records, it looks like the seller only owes about $370K and given the prompt price reductions, I think someone is going to get a great deal on this unit. By the way, the next most recent ’05 sales was unit 1105 for $615K last June.
Click here to see what’s currently for sale at Horizons condos.