Saturday, May 19, 2007

Flashback: Jasmine Condominium

Sacramento Land(ing), April 25, 2006:

This condo complex in Elk Grove wants to reward reluctant buyers "big time."
Jasmine, a community of attached homes in Elk Grove, will hold a special spring celebration with as much as $50,000 off some homes, as well as special financing and other incentives. "When we say this is a special celebration, we really mean it," said Scott Bolli, director of sales for Pacific West Cos., a residential development company. "We've never offered so much. If you've been waiting, it's paid off, big time."
Wow! I wonder what the payoff will be if one waits even longer!
Sacramento Land(ing), May 30, 2006:
At Jasmine:
May 13, 2006: "Prices start in the high $200,000s"
May 20, 2006: "Home prices start in the mid-$200,000s"
Today, seven Jasmine condos went on the auction block. A reader sent in this ad:
Seven Luxury Condos in Elk Grove
Reduced! Opening Bids Now From $149,000!


Gwynster said...

I got that auction notice too. I wonder what they eventually sold for?

Patient Renter said...

Very nice post Lander.

Embdddsgnr said...

Wow, deja vu. Years ago, in another lifetime, I rented an apartment in Citrus Heights. This place was supposed to have been built as condos (late 80s) but wound up getting rented out. Toward the end of that bubble, a new owner bought the leaky, dilapidated shitboxes and planned to make them condos. I was offered first crack at mine (I can't remember the price). I passed. A couple years later, a workmate bought one. All they had done was put in a few fixtures: shiny toilet handles, doorknobs, etc. and they still had structural problems and leaks. I have no idea what their status is today.

A relative of mine is in the same situation now, where her apartment complex up Fulton Ave. somwhere is being "condoed."

To me, this looks like the same kind of last gasp reactionism I saw the last time. Nothing ever changes. . . though I do sometimes wonder what might have happened if I had purchased then (about '93).

Diggin Deeper said...

And SAR continues their unabated price lies to show everything's orderly and not so bad. Right! They should of held on to Lereah. At least everyone got a laugh out of his predictions.

Do you get the feeling that things are getting to the desperate state...that no unreasonable offer would be refused?

Since we're not getting the seasonal sales increases that everyone depended on, and inventories continue to rise and stagnate, no prudent buyers are going to step up to the plate until they cross the bottom of this market. There's not a single plausible sign that this market is heading in any direction but down.

lexi said...

They keep saying they think things
will start getting better in 08.
I don't see how or why unless prices drop between now and then
dramatically. Otherwise nothing
has changed. Prices are too high
for first timers or investors and
homes will just sit untill they
start slowly caving on price.
Nothing will change untill the
banks that have foreclosed start
selling the homes at affordable
prices and home seller do the same.
It has to happen... you could
say people will just hang on to
their homes and not sell but the ones that have to or the banks that
do it for them will have to lower
the prices. It has to happen and
it will it's just a matter or when.
Buyers are spooked right now for
good reason...