Vue Update, San Pedro

As the calls and emails continue to come in asking for information about what is going on with the condos downtown, I am well overdue for an update.

The Vue has been renegotiating contracts with buyers apparently. Price and terms are both up for negotiation, I also hear they are working with a new lender who might be a little more flexible with buyers.

There are a number of people who have said they are walking away. There is an attorney negotiating with the Vue attorneys to settle with a group of buyers who are unable or unwilling to close. There are other buyers who are closing and planning to move in. I haven't seen anyone there yet but I do know they are leaving lots of lights on at night to make it appear well lived in.

I haven't seen the offering plan, but I might suggest those of you who are still somewhere between a signed contract and closing to seek it out. It should spell out the requirements of The Vue to enforce the contract, including a mminimum number of units that must be sold in order to enforce the remaining contracts. It should be on file with the state and is a public document.

Interest rates are WAY down and if you are thinking of closing, it would be a good time to get locked in. I suppose the units will need an appraisal and hopefully that will be reflected in the purchase price if they will renegotiate.

The Center Street lofts just down the way has reduced the sales price of all available units (they say there are 20 left.) They start now in the low $200s and they are offering a 4% fixed rate to new buyers. Not a bad deal at all.

The Bank Street lofts have gone to leasing them out after selling only 6 units apparently. The plan to finish the second project is to NOT finish it from what I understand.