Thursday, April 11, 2013

I see that Pelican Realty, the real estate firm for the developer, is still offering their 56 unsold units for sale.  For example #1201, a 4/3 is offered at $109,456 and #1116 a 2/2 is going for $100,675.
See:  http://pelican.manageagent.com/g/v/b83b125d5f0b01595d/43ba06075150/c78a5407085352

Those prices are unrealistic given that foreclosed units here are going for 40-50% of their original sale prices.  The developer is also still trying for a bulk sale of all his units.  An attempt two years ago fell through but new efforts may move them later this year.

Monday, April 8, 2013

Owner Occupancy Continues to Drop

A year ago owners who actually occupied their units was about 1 in 7.  This has now dropped to 1 in 8 units being actually occupied by the owners.  While figures vary a bit there are now about 21 owners living on site, down from about 28 last year at this time.

Many original owners are simply letting their units go in foreclosure and moving away.  This actually makes sense as units purchased before the realty bubble burst are just a monthly drain on their owners and it will be many many years before they can be sold anywhere close to what the original purchase price was. 

So congratulations owners, you now own a condo in a rental property and remember that 56 condos remain unsold and are rented out by the developer.  The developer actually owns 1 additional unit which is titled under Nautilus 708, LLC.  This is the condo they bought back from me in January for $93,000.

For those who do not follow the blog regularly you might wonder why they bought #708.  They did so because I was running for the BOD on a firm platform of getting rid of Concord Mis-Management LLC and getting both a decent management firm and also a lawyer who was not in the hip pocket of the developer and Concord.  Now I am gone, and glad to be gone, and they can keep Concord for another 3 year contract.