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

To: John Vosilla who wrote (213340)	7/30/2009 3:33:03 PM
From: carranza2	Respond to of 306849

I wonder why people actually close under those circumstances.

To: John Vosilla who wrote (213340)	7/30/2009 3:44:03 PM
From: MoneyPenny	Respond to of 306849

I worked on the figures for maintenance for a very similar project and if all condos in both towers and the street front units closed, we could go with approx $480 per mo. The developer picked up part of the cost and I think they were charging $400 per month during the closings. They show at $425 in the listings. The actual costs were close to $600 after the buildings were up and running, but there is no way they could raise them until they were further along in closing. The second tower was a disaster closing wise and the units that sell are about 50% of the original price, although a quick search showed a lot on the market at $835k and such. No way these will sell. Saturnia floors, venetian plaster walls, very high end Swaim furniture, this place will be a nightmare to maintain. The floors had to be swept about 4 times a day from all the dirt and leaves that would blow in when the entry doors opened. I haven't been back since I left. I was happy to get out of there. These are renting for about $1800 a month or less, which barely covers the maintenance and taxes. Oops. MP