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Then they paid another 102 million? How does that work? They could make some money if they can get them rented in time for the DNC, although it seems like they wouldn't have enough time.
I am reading a lot of DNC stuff in here. Do you realize what they would have to do for the DNC? They would have to FURNISH each unit with everything! Don't think that's going to happen.
I hope it isn't another apartment complex. I am hoping they slash prices and sell the units.
Then they paid another 102 million? How does that work? They could make some money if they can get them rented in time for the DNC, although it seems like they wouldn't have enough time.
They bought the note, and then foreclosed on that note. They didn't actually come up with $100MM at the auction since they were the note holder. There was no exchange of money after the note purchase, just the acquisition of the deed.
I don't think they paid $102MM for the note, I think they bought it at a discount and the foreclosure was recorded at the face value of the note, BUT I think they paid off the 1st Mortgage too, which wasn't cheap ($50MM?).
Edit: I think they are into it for a total of $100MM. I also felt that the average per unit was high, but when looking at the floor plans on their website many of the units were 2 and 3 bedrooms, and those high floors will still go for big bucks.
Did the people that close really lose everything though if they can afford it? I forget what the few that did close paid for their units, but will their mortgages be much higher if any than the rents there? I guess the people that bought them probably did not want to live with "renters" but it's better than living with no one. Will they still have to pay HOA fees? If they sell the units down the line, obviously there's not going to be a lot of demand for a condo inside an apartment building, but with only 6 units or so there's not much supply. And they should have at least one potential buyer--the company that bought the building.
Sad for those that lost money - even sadder for those that actually followed thru on a purchase.
In 9-2010 (first post) I predicted correctly that these would be rentals
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