Skeptic
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| 02/08/2008 12:29 PM |
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I heard from numerous sources over the last couple of years that Electra had sold out. Now there seem to be 30+ listings at Electra and the number seems to grow every month. Click on most of the listings and you can see it is a developer listing. Did they really have that many buyers walk away from their contracts?
Anyone have info? |
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Market Watcher
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| 02/08/2008 12:56 PM |
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The question is what is the definition of "sold-out." You should ask the developer that question.
Sold-out could simply mean that someone inquired about and is interested in a property. You need to think like a lawyer and parse everything that the salespeople tell you. |
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Market Watcher
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| 02/08/2008 1:04 PM |
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This building "sold out" at the peak. So you'll see a lot of buyers walking from their contracts.
The same but much worse will apply to Vantage Point where they still have plenty of unsold units. I like the location and the quality of the building. I might buy a condo there but only at the very bottom (after 2011). The new towers downtown will suffer the same fate as Harbor Club in the 1990s.
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LV Renter
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| 02/08/2008 3:01 PM |
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| Electra sold out with 10% deposits in late 2004 or 2005. Needless to say it sold out almost exclusively to flippers. Right now the nest financial decision is to walk away from a $100,000 deposit rather than close and try to sell. Bosa actually writes that the unit did not close due to extraordinary circumstances (like death), if this is true who knew putting a deposit down was like getting a death tarot card. |
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anon
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| 02/08/2008 4:03 PM |
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does anyone know the price of these units when contracts were signed by back in 2004-2005?
Would be nice to see what kind of "profit" these flippers are trying to make |
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