Wednesday, June 06, 2007

Somebody is trying to flip a Fusion condo - or is in trouble

I found this little gem today on Craigslist:

$682000 New 2 br/ 2.5 bath condo in Manhattan Beach / Hawthorne - Not on MLS!

Brand-New condo in Manhattan Beach / Hawthorne
$682,000


2 Br / 2.5 Bath
1418 SqFt Townhome

Complex is off of Aviation between Rosecrans and marine, on the east side of aviation.

This is a brand new gorgeous Town home unit in the new Fusion Complex. This 
particular unit is in one of the best locations in the complex, being close to the 
pool, and away from the street. Very private and quiet. 12 foot ceilings in the 
living make this unit have a very spacious look.

This unit boasts REAL hardwood floors downstairs throughout the living, dining and 
kitchen areas. Stainless steel appliances, all top of the line Kitchen Aid brand, 
upgraded lighting fixtures throughout, recessed lighting, upgraded bathroom and 
kitchen fixtures, mosaic tiling in the downstairs half bath, the two large bedrooms 
upstairs each have their own full bathroom, with marble flooring and marble counter 
tops. Dual paned windows throughout.

This unit includes upgrades the builder will not include, such as the 42 inch 1080p 
LCD screen in the living room, pre-wired surround sound in the living room, counter 
depth kitchen aid refrigerator, and a Maytag washer and dryer. Everything bought 
brand new. This unit comes with $50,000 worth of builder upgrades. Also, don't miss 
the massive storage area which is underneath the home with direct access from the 
garage. There is keyless entry through the garage in case you forget your keys.

This unit has it all in an awesome location!

Not the property your looking for? I am a buyers agent, so if you have any questions 
on this property or any others, please feel free to contact me anytime at 
xxx-xxx-xxxx, or visit my website at www.xxxxxxxxxx.com

xxxxx xxxxxxx

Century 21 Union Realty
xxx-xxx-xxxx

I'll post the original link here, but Craigslist links do expire.

I heard somewhere the units are currently about half sold out, so somebody is either in trouble already or trying to flip. Judging from the info here, the property sounds like an E residence, which starts at $661,500. With all the extra stuff the current owner is including, it doesn't sound like a flip, it sounds like a problem loan to me.

12 Comments:

Blogger redondo_beach_dude said...

602 El Redondo Ave in 90277 is roughly the area I've been watching. Here is the sales data:

04/29/2005: $835,000
11/08/2002: $415,000

I attended an open house here in April '05 and the sellers were a married real estate couple.
This house is again on the market, for only 6 days, and is already reduced from $899,000 to $799,000!

Can you say Alt-A with an option-arm? Even if they get asking price, these FB's are $35,000+ underwater.

Slowly taking shape, the (bursting/deflating)bubble is...

P.S. the $400K 2002 number is where we'll be, IMHO, in the 3rd quarter of '08.

1:46 PM, June 06, 2007  
Blogger bearmaster said...

It's nice to have a few spies aiding me. Keep up the good work! :)

1:56 PM, June 06, 2007  
Blogger house said...

I live a few houses away. Funny part is the lady drives a brand new Mercedes. I actually told my wife over the weekend I bet those people are RE agents!!! Can pick them out in a crowd.

3:21 PM, June 06, 2007  
Blogger redondo_beach_dude said...

House, how do you like living in the area, how is the street parking situation? And, why are the sellers selling at a loss?

4:50 PM, June 06, 2007  
Blogger realjc said...

What does everyone think about the new 360@SouthBay development at Aviation/El Segundo? I can't wait to see their bloated asking prices.

5:47 PM, June 07, 2007  
Blogger bearmaster said...

RealJC, Lyon homes is conspicuously leaving a minor detail like prices off their website for now, but you may want to bookmark this link anyway.

11:09 AM, June 08, 2007  
Blogger bearmaster said...

Hi RBDude, I think many properties right now are having a difficult time selling for late 2004 prices.

Late last year I was thinking we'd hit 2002 prices by the end of this year, but that may be expecting too much too fast. In any case the compartments are flooding - the damage is not as contained as everybody thought.

I think the grim reaper is about to make his appearance in the Los Angeles county housing market. You know, that resilient market with the sticky prices and the appreciation that just won't quit?!?

11:14 AM, June 08, 2007  
Blogger realjc said...

I have a feeling they will start close to 600K which will be laughable. What schools will that development have access to? El Segundo or Hawthorne/Wiseburn?

2:34 PM, June 08, 2007  
Blogger ENG101 said...

I found this in WILLIAM LYON HOMES Quarterly Report (10-Q) FINANCIAL STATEMENTS

URBAN DEVELOPMENT DIVISION
Hawthorne:
360 South Bay(6):
The Flats $512,000-650,000
The Lotfs $560,000-800,000
The Rows $760,000-890,000
The Courts $625,000-805,000
The Gardens $760,000-1,040,000


The schools will be Hawthorne/Wiseburn

8:40 AM, July 01, 2007  
Blogger bearmaster said...

Thanks for the info ENG101!

12:37 PM, July 01, 2007  
Blogger Laura said...

Is the land that 360 is built on stuck in a time warp to 2005? I live four blocks away in Del Aire and the single family homes are taking forever to sell at the price range of "The Flats", and they're not even worth that. I would love to see more posts on this development project.

10:07 PM, October 31, 2007  
Blogger vaji said...

Funny. I drove in there today. It's like a scene out of "I am Legend". Not a soul on the whole site. The 360southbay website says:

"Sales opportunities are temporarily unavailable while we give the market time to improve."

How long will they hemorrage money paying for the land and the construction costs on the empty units wating for the market to "improve". Improve for whom?

12:39 PM, March 25, 2008  

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