I figured that one would fail even before prices declined. Those were condos for 55+ asking sfr prices because it was walking distance to the future hospital, grocery and drug store. It was bad marketing but would work well as rentals. The demographic that wants to be within walking distance to a hospital, food and prescriptions and is over 55 is, unfortunately, is someone with a serious medical condition or one foot in the grave. The age restrictions prohibits many of the employees at a 24 hr trauma center that might like the convenience of walking to work and the amount of time that someone is able to walk and doesn’t need a skilled nursing facility but needs to be close to those things is not long enough to warrant buying. That place would have been better off as rentals, my guess is that an investor will buy it and make it rentals since it’s target demographic is transitionary.
With the NIMBY’s and the unions holding up groundbreaking of the hospital, the appeal of the adjacent housing just isn’t there yet.
