Property Overview & Key Characteristics
This condominium at 234 Waterfront Drive is a standout property defined by its generous scale and premium valuation. Its primary appeal lies in offering over 2,100 square feet of living space, which places it in the top 4% of homes on its street and the top 1% citywide for size. This is a rare find for a condo, providing the spaciousness typically associated with a detached house. The property’s assessed value of approximately $94,700 further underscores its elite market position, ranking in the top 1-2% across all comparison levels. Built in 2006, it is a relatively modern residence, especially within the historic Exchange District context.
The unit’s appeal is rooted in a combination of urban convenience and uncommon interior volume. It suits buyers who prioritize space and a premium address but desire the low-maintenance lifestyle of a condo. This would be ideal for empty-nesters seeking to downsize from a house without sacrificing room, professionals wanting a spacious urban live/work environment, or buyers who simply value the rarity of a large, modern condo in a central location. A thoughtful perspective is that the high assessed value relative to the city average suggests a strong, established worth, yet the recent sale price of $900k indicates the market attributes a significant additional premium for the unique attributes of the property itself.
Frequently Asked Questions
1. How does the property’s age (2006) affect its value?
While its 2006 build date is newer than many in the Exchange District, it’s not a brand-new build. The value is driven far more by its exceptional size and location than by being a recent construction. Major systems are likely modern but may be approaching the age where routine updates or replacements should be budgeted for.
2. What does the significant difference between the assessed value (~$94.7k) and the last sale price ($900k) mean?
This is a common point of confusion. The assessed value is used for calculating municipal property taxes and is often significantly lower than market value. The sale price reflects what a buyer was actually willing to pay in the open market, which in this case is heavily influenced by the condo’s rarity, size, and waterfront location.
3. Who is responsible for the building’s exterior and common areas?
As a condominium, the corporation manages the building exterior, roof, common areas, and amenities. The condo fee covers these costs, along with likely a reserve fund for major repairs. A review of the condo corporation’s financial health and bylaws is essential.
4. Is this unit’s large size unusual for the area?
Yes. The data shows its living area is more than double the average for comparable homes citywide and places it in the 99th percentile. This makes it a unique offering, especially within a condo building, and is a key factor in its premium pricing.
5. What are the implications of its "Elite" rankings for living area and value?
These rankings aren’t just marketing terms; they are data-driven indicators of scarcity. They mean you are competing for one of the largest and most highly valued condos on the market. This can provide strong long-term value retention but also means there are very few direct comparable properties, making precise valuation more nuanced.