I was checking out Alder Woods Condos at 1423 Graves Ave, El Cajon. These are condo conversions. The sales office is advertising a $20,000 incentive. Actually, the flyer had $15,000 which was lined out and the greater amount hand written with a pen. These are offered in the 300K range so that would be around 6% or just over, depending on the unit. I was told by the sales kid that that is the limit the lender will allow. They are still advertising 0 down and 0 closing costs. The other interesting part is this final phase is being priced higher than the previous sales from earlier this year. Apparently they are still finding buyers who don’t bother to even research the complex they are considering buying in. Allegedly it is because the pool is closer to these units. Oh yeah, the “preferred” lender you have to use to get all the perks is really a mortgage broker. Seems weird.

I posted a thread on Alder Woods a few weeks ago under a different name. I couldn’t take the ditech.com ads anymore as they are so funny on so many levels. So I had to change it.