Tag: luxury condos
River Terrace Condos in East Walnut Hills
It’s all about the views at River Terrace. Located in East Walnut Hills at the end of Ingleside Ave, this high rise has 12 floors and 60 condos. It was built in 1963 as an upscale apartment building and is now a luxury condo building. Almost every unit has a great view of the river and many have great city skyline views too. Whether you are looking for something newly updated or a fixer upper, River Terrace has many options. Prices range from $140,000 for a condo in original condition up to $350,000 for a renovated condo with a great view. River Terrace offer some of the best deals when it comes to river view condos in Cincinnati. Check out this video of a recently renovated condo at River Terrace.
The common areas have were updated in 2017 by Don Sparks of Lifestyle Designs, also an East Walnut Hills resident. This was a game changer for the building. Finally the hallways are worthy of these amazing views.
Current renovations are 10 A which has a beautiful upriver view and is currently listed for $295,000. It’s on the 10th floor and has undergone a complete renovation. It’s style is contemporary and very neutral. The master suite has a walk in shower and laundry. The second bathroom has an extra deep very modern tub surrounded by subway tile and quartz counter tops.. The kitchen really shines with sleek off white cabinets made by Stosa in Italy, quartz counter tops, open shelving and stainless appliances. The best part about this kitchen is that you can talk to your guests in the dining room and see the spectacular view all while preparing dinner. The condo is roomy at 1285 square feet. A typical condo in this building is 1285 to 1650 square feet. Unit 2D is also undergoing a renovation and wil be available in the spring of 2018.
The 12th floor is in the process of being combined and renovated to make one of the best penthouse condos in the whole city with 360 degree views of the city and views directly over the river.
What’s an original condo like? Think parquet floors and 55 year old kitchen cabinets and no laundry in the unit. Do you have what it takes to renovate a condo like this? If you do, please give me a call and I’ll find you a great opportunity. Condo sellers, I always have buyers looking for river view condos in East Walnut Hills and Eden Park.
Walk to Eden Park and many restaurants and cafes. It’s a short 13 minute walk to the Overlook at Eden Park and a 5 minute walk to Woodburn Ave where there are many fun places like Woodburn Brewery, Myrtle’s Punch House, O Pie O, Café DeSales. Urbana Cafe is also opening up a café on Woodburn. Walk up McMillan to get to Parkside Café, The Brew House, Just Q’uin BBQ, Fireside Pizza, Landlocked Social House and more. There’s several churches within walking distance. Unity and St. Francis DeSales are both within 10 minute walking distance. And there are no shortage of hair salons to walk to. My favorite is Parlour Salon.
Need more ideas of places to walk to in Cincinnati? Check out this article Spending the Day in East Walnut Hills.
Who lives in the building? A diverse group of people. River Terrace attracts old people and young people alike. Some are lifetime Cincinnatians and others are newly transferred professionals.
Rentals are allowed in the building and there are currently 4 units being rented. They allow up to 10% rentals. Rents typically run $1400 to $2000 in this building.
The building has a gym but no pool. It’s staffed 24 hours a day and the Security/Concierge will even park your car for you in the garage.
What are the downsides to this building? No pool and limited garage parking. There is enough parking for everyone to park one car in the garage but not enough parking for multiple cars per household. There is a nice off street parking lot adjacent to the building. Condo fees are a bit high at 70 cents per square foot but it is a very well built and well maintained building and includes heat, water, and air conditioning as well as 24 hour concierge and valet parking.
Bring your four legged friends. Pets are welcome at River Terrace. You can have up to 2 pets per household, no weight limit on dogs. It’s a terrific neighborhood for dog walking. I frequently see dogs with their owners enjoying a pint at Woodburn Brewery.
You may also be interested in The Edgecliff Private Residences , Saint James at the Park or Husman House. Both are in E. Walnut Hills and offer great views for reasonable prices.
Is it Better to Buy a Condo Pre-construction or as a Resale?
This is often a topic of concern. I’ve heard many people state that condo values do not go up because condominiums are commodities. It’s not that simple. The same rules apply to single family homes. LOCATION. LOCATION. LOCATION. Got that?
New Construction
The Value of New and Choice
I’ve found that a lot of people really value the newness of new construction. They love choosing their finishes and living in a unit that no one else has lived in. You have the opportunity to pick the best view, floor plan and all of your finishes.
The Developer Needs You
Those first few buyers can often negotiate a bit more than later buyers. The developers typically need to presell a certain percentage of units (70%) to get financing for the project. While they are not inclined to reduce prices in a good market, they are often happy to give you some upgrades just to book the sales. They know that the first few are the hardest to sell, once they have sold a good percentage of them other buyers will hop on the train and buy too.
Lock in Pricing
In an upward moving market, you are purchasing tomorrow at the market price today. I’ll gladly pay you for a condo tomorrow.
Discounted HOA Assesments
If you aren’t there that long, this may be a good thing. The developer wants to sell unit and is not worried about putting the funds away today for problems that may develop 20 years from now. HOA payments will increase with time. They always do. Expect them to increase at the rate of inflation. It’s just good planning.
Tax Abatements
Many cities including Cincinnati offer generous tax abatements for new construction. 10 to 15 years at reduced prices. Leed Certified is the best but any tax abatement can save you a lot of money over the years.
Construction Noise & Mess
New construction can go on for years. Are you ready to live with the noise, dust and construction workers? Think about this if you are retired and home all day or if you work from home.
Who Controls the Building?
New construction is more complexity. How long will it take and when will the homeowners get control from the developer. The goal is for the homeowners association to run the building, but all new buildings are run by the developer until certain milestones have been met by the developer.
New Construction has More Complexity
How long will it take and when will the homeowners get control from the developer. Will it sell out or will it maintain it’s pricing? Will the developer have the financial wherewithal to complete the project? Low inventory today means less to worry about but that wasn’t always the case.
Reasons to Buy a Resale Condo
Location and View
Often the best locations and views are the older buildings. Most cities were developed a long time ago and people still want to be near downtown or to have views of water and minutes. River view and ocean view condos were usually built long ago. Park views are also sought after and the more established a park is the more expensive homes near it. There are always exceptions to this especially in newly revitalized cities.
Discount
Resales may have dated interiors or are being sold under a bit of distress. People get old and move to assisted living and sometimes their families are left to sell the units and aren’t as emotional as the owner. If you are willing to renovate, you can often get a very good deal and a good view.
The Community is Already Established
Once the building has been inhabited for a while, the community is established. They have institutional knowledge, a board and management with knowledge of the building. It can take a while to establish boards and processes. In a resale you can tell if the building is a quiet building made up of retirees and professionals or a rowdy building with young professionals and students. Some buildings are more social than others. It’s helpful to know which type of community you are seeking.
Size matters
New construction for the most part tend to be smaller units with higher SF costs. The exception is the luxury market. In Cincinnati, many of the new construction seem to be either 3,000 plus SF and over $1 million dollars or 1,000 SF and $300,000-400,000. Developers need to make money and are making smaller and smaller condos. Micro condos and one bedroom condos are becoming more prevelant.
Better Quality Building
Older buildings are often built better. Older condos were often made of better materials by better craftsman. Some new buildings can be pretty but not so well made. Take the time to learn about the developer. I’ve known more than one buyer who bought new construction only to find out that they can hear the neighbors walking above them. Consider a newly developed older building for the best of both worlds.
