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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Currently there are a total of 6 active listings for sale at Fusion. If you’ve been waiting for the litigation to be resolved, get your pre-approval updated. Then contact me & let’s go looking!
Great news! The litigation is over, and we can now get on with the matter of helping sellers sell and buyers buy at Fusion! Lenders will soon be lending again, so it’s a great time to list your Fusion condo for sale. Contact me for a free no-obligation market analysis.
I recently had a conversation with Jeff & Cynthia Snyder of State Farm Insurance regarding the current Fusion litigation and condo insurance. I thought this was interesting and thought I’d pass it along to Fusion homeowners:
Jeff states, “The difference between insurers is not simply price. The major difference is contained in the ‘fine print’ of the contract itself. All insurance policies contain a list of exclusions. Some insurance policies (contracts) contain a long list, while others contain a short list. A common exclusion often seen written into Condominium Unit Owner Policies are a ‘Builder Defect Exclusion’ where the insurer denies responsibility to provide coverage if a loss is due to a Builder defect.
This leaves the homeowner with the unfortunate task of having to sue the builder directly to gain compensation for damages. If the builder has experienced financial distress or has declared bankruptcy since the project has been built, this can be a daunting task. For this reason, I advise all condo unit owners to make sure that their insurance policy will provide coverage against Losses which take place due to Builder Defect.
Here is an example of a builder defect claim: an owner of a new condo unit has their home flood due to a poorly installed roof top deck, damaging drywall, flooring and personal property. The insurance adjuster discovers the flood was caused due to a builder defect. If the insurance policy contains a Builder Defect Exclusion, the customer will not be able to claim this damage which could amount to many thousands of dollars.
Of course, State Farm has no such exclusion!”
If you’d like more information, or a price quote for homeowner’s, car, or even boat insurance, give Jeff or Cynthia Snyder a call at 310-546-7803.
Let them know I sent you, and keep me posted how it goes for you.
Here’s the latest Fusion Litigation Update. If you have any questions, drop me a note!
FUSION LITIGATION UPDATE Coming SOON! Subscribe to this blog to stay in the know.
Now for the recent sales activity: since there haven’t been any closed sales since October 2010 at Fusion (see my April Blog Post), I thought I’d recap and look back from Jan. 1 2010 to present day. The most important graphs in my May Market Report are the Graph Analysis of Recently Sold and On the Market Properties. These tell you exactly where the market stands.
Keep in mind, “normally” last year’s comps don’t matter much! In this case, it is helpful to see what the market was doing when there were closed sales. Also, just because a similar unit to yours sold last year for a certain price doesn’t guarantee that you would get that same amount–you might get more, you might get less. True value is determined when a willing buyer and willing seller agree on a price, an appraiser agrees on that price and escrow closes.
At Fusion, pricing also comes down to the location of your unit within the complex, upgrades and view from your windows and patio. In a buyer’s market, when there is plenty of inventory for them to choose from, buyers tend to look for negatives to justify a lower price. They will weigh pros and cons for the good things and also the negative things. If you think back to when you were buying your unit, the same thoughts you had at that time will usually be the same things today’s buyers are thinking.
I’m available for questions, comments, or to list your Fusion condo for sale. 🙂 So if you’d like to chat just reach out via email, text or vm. My cell is 310-728-5795.
Oh, by the way…I also list properties outside of Fusion. In case you have friends, family or associates who need to sell in the South Bay, I’m just an email, text or phone call away. Here are my current listings, and I am looking to increase my inventory list. Happy to help anyone you know who would appreciate my services.
Thanks for reading!