>> Even worse...they are out of money. Maybe this is
> why work has stopped there.
>
This thing was doomed from the begginning. So you can back and say no
units were sold now....now there is more competition in the price
points at Wesley.
On condos: take a peek at the Esperanza. I did.
1. They have a full built 2 bed w den model inside the 4th ave
pavillion. Very nicely done. Base price aropund $560 - $680-$810,000
depending on 1400 sqft or 1700 sq ft
2. They are selling "scattered" units thorugh the building - ie -
they are "releasing" several units a week. I'm sure if you ran in and
demanded one of the $2m plus units, they kiss you're rear.
3. The owners bought 2 units on top floor, private pool etc.
4. One bedroom example (about 900 sq ft) ask $385,000 (not bad,
right?) Then add in: Maint Fee: $293 month. And the Abated taxes:
$483 per month with projected 10% increases each 2 years to year 10.
Then - it MIGHT go down (if ratabales in AP increases so much....)
or, they could go up (ratables never get to full steam in 10 years).
- Using these numbers ($1,000) to cover basics, then add in your
mortage. Renting may be a better option and try to hook up with one
of the $2m plus buyers.....
5. You need 10% down to hold.
6. I'm more then happy to schedule showings as the buyer's agent.
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