I avoided writing about MG on the Halifax after all the good things started happening to Marina Grande.
It is a bit illogical, but probably it was because it was tempting to expect the Prince on the white horse, what happens only in fairy tales… We quickly learned that the Prince was human, and that even the horse was human… but I digress.
I did not want to spoil the fairy-tale itself.
After all, we wanted the Towers to stand and not be demolished. We wanted them to survive the financial storm, and they did. And now we know that they are not going anywhere; that all those crazy rumors about one of the towers leaning were just that… crazy rumors; that buildings and grounds have been taken care of; that 11,000 sf main clubhouse was built and is functional; that boat slips are there and more are added…
In short, MG on the Halifax is alive and kicking. So, kudos to the Prince. And to his horse/s…
Luckily for all of us, MG on the Halifax, circumcised version of Marina Grande on the Halifax, got it second chance in 2011. Groundbreaking for the new magnificent clubhouse was in April 2011, so we are sort of 5 years in the making.
As of today, there are 223 residential condos unsold in these two 25-story Towers. In 2011 there were about 70 sold units in the South Tower and just about 10 in the North tower, give or take, which means that about 180 units were sold under the Prince and his horse charming…
Math is dismal, 3 units per month, but if you look closer, then you see that in 2011 the new team only sold 5 units (there were 6 resales by other brokers), and they sold 62 units in 2013…
And then ReMax Signature, which took over sales after the initial glitzy team of outsiders left, recently walked away after selling 125 units, and now there are new agents in MG on the Halifax. Third change in 5 years.
Understandably, the results were disappointing and I am not here to blame the Prince for that. Market is market, and it is very difficult to fool it. I was tempted to say it is impossible, but looking at Mr. Trump, I figured I’d better leave room for Christmas miracles… 🙂
Today there are 39 units for sale starting from low 200s. Prices are still great, they inched up in 2013, but then slid back and the market in MG on the Halifax is yet to warm up.
3 things may happen in MG on the Halifax relatively soon.
- General real estate market in the area goes up, and MG prices would firmly go into high 200s and into $300s.
- The inventory decrease to a point, when prices would go up no matter which market we have.
- The Prince and Horses unload the remaining units in a bulk sale to someone, who could hold off with sales for couple of years, until they get to high $300s-$400s. Considering the volume of rentals, this becomes a pretty tempting idea.
Well, whether you are looking to buy a condo in MG on the Halifax, or buy all 223 units there, let me know. Things can happen 🙂