Ruxton Lane news
This is the third time I've seen the new 27-unit Ruxton Lane condos go on sale. Long time readers remember my visits there and my posts. If you're curious you can review most of this ongoing story in these links. To make a long story short, I noticed this development in the fall of 2007; prices originally started from about $750,000 to $810,000; the units didn't sell; another realtor took over the sale of the development in the spring of 2008, prices were knocked down, the units still didn't sell; the development foreclosed back to the lender. Now Ruxton is back for a third round.
History of the Ruxton development
23-Sep-2007 Mega Developments
15-Dec-2007 More on the Ruxton Lane Developments
13-Feb -2008 Ruxton Lane Saga continues
25-Mar-2008 Ruxton Pacific Development brings in the Big Guns
12-Feb-2009 Catching up South Bay residential projects
It turns out there was a grand opening last weekend. I was happening to head to Target to get supplies for the upcoming tea party protest, saw the Ruxton signs, and decided to take a quick detour to the development to see what was up.
The flags were out flapping in the breeze and the falling Ginzu knife shoppers were out shopping. 1906 sqft units start from $544,000; 1982 sqft units start from $560,000, and 2003 sqft units start from $606,000.
That's at least a 25% price drop from sale attempt #1 in the fall of 2007, and while that is significant, the neighborhood still sucks and the units are still overpriced in my opinion. Remember, we have been in an excessively credit-fueled economy for God knows how long. Some air has leaked out of the bubble, but not much. You've been seeing lots of press in recent days about a possible bottom in the economy and about hope turning up again. It's springtime. This is the season of hope. There is supposed to be more hope at this time of year!
The biggest rationalization I've been hearing about this potential bottom is that "unemployment is a lagging indicator, so employment statistics will turn up last." They have completely missed the boat in even seeing this downturn coming so how the heck will they know when the economy bottoms? I have an idea. When these idiots stop trying to call a bottom then I will start thinking about a bottom.
In the meantime, you can check out this Daily Breeze article on Ruxton. Apparently eleven (41%) of the units have been sold.
I will be standing on the corner of Aviation and Rosecrans on Tuesday night during rush hour to twirl a sign promoting the tea party protest. I MAY be wearing a costume when I do (I'll know by tomorrow night.) Hope some of you can make it on Wednesday.