Tuesday, March 20, 2012

Nautilus Cove - From a Condo to Rental Apartments

As the changing signs reflect, for nearly 3 years the emphasis on the developer owned units has been on renting them out as sales of NCC condos have evaporated. The distressed Nautilus Cove condos (foreclosure and bankruptcy) are coming on the market with heavily discounted prices as the banks try to move their unwanted inventory.

For the developer or individual owners to compete with these units there would have to be very steep price reductions to sell them, thus renting the units out is probably the only realistic way to deal with the backlog of condos waiting to sell.

For the foreseeable future we will be living in a complex where 3/4ths the units are occupied by renters.

See rental info for Nautilus Cove Apartments at: http://nautiluscove.com/
While developer prices have dropped dramatically, there is no chance they will sell even at the reduced prices.  The 56 unsold units are on the market for a bulk sale for $6,720,000.  Marketed as  "Suitable for rentals as 'low income housing'.  They have generated no current interest although at one time there was a nibble but it went nowhere.  (Feb 4th post for details)