The Freehold condo market has reached a remarkable milestone, with the 1919 condo achieving a new price per square foot (psf) high of $2,555 during the week of June 20 to 27. This achievement marks a significant advancement in the resale market for the development, attracting attention from both investors and potential homeowners.
The surge in price per square foot was primarily driven by the sale of an 861 square foot, two-bedroom plus study unit for $2.2 million on June 24. This particular transaction not only set a new standard for the 1919 but also became the first resale unit within the development to exceed the $2,500 psf threshold, indicating a robust demand for high-end properties in the area.
Prior to this recent sale, the highest recorded price per square foot at the 1919 was $2,445, achieved in November 2024 for an 818 square foot unit. The climb from this previous high showcases the increasing desirability of the 1919 condo, as well as a broader trend of recovery in the Freehold condo market.
The average resale price at the 1919 has rebounded to approximately $2,290 psf, a significant recovery from the low of $1,955 observed in 2018. Such a turnaround underscores the resilience of the market and the renewed interest from buyers who are now willing to invest more in premium properties.
In comparison, other nearby developments, such as Parc Sophia and Sophia Lodge, have not experienced the same level of price appreciation. Both of these developments have considerably lower average resale prices, with Parc Sophia hovering around $1,750 psf and Sophia Lodge sitting at approximately $1,630 psf.
This stark contrast highlights the unique position of the 1919 in the Freehold condo landscape, where its amenities, location, and overall appeal have contributed to its higher valuation compared to its neighbors.
The recent achievements at the 1919 condo signal a positive shift in consumer confidence within the real estate sector. Buyers are increasingly recognizing the value of premium developments, especially those with a proven track record of quality and location.
The new psf high not only reflects the desirability of the 1919 but also suggests a potential upward trajectory for other luxury condominiums in the area.
As the Freehold condo market continues to evolve, the implications of the 1919’s success may influence future pricing and sales dynamics across other developments. This milestone serves as a benchmark for the market, potentially inspiring similar price movements in neighboring properties.
With the ongoing recovery and growing demand, it appears that the Freehold condo landscape is poised for further growth, making it an attractive option for investors and homebuyers alike. The 1919 has set a new bar, and its impact on the market may be felt for years to come.
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News Source: Edgeprop
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