On July 11, a 3,800 sq ft unit on the second floor of Astrid Meadows was sold for a $1.15 million profit. A day later, a similar-size unit on the fourth floor of the same block fetched a $3.1 million profit, the highest profit for private non-landed homes transacted in the week of July 11 to 18.
The unit on the second floor was purchased for $5.25 million ($1,382 psf) in October 2009 and sold for $6.4 million ($1,684 psf). This translates into a 22% profit, or 3% a year over a holding period of nearly eight years.
The unit on the fourth floor that fetched a $3.1 million profit on July 12 was sold for $6.35 million ($1,671 psf). The previous owner bought it for $3.25 million ($855 psf) in August 2005. He made a 95% profit from the sale, or 6% a year over 12 years.
Prices for 3,800 sq ft units at Astrid Meadows peaked in 2013 when three units were transacted at $1,711, $1,798 and $1,842 psf. There were no transactions for units of this size from 2014 to June 2017. Astrid Meadows is a freehold condominium in prime District 10. It was completed in 1990 and has 208 units.
In 2016, there were four profitable transactions at Astrid Meadows, with profits averaging $1.2 million (64%), and one unprofitable transaction, in which the seller incurred a $135,000 (4%) loss. This year, there have been five profitable transactions, with profits averaging $1.5 million (58%). Only one seller has incurred a loss so far this year. He lost $63,000 (2%) when he sold the 2,433 sq ft unit in May 2017.