The majority of the floreclosure activity on W Beech is at the Aqua Vista complex, not Discovery at 850 W Beech. I rent in Aqua Vista and know first hand the issues facing this development.
AV is behind over $150k in HOA payments, and I would estimate that the breakout is about 25-30 individual units behind an average of 12 months. Many of those have never made a single payment. They are by no means in trouble as they have plenty in reserves, and there are 382 units in total so making up the difference wouldn’t be too great of a cost to the other tenants.
I also noticed that there are about 20 properties with tax liens, a good amount in preforeclosure and a couple being foreclosed upon. Also, there are about half of the penthouse units for sale that take up the top 2 floors. I feel confident in saying that every unit purchased here is underwater. Another bad sign for sellers is that the amount of sales at the building has dropped to 1 I think over the last 3 months. It is going to be ugly!!!
Sadly for some, it will get uglier as the 80 some odd unit Aperture should be done this year, and a much bigger apartment complex opens in the next year or so. They are within a few blocks of AV. If I could pick up a penthouse unit for 500k, maybe 600k, I’d probably go for it (unlikely at best, at least for the next year or two). As of now they are all listed for around 800k (for the 1249 sq ft units).
As all have echoed, DO NOT BUY DOWNTOWN!!! You would be insane. Rent downtown if you love it so much. I’m anticipating rents to fall now too, as I have seen many, many units linger even as they drop the prices. There will always be some schmuck that will overpay, but don’t let that discourage you from being rational.
