A Dispatch article that ran today revealed that the Bexley Gateway condos have not been selling as well as originally planned. Only 5 of these 33 high-end units have occupants, which is the same number of buyers they had lined up in October 2007 when the Dispatch ran a more optimistic article about the mixed-use development.
The Bexley Gateway was developed by Plaza Properties, who has had more success with the more affordable Hartman Lofts building Downtown and the Yukon Lofts in the Short North. There has been plenty of talk about the oversaturation of higher-end condo units in the Downtown market, but it seems as though these sorts of condos would sell more quickly in Bexley. Which leaves us wondering if more tax abatements are needed, as mentioned in the article, or if the condos will sell as is whenever the housing market starts to make a comeback.
No comments:
Post a Comment