Status of North Beach Plantation? (condo, to buy, closing)

[mayhurst]

Just wondering if there is any speculation out there on how the new North Beach Plantation Towers (in NMB) delivery will play out. Are they expected to close the majority of units (tough since they will likely appraise well below their contract prices), be reduced in price, or go to auction?

[davemary]

They have reduced the prices and will be settling in February and March... likely the new prices will cause more people to go to settlement.

[mayhurst]

Originally Posted by davemary

They have reduced the prices and will be settling in February and March... likely the new prices will cause more people to go to settlement.

Thanks for the update on this project. It looks like a very nice project; however, do you know if prices have been lowered to reflect the real market value of those units? Do you think it would be better to wait until they have tried to settle as many as they can before looking to buy one?

[davemary]

Hard to tell... they have said that they got independent appraisals and have lowered them to that price... these appraisals were done about a month ago (e.g. two bedroom is now 525K... they were selling for 749K at the end before they lowered the prices). I would guess it will depend on how many follow through at the new prices... they have said that they would probably raise prices after they settle, but that may be more posturing or wishing for the best as it relates to the market. To take advantage of the lowered prices, they are telling the existing contract owners they need to settle by the middle of March.

[mayhurst]

Thank you for posting an update on that property. I wondered if they are closing many units successfully. It looks like a nice project, but still sort of expensive for what I'm looking for. I hope they come down a bit more. :-)

[mayhurst]

Does anyone know the status of units closing on this project? I'm interested, but would like to see prices a little lower. I understand there were contracts on the vast majority of units initially. Is the builder closing contracts without much trouble since the prices were lowered? The prices still seem high in this environment, however. Any info would be welcome and appreciated. Thank you.

[OTIS1946]

They are starting to close the units @ North Beach Towers. This is a beautiful building. With the economy the way it is, this will be the last BEST CONDO UNIT built for years. The developers have done a great job.

[mayhurst]

Originally Posted by OTIS1946

They are starting to close the units @ North Beach Towers. This is a beautiful building. With the economy the way it is, this will be the last BEST CONDO UNIT built for years. The developers have done a great job.

Thanks for the update. I looked into this project and, while very impressive, seems priced very high for this economic environment. I am not a speculator, I just don't want to pay too much for a vacation property. I guess I will check on it several months down the road to see if any are available for more reasonable prices; at the very least prices probably won't go up.

[parrothd]

I am one of the original purchasers ( signed contract in 2006).
There have been NO closings to date.

[mayhurst]

Originally Posted by parrothd

I am one of the original purchasers ( signed contract in 2006).
There have been NO closings to date.

Thank you for posting about the status of this project. What seems to holding things up...appraisals?