I have been renting in a never lived in condo developement in Hillcrest since November, which was extacly when the finnished developement. My landlord was an investor and recieved 3 of the 12 units of which he cannot sell for 5 years. Needless to say they were having trouble finding buyers. Apparently the main developers looking for business asked him to see if any of his renters would be willing to buy.
Long story short. He approached my fiance and I to see if we were willing to purchase and that he could work a very good deal. I agreed but said we would need to get a good deal off list due to the market conditions and not wanting to be underwater. They were listing @ 660, which was IMO about 30-40K to high in the 1st place according to comparibles.
I worked up a price that was the same mortgage payment as our rent minus HOA and 1/2 taxes. That put a purchase price right around 400K. They actually countered to 500K plus 20K incentives. Keep in mind they did sell the 2 one bed room units, smaller by 150 Sq ft and one less bathroom for 550 and 570K. So I thought that was very indicative of there stress level.
Anyway they have since started renting them out along with the other 37 unit building they have on the otherside of town that just completed construction.
