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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (59796)	8/11/2006 7:22:14 PM
From: tdl4138	Read Replies (4) \| Respond to of 306849

A few weeks ago I visited a WCI community in Pensacola, Lost Key. Looked at the one tower under construction with a proposed marina. A second tower is planned for the site. Out of approximately 77 units under construction, 29 were "sold". They were offering all kinds of incentives to write a deal. Up to and including payments for a year after closing. I was even told that if I wrote a contract and left a deposit that they wouldn't require any additional funding, etc, as the project progressed until completed. I didn't discuss price but making an offer was clearly an option.... My point here is that 29 units have deposits. I sincerely doubt many of these will actually finally close when the tower is co'd in the spring. Condo's are being reduced everywhere in the area and more are coming out of the ground. It's shaping up to be a real mess. We even looked at one property, 12 units, brand new building on the intracoastal. The property has been finished for some time and not a single unit has sold.