Developer: sales have picked up at 50 East Chestnut

Click to enlarge We posted recently that 50 East Chestnut, Jameson Development‘s high-rise with 34 full-floor units, is 40 perent sold. We’ve since talked with Steve Mandell, director of acquisitions and operations for Jameson and one of the developers for this project, who says sales have picked up within the last eight weeks. During that time, he says Jameson Realty Group has signed four contracts and taken two reservations. He attributes these recent sales to the progress of construction. “It happens because they see the building up,” he says.

The cooling real estate market is has a muted effect on a boutique, high-end project like 50 East Chestnut, where prices range from about $2.7 million to $3.6 million, according to Mandell. “This kind of project is insulated not just from real estate but from the economy,” he says. “In most cases, [buyers are] paying cash for these units.”

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