There are no shortage of stories about the real estate rebound of FiDi, but we can never resist one with statistics. Today's Journal provides such an update, so here now, let's check in with FiDi's newish condo-gone-rental stock:
1) William Beaver House: This project began as a flashy condo, saw some disappointing resale numbers, and ultimately (after an ownership change) made the switch to rentals. Now, 75 percent of the 208 units that went rental have found tenants. Rents have been around $57/square foot.
2) 25 Broad Street: This project stalled out in its condo version phase and faced down a foreclosure before making the switch to rentals. Of the 305 units, 104 have been rented, with an average rent of $55/square foot.
3) Setai: Of course, not every new project in FiDi is a rental. Condo project the Setai, after some PriceChoppage, is officially 82 percent sold. Average price per square foot (on the lower floors): $900.
· Downtown Sees High-End Rebound [WSJ]