42 replies to this topic

[Farley]

How disappointing for the people who purchased the new condos that once were Lakeridge Apts. on Natoma Station Drive. The apartments became condos. The condos sold very poorly according to the news down to a trickle in May. So the owners went back to apartments, a trend dubbed repartment by Wall Street. Therefore, the complex is now operating as a combined ownership and rental project.

Some who purchased condos there are very concerned about their investment. Surrounded by rentals, will they be able to sell their condo or refinance their condo? I would feel really duped if I had purchased a condo in a condo complex and it reverted back to apartments.

See The Sacramento Bee, June 14th, page B2

Edited by Farley, 14 June 2006 - 07:38 AM.

[Dave Burrell]

The apartments became condos. The condos sold very poorly according to the news down to a trickle in May. So the owners went back to apartments, a trend dubbed repartment by Wall Street. Therefore, the complex is now operating as a combined ownership and rental project.

Some who purchased condos there are very concerned about their investment. Surrounded by rentals, will they be able to sell their condo or refinance their condo? I would feel really duped if I had purchased a condo in a condo complex and it reverted back to apartments.

See The Sacramento Bee, June 14th, page B2

That sounds really bad, gotta feel sorry for the people there who invested in the condos

[Redone]

they didn't sell because they were simply overpriced.

[FolsomBarb]

they didn't sell because they were simply overpriced.

Yep. I lived there, had thought about purchasing, but ultimately decided that they were too overpriced for what they were, even when upgraded. These units, in my opinion, would never be considered as 'condos', due to the way they are laid out. In my apartment, I shared an entrance balcony with another apartment; there was no attached garages, and only some unattached garages. They couldn't make it into a gated community (some rules or something), and there had been a lot of car break-ins over there. I just didn't feel it would be a good investment. Glad I went with my gut feelings on this one.......

[Farley]

This should be a red flag warning to anyone considering buying a condo that once was an apartment complex.

[dukegirl27]

wow thats horrible...I cant believe that...but we went and looked at them and were VERY unimpressed. Mainly because we live in the Falls Apts which are much newer and just couldnt imagine buying a condo that was formerly an apt and not that nice at all.

[bordercolliefan]

This should be a red flag warning to anyone considering buying a condo that once was an apartment complex.

I didn't even know that could happen-- I never heard the term "repartment."

I thought they were having trouble selling the units, because many of them appeared empty month after month.

I will say that those are pretty decent apartments -- when we stayed there briefly, they were filled primarily with Intel employees and young professionals. So, maybe the presence of rental units among the condos won't be that bad. On the other hand, there was always a lot of turnover (we stayed there one month on Intel's dime, and we know two other families who did brief stints there). So, there won't be the sense of a permanent community.

[ducky]

I read the article this morning about this. I really feel for the people who bought. I have never heard of the term repartment either.

I wonder if there was disclosure that this could happen when the units were sold as condos?

[bordercolliefan]

I wonder if there was disclosure that this could happen when the units were sold as condos?

If not, there's probably an army of lawyers heading down there as we speak...

[Jaxx]

they didn't sell because they were simply overpriced.

I saw them advertising at $199K, but I guess that was still too much for a 1 bedroom.
I wonder why they didn't just lower the price more or offer some major mortgage and interior upgrades incentives? Maybe they could have bought down the interest rates to 5% or something.

They would have eventually turned into mostly rentals anyway. Maybe the rentals will be better managed as apartments with a single management company than a bunch of absentee landlord "investors."

[lisasellshouses]

I saw them advertising at $199K, but I guess that was still too much for a 1 bedroom.
I wonder why they didn't just lower the price more or offer some major mortgage and interior upgrades incentives? Maybe they could have bought down the interest rates to 5% or something.

They would have eventually turned into mostly rentals anyway. Maybe the rentals will be better managed as apartments with a single management company than a bunch of absentee landlord "investors."

this is very sad to hear......

[Jaxx]

How disappointing for the people who purchased the new condos that once were Lakeridge Apts. on Natoma Station Drive. The apartments became condos. The condos sold very poorly according to the news down to a trickle in May. So the owners went back to apartments, a trend dubbed repartment by Wall Street. Therefore, the complex is now operating as a combined ownership and rental project.

Some who purchased condos there are very concerned about their investment. Surrounded by rentals, will they be able to sell their condo or refinance their condo? I would feel really duped if I had purchased a condo in a condo complex and it reverted back to apartments.

See The Sacramento Bee, June 14th, page B2

http://www.fidelitya...com/blog/?p=755

Maybe this will be the end of the conversion plans at Ashton Place etc..
There are enough new condos and near-new resale condos all around that aren't selling lightning fast that there is little reason to look at conversions unless the price is very dramatically cheaper.

[test]

Check out this story about someone who bought an apartment at Waterford Place...

A link to his ad on craigslist:
http://sacramento.cr.../180221180.html

A link to his website with his horror story:
http://www.powerinfu...m/thecondo.html

A lesson to anyone who's thinking of buying an apartment when it is so much cheaper to rent one...

[mylo]

So you're having all these problems with your newly purchased condo, so you quit your job and finance a new car? Mmmmhmmm...

I'm not saying Prometheus has done no wrong, but it sounds like Mr. Hughes got himself into a worse situation.

[MSgt]

So you're having all these problems with your newly purchased condo, so you quit your job and finance a new car? Mmmmhmmm...

I'm not saying Prometheus has done no wrong, but it sounds like Mr. Hughes got himself into a worse situation.

The guy says he was forced to resign his contract job. Maybe I am easy, but I feel for the guy and his girlfriend. I think what Waterford is doing sucks big time!