I visited Festival Towers recently for an open house. The building and common facilities are looking tired, the apartment looked worn out, and there were a large crowd of tourists in the small lobby area. The building is used as a "hotel" by Oaks. It is a building that is popular for touring escorts.
Values are not holding up. For example, apartment 3607, on a high floor, has 2 bedrooms 2 bathrooms. It was sold off the plan in 2006 by Devine (now running Metro Property Group) for $530,000. It was resold in late December 2012 for $455,000.
The apartment next door, apartment 3608, sold off the plan in 2006 for $546,000. Two beds, two bathrooms, 2 cars, 103 sqm. It resold in early December 2012 for $485,300.
Either a good building for bargains, or a building that has long term problems, depending on your view of the world.