We all know prices have come down and buyers can find great deals out there. One of these deals(in my opinion) was the purchase of condo #1002 at Parkloft. This loft just sold for $651K, but it originally sold for $1,400,000 in 2005 – that’s a 53.5% decrease! At $330/sqft, this 1969 sqft loft was a pretty decent buy.
Parkloft has seen a huge drop in prices, primarily because of the litigation that was going on there. From what I’ve heard, the HOA sued the developer, Douglas Wilson(same developer of The Mark) for your typical construction defect issues. However, unlike most buildings, Parkloft had some serious drainage issues in some of the bathrooms. Apparently, some of the showers were not installed/sealed properly(or something like that) and caused some water damage.
As a result of the litigation(which has been resolved), there were no lenders(or at least very few) who would lend on the building, causing prices to drop enough to entice cash buyers. This was on top of the overall downturn of the housing market.
Now that the litigation has been resolved, we’re starting to see more condos being purchased there, but prices are still down(as they are pretty much everywhere). What’s great about this building is that it’s unique. There are no interior partition walls(no bedroom walls…just “areas”) allowing you do do whatever you want with the space. Parkloft also has high ceilings and triple pane windows.
I know this one is of no use to you since it already sold, but maybe there’s something else at Parkloft you want to buy…click here to see what’s currently for sale at Parkloft.