So opening up the Sunday Paper today, I almost always go straight to the HOME section.
I knew that units at Kettle Brook Lofts had closed last month, I even went back and forth with Julie about the fact we had a couple of them speak to us via email or the UPL blog stating they had to close or loss money.
Well their was a couple of them that closed with no mortgage on file so they would have most likely lost most of the money they had put down, two of them that put around the 20% range down and a couple with 5k down.
I know if Neil and I had went forward last spring/summer and kept our reservation, then moved forward with setting the closing date in January we would have most likely walked away from what ever we put down to save us the aggravation that is only going to come to the next University Park Lofts- KETTLE BROOK.
One of the owners in fact left comments on the University Park Lofts blog about wanting to start her own blog about the quality and aggravation she has went thru, the inability to just walk away from the money she put down and had to close.
My question is “What happened to the other people that filled that January calendar for closing dates when we were in the fancy office at Kettle Brook?”
Did they all walk away? Are they still looking at closing?Are all the amenities that were suggested for the lofts, coming through?
Because at the sale prices of the sold/closed units in this weeks paper: 195k,175k,174k,170k,159k,158k,154k, an 150k, these people are in the state that we were in, we all bought at the original prices. Soon as all the people that were bullied and tricked into buying into these lofts have all closed, there will be left an unsold mass amount of units.
The developers did this at University Park Lofts, they refused to budge on pricing of the units until it was too late and they couldn’t afford to pay the loan they had with Strata Bank. Now the bank owns the units and they are selling for a HUGE cut on the original prices. The fact that our unit at 175K is the 2nd most expensive unit in the building and will be for a long time. The fact that the best units in the building are going for as little as 120k. Yes the listed unit at 130k have just been accepted for purchase at 120k. The bank is accepting even lower offers than what the already low prices are.
But although it will piss of the people at Kettle Brook that have already like us put the high price point as a mortgage, they will have to be ok with a lower price on existing units. I know Paul likes to think that he has built the dream, the best condos in Worcester. Well the best condos in Worcester can not trump the fact the prices are way out of the range that people are accepting to spend right now, and the fact that it is known now that the built units are nothing like the units that are for sale. The quality is half of what they are selling to people. And as I stated when Neil and I were looking at buying one of their SMALL units, they looked great with no one living in them, but once you put the people and all their STUFF in one of these units it would be tight and cramped.
I wish the best of the luck to the owners that are now in their units, I would love to come see your place because I did think they were nice looking lofts and to have water and open space makes for a nice summer in that area. I do hope that units closest to the water are no longer getting water into them, because I know all to well about water in a building. And if the current owners there want or need any advice in the future I AM HERE.
I think the one mistake Paul made was starting a 2nd phase before the 1st was complete and at least 1/2 closed and lived in.