Larry
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| 03/19/2007 12:24 AM |
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I was able to check out Solara Lofts this weekend.
The building is unique to the downtown marketplace. It is a former office buidling which accounts for a fair amount of the uniqueness.
Likes
The windows are very cool. I also like the ledges around the windows.
The Raquetball court is nice, not sure how much it would be used. The workout area is basically the rehabbed workout area that the former office building had.
Very deep closets and lots of storage space
Dislikes
The builder offers only above the counter sinks. This is such a poor choice is also also an indicator to other problems.
Like the sinks question the counters, cabinets and flooring all feel like a cheap choice. This was a disappointment for me.
Some of the floor plans felt choppy. The "privacy panel" works in only a few units but not in most.
I was hoping this was going to be a stunning project but I think they missed the mark on the basics like flooring, cabinets and countertops. Personally the way 350 Ash and M2i look are much more like urban lofts. A rehabbed office building is a rare chance to something fantastic and I don't think Solara Lofts has reached its potential.
I've attached a PDF file of the price list. |
Attachment: SolaraLoftsPriceList.PDF
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Anonymous
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| 03/19/2007 10:27 PM |
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| I can't stand above mounted sinks. I do not understand why they do that. |
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joyb
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| 03/20/2007 10:48 AM |
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| I also was able to check out the units over the weekend and thought they were a great find. They have a very unique feel unlike any other I have seen downtown. The price/sq ft is a good deal for the small to mid-size floorplans. I also really like the windows and closet space. The units also come with 2 parking spaces and storage at no additional cost which is hard to find. My dislikes were the outside of the building isn't very appealing and there is a hefty additional cost for the partition doors. Another plus is if you join the credit union next to the building and finance through them, they are giving 6% of price back to you. Does anyone know if they are selling? |
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stella
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| 03/20/2007 12:03 PM |
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| When I went there were a lot of people looking but nobody seemed like they were buying. I agree it's a unique product. I think there are probably better deals on resale units out there. |
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remoarben
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| 03/20/2007 5:09 PM |
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I thought some of the floorplans were great. And, the PPSF is relatively reasonable althought the units I'm interested in are still a bit pricey. I liked the finishes also. Love the high vanity/sinks in bathrooms. Compared to some others, I thought the finishes were of good quality. I did not like the euro style combo washer/dryer. I have had experience with them and find them a very different animal than standard units. Much longer cycles and drying clothes is especially challenging. I'm dissappointed there is no option to swich them out.
Incidentally, I understand they are planning a Solara tower for the Beech and 4th corner to ultimately form Solara Block. Maybe Solara loft residents can use their pool ! :) |
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Smith
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valuebuyer
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| 03/26/2007 10:53 AM |
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| I love this building but don't wanna get burned by the crashing market. How low will prices go in this area? I can't afford to lose any money. |
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Mr_Brightside
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| 03/26/2007 11:10 AM |
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I would run some numbers on what the unit would rent for and how much debt it could carry including all costs; HOA, property tax, tax benefits. I would then assume that the market will reach a floor when the fully accounted monthly payment is equal to rent. The market may overcorrect on the downside but I think this is a safe calculation.
Post the details on your unit and I'm happy to help with the math.
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valuebuyer
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| 03/26/2007 3:42 PM |
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thanks Mr. Bright! Do you know where I can find reliable rental market data? I can figure out my costs but I need to know the revenue side.
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Mr_Brightside
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| 03/26/2007 4:22 PM |
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You'd have to comb through several websites and/or make phone calls. Or you can ask me as I have a pretty good handle on what's going on downtown.
I've seen view condos with 1000-1100 square feet and two parking spots rent for $2,200-$2,400. Really nice units can go for $3,000.
One bedrooms realistically top off at $1,500 or so.
If you want to post the type of unit you're looking at I'll give a fair estimate of what I think it would rent for.
I'd also consider M2i, Farenheight and 350 West Ash as good comps both on the buy side and rental side. You'd probably find sporadic units for rent on Craigslist or other rental sites that you can compare to.
I'd expect the rental supply to creep up as there are a lot of units both condos and regular rentals hitting the market. Some of these units are listed for rent at very high prices, it's possible they are renting them but I doubt most rent at those prices. |
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valuebuyer
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| 03/27/2007 12:10 AM |
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How about 1,000 sq. ft. in the solara lofts?
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Mr_Brightside
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| 03/27/2007 10:07 AM |
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Since there aren't any major views at Solara I would put the rental potential for $1,000 square feet at $2,000 per month max.
If you figure $500 HOA, $400 property tax and I'll factor in $300 per month as a tax benefit of some sort but that depends on your broader tax situation. That gives you $1,400 per month for debt service.
Factoring a 30 year 6% fixed mortgage with no money down generates a principle amount of $235,000. This represents the probable max downside price on the unit.
Of course price appreciation/depreciation and rent increases all are factors as well.
This is purely a financial calculation and can't possibly factor in the qualitative benefits of home ownership.
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Anonymous
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| 03/27/2007 5:19 PM |
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Good input Mr. Brightside. I'll be watching Downtown and reading your blog. :)
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Anonymous
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| 03/29/2007 9:29 AM |
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I would be careful about buying a unit that is on the direct east side of the building. The lot next door could be developed so close that the inset patio (the one that is being painted yellow) could literally be closed off to daylight.
If nothing else ask pointed questions and make sure the documents you execute sync with what the sales people tell you. |
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sperly
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| 04/02/2007 7:09 PM |
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I am seriously considering buying a unit in this building. Overall, I think this building represents a great value...especially compared to some other buildings in the area (e.g. aLoft, Discovery). The finish is top-notch, with hardwood floors standard throughout, stainless appliances, etc....things you would generally have to "upgrade" to in other projects. Additionally, most units get 2 side by side parking spaces....no tandem or stacked BS.
One mind-easing feature is the Price Protection Plan (PPP). The way this works is that when you sign your contract to buy, the builder identifies two "tracking units" that are similar to your unit. You are shown the current asking price for those units and if they end up selling for less, the difference is automatically applied to your pricipal. That's a pretty sweet deal, especially considering that it never expires...it is in effect until the building is completely sold out.
Of course, in reality, the prices are likely not going to decrease. If the seller really wants to unload some units, he will probably include additional incentives. Regardless, it's a nice plan and I haven't seen anything like it at any of the other developments.
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remoarben
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| 04/02/2007 7:35 PM |
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| Interesting. I really liked the units at Solara also. Unfortunately, I won't be ready to purchase until end of 07. Do you know how their sales are going? I'm curious, which units do you feel are the best considering layout, orientation? I don't think I would consider one without a built out bedroom. Except maybe the "L". I think the best 1 bdrm layouts are the N1 or N2, then the F and D. |
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Mr_Brightside
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| 04/03/2007 10:59 AM |
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| Interesting price protection plan. Is any of that in writing? Is it possible for you to post it here? |
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sperly
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| 04/03/2007 12:27 PM |
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Yes, the PPP is in writing as part of their contract. I have a sample contract, but I'm not sure if it would be legal to post it here. Anyway, you can call their sales office and ask them to send you a copy.
As far as how their sales are going...judging by the "Sold" stickers on the building floorplans in the sales office, it seems that maybe 7 or 8 units have gone to contract since 3/17. I don't know how that compares to other developments, but to me that seems pretty fast.
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Anonymous
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| 04/03/2007 1:46 PM |
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It's not illegal to disclose anything unless there's a law against it (such as for national security).
It's a violation of the terms of a contract to disclose if there's a confidentiality agreement, in which case the other party may have some legal recourse against you. But that would still not be illegal.
Without such confidentiality agreement, you can disclose anything your want -- it's your contract and your information to do whatever you want. Generally, people are reluctant to disclose for privacy reasons and to protect their "competitive advantage." Often times, knowledge is power and power is money. |
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Larry
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| 04/03/2007 2:06 PM |
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I'll speculate that this PPP arrangment is a reaction to a lot of feedback from people that like the building and woudl like to buy but righly concerned about continued value erosion.
I'd like to see this document too and I doubt you'd be comprimised. If anything they appreciate the free advertising as getting the word out costs time and money.
It's easy to post documents on here, just click "Add Reply" and you can upload files. |
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