Bailing out on River Road

there’s sure to be a goldfish in here, somewhere

River Road, that new condo complex with a rowing facility and dock slips attached, has been put up as an entire project, priced at $29 million. It’s in Sotheby’s commercial division, so no link is readily available, but here’s a snap of the MLS information:

The complex is obviously worth something, if only for its boat slips, but of the eleven condo units on the market, only one is pending, while the rest remain unsold, despite being marked down from original prices ranging from $2.995 million to $2.550 (with most priced at $2.995 to $2.895) to $2.450 — $1.750 (with most at $2.195). To say that they have just “selective appeal” is being kind.

So we’ll see.

UPDATE: I see that it has $17,627,500 in mortgage debt, so that’s a pretty big nut to carry. Just sayin’.