The VP Broker's Tour

The 679-unit Vantage Point complex in downtown San Diego conducted a broker's open house today. They had been taking $25,000 deposits since 2004, but could only generate around 200 sales - not enough to qualify for Fannie/Freddie financing (need 70% pre-sold).

The builder, to their credit, refunded all of the deposits, and is starting over by re-structing the complex into six sub-divisions, some to rent, some to sell. I cut out the intro where I mentioned that 377 condos have closed downtown, year-to-date, at an average of $411/sf.

But 2/3 of those were under $500,000, and averaging $340/sf. If the builder offers these in the low-$300 per sf, and throws an all-out party for realtors, you know they might have a chance of moving some units. If they are suggesting $400/sf or higher, and are offering cheeze and crackers, you know it'll be a long road home.

Category:

People & Blogs

Tags:

• jim
• klinge
• realty
• Jim
• TV
• reo
• foreclosure
• condos

[eriknlaura]

unit 731 - just one floor above the one i was lucky enough to get my deposit back from. Good Luck !!! selling those. the developer actually changed the floor plan to that CRAP after they had my money. I'm so happy VP did the right thing and returned our deposits.

[chekhola]

I, too, saw the cheese.

[motonegros]

Jim be pimpin' dem houses, pimp them ho's right Jim.

[jeremiahjacobs]

I saw the cheese.