Looks like a few developers have had to endure a good dose of reality. The latest to stall their project is the Star Riverside luxury condominiums. They decided something more affordable would be more realistic and I couldn’t agree more.
Major competitors for the high-end market include the Austionian, a 56 story high-rise whose amenities include a private party area and fitness center. It will also include an “urban” dog park, swimming pool, a variety of restaurants and possibly a grocery store. The second is the much anticipated W Hotel and Residences. Both have been under construction for the past couple of years and are expected to reach completion sometime next year with 40-50% of the units already under contract.
More affordable communities such as 360 and The Shore are faring much better with a near 100% occupancy rate. Building condos in the $300 – $400k range definitely seems like a more realistic route, at least for now. Once the “downtown living” lifestyle starts to take flight, more luxurious condos could be in higher demand.
For now, less expensive is better:)