Asking prices going backwards in Alex Perry, Fortitude Valley

Alex Perry Apartments in Brisbane’s upmarket Fortitude Valley, were designed to be an exclusive address at their launch in 2011 with much fanfare.

Then they ran into problems.

First, the developers of the delayed 11-storey apartment block removed all three-bedroom apartments from the design.

The three-bedders were replaced with one-bedroom apartments as part of a “redefined product”.

One-bedroom apartments were priced from $381,000 and two-bedroom units from $550,000.

However, since the initial sales, asking prices of the units have been steadily falling.

All apartments were designed by Alex Perry in conjunction with Cottee Parker Architects.

A one-bedroom apartment, 1112/959 Ann Street, spanning 59 sqm is for sale at $425,000.

The apartment has been on the market since July this year.

It previously sold for $463,439 in October 2013, CoreLogic RP Data shows.

A two-bedroom apartment, 404/959 Ann Street, remains listed after 769 days at $527,400. 

CoreLogic RP Data shows it last sold for $589,000 in July 2015.

Similarly, a two-bedroom unit, 304/959 Ann Street, which sold for $520,720 in  June 2013, is on the market. The description for the 73 sqm unit says “Urgent Sale for any reasonable offer”. But the listing doesn’t indicate a price. 

Another two-bedroom apartment, 309/959 Ann Street is listed for $522,000. It has been on the market for 528 days!

The apartment first sold in 2015 for $570,000.

A two-bedroom apartment, 1111/959 Ann Street, sold for $540,960 in 2013. It was listed again in March 2016 and is open to offers above $539,000.

CoreLogic records show that developer Chrome Property acquired the site at 959 Ann Street for $6.27 million in March 2010.

Meanwhile, the Australian fashion designer has secured a Sydney investment apartment in Darlinghurst for $1.7 million.

Perry retains an apartment in the FV complex.