Anxious to start construction, the developers behind the Elmwood Village Condo project in the 300 block of W. Utica Street have slashed prices on some of the units. The residences -- ranging from 1,093 square feet to 2,588 square feet -- will now be priced under $200,000. The cheapest one-bedroom, one and a half-bath unit with 1093 sq.ft. of living space is priced at $199,900. Previously priced at $230,623, it represents a 13 percent price reduction. Original plans for the building had larger units and pricing from $380,000.
The development’s fourteen units are being marketed by Maureen Flavin and Ellen Warner of Realty USA. The new pricing appears to be working. “We have had three calls already,” says Warner. “Things are starting to pick up and potential buyers have shown more interest.”
Building plans have shifted since the project was first announced in early-2007 by developers Paul Johnson, Karl Frizlen and Michael Ferdman. In March, units on the first floor were reduced in size. Instead of four, two-bedroom, two-bath units, the developer created a mix of six smaller one and two-bedroom plans increasing the number of units in the planned building from 12 to 14.
The reduced prices reflect a change in the planned level of finishes being offered in the base price. Hardwood flooring and fireplaces would now be an option for instance.
First floor, two-bedroom, two-bath units range from 1300 to 1408 sq.ft. previously priced from $274,300 are now priced from $249,900 to $297,900. Two-bedroom plus den units on the second floor start at $399,900, reduced from $437,400.
Real estate developers typically have to pre-sell a certain percentage of condo units to obtain construction financing. Due to the dearth of new multi-family residential developments, Buffalo does not have a lengthy history of pre-selling units.
“Though there are some buyers that need to see it before buying, Buffalo is not a difficult pre-sell market,” says Flavin. She points to the strong sales at Waterfront Place where 70 percent of the units are sold and where she personally has brought in buyers for four units.
Notes Flavin, “We’re getting closer to construction.” Work is expected to begin once five units are sold. Four are currently under contract (purchase agreement with deposit).
“We have a nice range of people. There’s a retired hospital CEO, a current resident of Waterfront Village, and an executive from Eden who wants to also have a city residence,” says Flavin. Each are buying the large, two-level units on the third floor featuring a loft area and terrace, three bedrooms, and three and a half baths. The final 2,809 sq.ft. two-story unit’s price is unchanged at $546,600.
The fourth buyer is disabled and is taking a first-floor unit that has been redesigned to accommodate his needs. Units will have either a balcony or patio and all but one comes with one or two secure underground parking spaces.
Get Connected: Maureen Flavin, 716.743.6469; Ellen Warner, 716.725.1410
