I added this post here to show that the REOs have finally defeated the developer. I noticed last month that the sign on the fence along the 67 that used to advertise the release of the final phase is now advertising leases. That leads me to believe the developer has pulled the remaining unsold units from the market and is now renting them out. Or maybe they are still trying to sell them as well. I haven’t checked to see if the sales office is still open.
According to their website they are still selling:
Recent 2 bedroom prices on the MLS are around 100K.
1423 Graves Ave #215 (2/1) $98,500
MLS 090010793
1423 Graves Ave #140 (2/1) $105,000
MLS 090004367
Last recent sale I can find on the county assessor website is:
1423 #164 GRAVES AVE $134,500 sold 01/05/2009
(note this is a 2 bd, 2 ba)
I get the feeling that even though prices are down around 2/3 from the peak there is still significant downward pressure. I’m thinking prices in this complex are likely headed into the 80ks or lower. If I were still interested in condos my offer would probably be in the 70Ks.
