Taken from today’s Union Tribune article “Condo Conversion Craze grinds to a halt”, condo converter Maisel Presley is apparently feeling the heat…check out the last sentence…”Now it’s all about sales, sales, sales.” Presley- the heat you feel is flames from hell…you guys are gonna get burned and your customers are going to send you there, hopefully sooner than later 🙂 P.S. you guys suck!!
Excerpts from article below.
Reacting to the market
San Diego-based Maisel Presley, one of the county’s more active condo converters, has 18 projects in communities from Oceanside to San Ysidro on the market.
Typical of many condo conversions, the units feature top-of-the-line upgrades, including granite countertops, custom kitchen cabinets and stainless-steel appliances.
But in response to the depressed market, Maisel Presley is marketing three 1970s-era projects with much more modest improvements: new carpeting and a fresh coat of paint. As a result, the condos are more affordably priced, with many selling for less than $200,000.
While Maisel Presley principal Rob Presley is convinced that the conversion market will turn around once the glut of unsold units diminishes, he acknowledges that now isn’t the time to undertake additional conversions.
“Two years ago, we were snapping up every project we could get our hands on, and we’re not doing that anymore,” Presley said. “We got ahead of ourselves in terms of how many projects we acquired and could put through the machine. Now it’s all about sales, sales, sales.”
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