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Asher
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| 09/22/2007 3:15 PM |
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| Mateo, please let us know if you find out about the Price Protection Plan. There was some good discussion on it over on this thread. |
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Smith
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| 09/23/2007 10:52 AM |
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| I got an email from Solara Lofts stating that phase 1 is sold out. They did not provide any details about how big phase 1 was in terms of units. |
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Anonymous
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| 09/24/2007 9:40 AM |
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| Has anyone actually moved in yet? |
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Dave
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| 10/03/2007 4:58 PM |
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Posted By n/a on 09/23/2007 10:52 AM
I got an email from Solara Lofts stating that phase 1 is sold out. They did not provide any details about how big phase 1 was in terms of units.
I walked by Solara Lofts yesterday and 16 of 77 units are sold. If those 16 units constitute "Phase I" then, indeed, Phase I is sold out. What I have discovered is that "Phase I" is a completely meaningless term for condo developers. It's purely used as a sales tactic.
Home owners started moving in at the beginning of May. So the builder has been covering the HOA fees for 71+ units for five months now. I doubt that was in the original projections.
I suspect that Macquarie Bank (the Australian bank that financed this mess) will take over the project sometime next year as sales continue to flag. As I recall, the loan on the project is in excess of $25 million (I think) and I gotta believe it's in trouble.
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Anonymous
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| 10/03/2007 7:10 PM |
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Phase 1 for a condo building?!! Hahaha.. another funny one. The building is completed already, what's to prevent them from selling all at once?
How about the amazing pre-construction deals? Didn't they have enough to attract buyers to line up and buy? Apparently those pre-construction deal (or pre-conversion in this case) were tempting enough. |
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anon66
Posts:37
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| 10/04/2007 8:13 AM |
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| I understand 11 were sold pre construction. That means they have sold five since opening March/April 07, if the total of 16 sold is correct. |
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Anonymous
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| 10/04/2007 9:35 AM |
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| How did the pre-construction buyers do in terms of purchase price? |
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anon66
Posts:37
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| 10/05/2007 4:29 PM |
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| I'd like to know myself. Nothing shows up on this site as a closed sale. I don't have another resource for that.
Question: why don't the Solara units for sale show up on this site's mls lookup. They do show up on Ziprealty. |
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SD_DirtDog
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| 10/10/2007 10:14 AM |
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| 15,000 SF of the 40,000 SF Solara Towers site...adjacent to the Solara Lofts was just foreclosed on and given back to the beneficiary. Now the entitlements are moot and the dirt is worth little. Skandia attempted to file BK but the Trust owning the site swooped in and took it back. |
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condo guy
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| 10/10/2007 10:29 AM |
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| How can they just foreclose on part of the building. Who owns the other 25k sq ft. |
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Mr_Brightside
Posts:59
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| 10/10/2007 11:19 AM |
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condo guy,
This is probably the "Lock Company" building on the corner of Beech and 4th. This effectively means that Solara Tower is not going to be going up.
Also this would seem to validate the read that Skandia, the developer, is in serious financial trouble. |
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condo guy
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| 10/10/2007 12:02 PM |
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| Thanks Mr Bright. So are you saying Skadia was the one foreclosed on? This is just part of a larger parcel of land they purchased in order to build a office building? What is going on with the other 25K of land. Could the condo tower be in trouble also? |
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Mr_Brightside
Posts:59
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| 10/10/2007 12:07 PM |
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The filing says the below, I think it's pretty common to form an LLC for most acquisitions. Skandia is the developer of everything. I do not know their status but this foreclosure is not a good sign. Of course if anyone any more details do post them.
1515 4th Ave -2
Sandiego, California 92101
Owner Name: SOLARA PHASE II PARTNERS L L C
Recording Date: 09-21-2007
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Troy Lee Wells
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| 11/26/2007 11:45 AM |
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I saw this the other day when I did a search on Solara...
http://www.connellymechanicalinc.com/skandia-construction-solara-lofts-%e2%80%93-77-units/
I sent an e-mail to the sales office at Solara asking to confirm. I will post the answer when/if it arrives. |
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Brian
Posts:2649
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| 11/26/2007 12:07 PM |
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The developer might be able to forestall bankruptcy of the parent company through LLCs and the like.
The piece of real estate itself will go into foreclosure if the contractors are not being paid. Mechanics liens are part of the California constitution that assures that contractors who improve a property and increase its value are paid.
If a property is no profitable, the parent company, that is solvent, might decide not the throw more good money after bad and walk. In that case, the property will end up in foreclosure for certain. Lenders, contractors, HOAs, condo owners, etc.. will have to fight it out in court.
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Anonymous
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| 11/26/2007 12:17 PM |
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| I think that link is to resolve the question about vents in the bathroom as I read nothing about contractors getting paid on that page. |
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Troy Lee Wells
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| 11/26/2007 12:33 PM |
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Yep...
The majority of this thread was about bathroom and dryer vents...It looks as though that has been taken care of.
I will let you know if I get confirmation... |
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anon 2
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| 11/26/2007 5:17 PM |
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Anyone have an update on the "10% sold out" stat? Are their prices changing at all?
Clearly the owner is having problems since the second building deal has fallen apart. But I have seen nothing new about the financial health of the completed phase one. |
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sandiegodweller
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| 11/26/2007 9:01 PM |
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You need to know the structure of the partnership in order to determine if the project is going bankrupt.
The developer, Skandia partnered with Macquarie (http://www.macquarie.com.au/au/index.html) on the project. Both are part of the LLC. I don't know who provided the construction loan.
Macquarie isn't going to bankrupt the project. They MIGHT take over the project from Skandia (if they think that they can manage it better). They will sell it out over time at a loss or they will sell it quickly for a loss.
The big equity and debt palyers know what is happening in the overall market. They understand that they got caught in a bad market downturn with a very illiquid asset. They have to determine if they can operate the asset better than the developer at this point. If they can, the developer (Skandia) will be out. If they can't do any better by putting a different operator in place, they will make the developer stay with the project. |
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Troy Lee Wells
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| 11/27/2007 9:15 AM |
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I still haven't heard back from the sales department.
If you look at the floor plans on the wall in the sales office they say that 15 of the 77 units have been sold.
Spearly posted (back in April) "...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" so if you believe their numbers -- they are selling about 1 a month.
I don't buy it.
They may have sold that many, but I live right down the street from Solara and I would guess that only 3 to 5 of the units are being lived in now…if that many.
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