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John Ross Responds to Atwater Place Auction

The John Ross in the South Waterfront has lowered prices in response to the recent auction of 40 Atwater Place units last month.  Unit 2901 was first listed March 3, 2006 for $1,074,800.  It is now listed for $579,000.  The lowest priced unit listed in RMLS is $169,950.

I’ve always liked the idea of the South Waterfront but have also been concerned about the relatively small amount of services available and the construction that is going to be ongoing for years to come (and presumably prolonged in light of the current economy).  Many of the units that have great views risk losing them to future construction.  The picture I took of the Mirabella from the 25th floor of the John Ross on Tuesday highlights this.  The building will be thirty stories when completed.  Its critical to understand that today’s view might not be next year’s.  This is true for any view property.

I got the impression that sales were brisk over the weekend with the new pricing scheme and that bodes well for the area.  One has to wonder if those that didn’t have winning bids at the Atwater Place auction have gained interest in the newly priced John Ross.

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