We last posted about the new Milano condo project back in March, and thanks to readers, were able to discern that several of the units seem to have been sold, although others might be waiting in the "shadow inventory".Well, now we have an update on one of the units that appears to have been in that shadow inventory:
1248 N. Laurel, #102
$849,000
2BR / 2BA
1,620 sq ft ($524/ft)
Originally Listed: 9/10/08 - $999,000
Reduced: 9/24/08 - -$989,000
[appears to have played the delisting/listing game for a while ... MLS shows "233 days on market" but not sure if it's actually been in the inventory]
Reduced: 5/2/09 - $849,000
Rough monthly pre-tax payment including taxes, assuming 20% down, 5.5% rate over 30 years and $350 HOA = $5,000
We'd argue that the comparable rent on a unit like this would be in the $4,000 range, so the rent/own discrepancy seems to still be significant even at the reduced price.
4 comments:
Let's remember that The Milano went on the market around Labor Day 2007 and is now with a third firm trying to sell units in what's an overblown, still outrageously overpriced development with no pool and no real courtyard.
Milano #102 was priced at $1,065K in Feb. 2008, and then $1,049K in June 2008. Now it's at $849K in May 2009, and it's going on two years! Not good...and all this "shadow inventory" and lack of transparency does not build trust in the REI.
Even at $4,000 per month payment would be too much. Prices must come down further for units to move.
Also the building is having some settlement issues, all the flooring is popping up on the south side, the cabinetry is asymetrical, should I go on. It's too bad because the floor plan is nice and it's not a bad looking building from the outside.
Sorry, but two bedroom rentals - even nice, big ones -- are going for closer to $3000 a month than $4000, and rents are coming down all the time.
FYI -- LA Curbed is now featuring a photo-fest of the Hancock Lofts -- can you say, $1K a sf to live above a car wash?
Gevalt.
Sorry, but two bedroom rentals - even nice, big ones -- are going for closer to $3000 a month than $4000, and rents are coming down all the time. FYI -- LA Curbed is now featuring a photo-fest of the Hancock Lofts -- can you say, $1K a sf to live above a car wash? Gevalt.
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