Monday, October 27, 2008

Before You Read the Next Post, Here is Some Information

On the post below, you will read about the auction of 40 units at Bob Bisno's City Place in Santa Ana.

Here are some facts before you read further.

The auction is a marketing option that is NOT because the units or project is bank-owned, yet.

I spoke to a representative of Accelerated Marketing Partners who informed me about how the auction happens.

The development company hired Accelerated Marketing Partners to provide a one-month program for selling at auction, 40 selected units.

On November 9, 2008, the marketing company will hold a "one day" auction, according to the representative I spoke to.

The auction is another type of sales tool to assist in the selling of properties. It is not a foreclosure auction.

This type of marketing tool may be a sign of worse things coming for the development and the developer if the units are not sold. But I can't write about what would happen if the units are not sold.

The minimum bid for some of the units look low enough to be affordable to persons who might buy some of them and then lease or rent them out.

It may even be a good idea to lease some of the types of units, rather than purchasing them because nobody knows if the business conducted in the condos will survive.

I would hate to be stuck paying a mortgage on a property that housed my failed business on the ground floor and not have some other business moving into the space.

The matters relating to City Place may be interesting if applied to units at Ponte Vista should anything similar were to happen at Ponte Vista, compared to City Place.

Please remember that many of the units at City Place are VERY different than anything that would be found at Ponte Vista. But there are strictly residential units at City Place that could possibly compare to units envisioned at Ponte Vista.

If I had the money and wanted to buy a condo close to major shopping, great transit options, and in a reasonable area, and priced like those at auction at City Place, I would jump towards City Place before I got anywhere near Ponte Vista.

If where you live in a condo project is not that important, you might just want to take a drive down to City Place in Santa Ana and have a look-see.

City Place is perhaps, the largest residential development attempted by Bob Bisno and it looks like it has some real trouble selling out.

No comments: