Grande South 2805 Deal Update

Posted on July 16, 2008 | by Denny Oh

GrandebalconyBack in February, I mentioned a deal in the Grande South tower, on the 28th floor.  This unit is a 2 bedroom plus den condo, that has 2 full baths and 1,625 square feet of space.  This is a short sale and to make a long story short, I think the bank is finally getting close to approving a sales price.

* If youre not intereted in the details, skip this paragraph.  See, there is a first and a second loan and a few months ago, the first was sold to another bank.  This caused the new bank to do a new appraisal and then by the time that was done, the second said that they needed to redo their appraisal because it was done several months ago.  Nowboth lenders are close to giving us their bottom lines, so we can move forward and sell this place.

Heres a quick rundown as to why this is an incredible deal

  1. The unit directly above it with the same exact floor plan, sold for $1,299,000 last September.
  2. A unit on the 13th floor(15 floors lower!) thats slight larger, sold for $990,000 last December.
  3. Unit 1805, the same unit 10 floor lower, sold for $1,100,000 last November.
  4. This is The Grande.

In addition to these comps, keep in mind that you literally have hundreds of millions of dollars in development at your doorstep.  The Columbia District is going to skyrocket in value as new buildings come up around it.  If you dont believe me, believe Donald Bren.

Call me when youre ready to put an offer in.

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2 Comments

  1. Linda Yoshida says:

    Is this unit still available? Do you have any photos you can supply? My husband and I are very interested and understand that this property was recently foreclosed on. How would this affect this transaction and do you have any idea of what the bottom line price might be??

  2. Denny Oh says:

    Hi Linda – this unit has been withdrawn from the market. I’m waiting to get an update and will keep you posted.