Americana Pricing Update - Condo Sales

[PhyllisHarb]

Wednesdays are Glendale’s broker’s caravan day and the Americana had another broker’s open house. Although I have been several times I thought it would be educational for Lisa, my new buyer’s agent to view a few of their units. Our consensus is that they are nice; the gym, the pool and the convenience of the movie theaters, restaurants and shopping could be fun.

We looked at two units:

*2 + 2 ½ 1700 sq ft, with a lot of light, priced in the mid 800’s
*2 + 2 ½ h 1890 sq ft, with Americana views priced over $2,000,000

After nearly one year of marketing, in April 2009, the units were reduced.
I asked the sales staff if they would be closing the units currently in escrow in time to meet the first time buyer’s tax credit deadline and was told that it’s doubtful, but they are hoping to start closing by the end of the year.

So what’s the hold up? Buyers can’t obtain loans until a certain percentage of the units are sold:

If a new project, the number of units that must be under contract has increased from 51 percent to 70 percent.

[HooverGal]

When is the last time a home in Glendale sold for over $2,000,000?

[PhyllisHarb]

This decade’s Glendale (six) sales over $2,000,000 is attached

I searched the MLS and could not find even one condo sale in Glendale (ever) for over $1,000,000. Admittedly when the Americana obtained financing (construction loan) the market was heated. But who were the loan officers at the bank who signed off on the premise that they were going to sell a handful of these condos for over $2,000,000?

If it sold for the $2,000,000 asking price based on the unit I looked at, the price per square foot would have been well over $1,000.00 a foot!