360 and Spring have so much in common: 40+ story projects that were designed to hit the sweet spot of the market in terms of price and size. Yes, 360 is a few years old and the units have appreciated from a lower original sales price. And yes, Spring hasn’t sold out and some of the units are newly occupied. So they may not be perfect comparables, but with Spring sales finally hitting MLS, it seemed time to check out what Spring units were really selling for and – of course – to compare these prices to recent sales at 360!
As the data below shows, units in Spring are selling for $41 per square foot (11%) more than units in 360. Spring sales saw an average sales price of $424,643 and a surprisingly large average size of 1,000 square feet. The good news for 360 is that more units sold during the same 4 month period (7/1 – 10/31) and at a higher percentage of the asking price: units at Spring saw an average discount from list that was more than twice as high as the discount at 360: 5.8% vs. 2.7%
Spring vs 360: Comparable Sales (7/1 – 10/31)
# MLS Sales
|$ / SF||Avg Sale $||Avg SF||% Ask|
|$384 ||$349,633 ||911||97.3%|
|$425 ||$424,643 ||1,000||94.2%|
Both are great projects and seem to be selling well — it will be interesting to see how the comparison holds up over time — especially as more resale Spring units hit the market.