Way up there in Saratoga Springs

The 87 Railroad Pl building in downtown Saratoga Springs.

Noted: A condo in downtown Saratoga Springs is currently listed for sale at $2.85 million. From the Sotheby's listing for the penthouse condo at 87 Railroad Place:

A one of kind opportunity exists in downtown Saratoga Springs. 4 Bedrooms, 6 Bathrooms, 8,000 square foot penthouse condo with decks and million dollar views of downtown and the Adirondack Mountains. Two blocks from Broadway - the heart of the city. Walk to restaurants, shops and the historic Congress Park. Extraordinary den, media room, game room/exercise room. Private entrance. Private lobby. Private 5-car garage! This is the ultimate in luxury living in one of the country's top 100 downtown areas as said by Forbes Magazine.

At $2.85 million, the condo's price per square foot works to be a little more than $356. For some context, the median sale price for homes in Saratoga Springs over the past year is $309k -- and the average price/square foot is $205, according to Trulia.

The fact that there are fancy-pants condos in downtown Saratoga Springs isn't a surprise -- all those new buildings are hard to miss. But we have to admit we are a bit surprised by some of the numbers. A quick check of the real estate listings reveals 12 downtown condos currently listed for sale at prices of $1 million or higher -- 87 Railroad, 268 Broadway (1, 2, 3), 38 High Rock (1, 2, 3, 4, 5, 6, 7), 54 Phila. List price range: $2.85 million to $1.02 million. Sure, some of them might not end up selling for that price, but even at discounts of 10 or 20 percent, some of them would still be $1 million-plus.

We're kind of curious about who's buying these condos (and what they do). Because, you know, that's a lot of money. It's kind of amazing to us there's somewhat significant market demand here for housing with that sort of price tag.

Anyway, if it's hard to find a buyer for that first condo -- the 8,000 square-footer -- maybe it should be dropped into the running as a potential casino site. It's just about big enough.

Comments

If that space was in NYC, SF, LA, etc. The $2,850,000 price would be considered a bargain. So yes, this is a lot of scratch for common folk like you and me, it is a drop in the bucket for the countries elite. With jumbo mortgages and other ways to borrow money, some people might be able to buy the place at full price, pay a few grand a month while they keep it for a few years, then sell the place - probably at a profit. This is why they say that money always goes to money.

There are so, so many places to find good home design. This is not one of them.

Gosh, maybe they could turn it into a homeless shelter for their "code blue" program, or use it as a resident house for gambling addiction. They're going to need it.

Once prices hit a certain level, the upper echelon takes over, and the prices start defying logic, because there is no logic, simply an endless supply of wealth of and people who want to show off. Hudson is about there, too.

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