Three-bedder at Casabella sold for $1.69 mil gain

The sale of a unit at Casabella, a freehold condo along Duchess Avenue, was the most profitable condo resale transaction recorded during the week of April 25 to May 2. The 1,292 sq ft, three-bedroom unit fetched $2.66 million ($2,059 psf) on April 27 and had been purchased for about $975,000 ($755 psf) in August 2005 from the developer, a remarkable gain of $1.69 million (173%) over a holding period of nearly 18 years. This marks a new psf-price high for the development, beating the previous high of $2,036 psf set last December.

The casabella transaction also marks the third most profitable resale transaction at the residence, with the most profitable, which netted the seller a $1.79 million gain, taking place in July 2019. This transaction, for a 3,079 sq ft unit sold for $3.41 million ($1,108 psf), was followed by the April 2018 sale of a 3,552 sq ft unit for $4 million ($1,126 psf), which yielded the seller a profit of $1.72 million.

The second most profitable condo resale transaction during the week in review occurred at The Suites At Central. This freehold development, located along Devonshire Road in District 9, saw a 1,442 sq ft three-bedroom unit on the 28th floor being sold for $3.75 million ($2,600 psf) on April 26. It had been acquired by the seller from the developer for $2.13 million ($1,474 psf) in July 2006, thus yielding a profit of $1.62 million or 76% across a holding period of almost 17 years.

In addition, The Myst CDL Aries has an impressive range of facilities, such as an indoor/outdoor gym, a rooftop pool, a tennis court and more. Its luxurious apartments are also outfitted with top-of-the-line appliances and interiors. The Myst Aries is ideal for individuals and couples looking for a home with all the conveniences that one would expect.

This is the first unit to change hands at The Suites At Central this year, setting the second-highest profit gained at the development. The highest was realized with the sale of a 1,572 sq ft unit on the 19th floor in August 2007 for $3.81 million ($2,426 psf), which netted the seller a gain of $1.65 million.

The most unprofitable condo resale transaction during the week in review was the sale of a three-bedroom loft unit at Jardin, a freehold apartment on Dunearn Road. The 1,701 sq ft unit changed hands for $3.05 million ($1,793 psf) on April 26, having been purchased for $3.24 million ($1,902 psf) in April 2012, resulting in a loss of $185,000 or 6% over an 11-year holding period.

Jardin, a 140-unit freehold condo by Far East Organization completed in 2012, has only seen one other transaction to date this year. On March 10, a 1,098 sq ft unit was sold for $2.02 million ($1,840 psf). Though the seller made a profit of $232,000 on the transaction, it was still significantly lower than their initial purchase price – $1.79 million ($1,629 psf) in April 2010 from the developer.

Casabella’s $2.66 million transaction, together with The Suites at Central’s $3.75 million and Jardin’s $3.05 million, shows that even with the current market situation, a profitable home sale is still possible.

Deciding when to buy and sell is a thoughtful and calculated process, one that will ultimately help maximize return on investment.