With the litigation finally resolved & lenders able to lend again here in the complex, we are seeing an uptick in pending sales. Here’s the Fusion Real Estate Market Update January 22, 2012.
As you probably know, 2011 was a bust for Fusion condo sales. Lenders do not want to lend on properties in litigation because there are many unknowns and it risky for them. If you’ve been reading my posts, last year we only had 2 sold units…they were actually the SAME unit which sold twice for cash–once at $335,000 and that buyer turned around and sold it at $368,800.
Now we have a fresh new year, no litigation and things are starting to move. With 5 Active listings (available for sale) and 4 pending sales, it is a good sign things are moving again. Once the pending units close escrow, I expect things will shake out. Prices will be revealed upon closing and we will have some “comps” for appraisals.
I’ll be tracking and updating here monthly. If you have any questions regarding the Fusion Market before my next post (February), let me know.
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