36 Condos in the building.
12 lockboxes at the door.
It was a bit of a jarring sight to behold when we entered the foyer on Friday morning. The good news is that even though there are 12 lockboxes, only 5 of the units are on the market. The other lockboxes might be abandoned or contractors are using them while they work in units.
________________________________________________________Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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{ 8 comments… read them below or add one }
ines 03.30.08 at 10:01 pm
This is funny (and not funny) - I can’t just imagine the listing agent’s description - my lockbox will be the 4th one from the right at the bottom and it’s black
Maureen Francis 03.30.08 at 10:49 pm
I think they put stickers on them or something. Otherwise you would have really frustrated showing agents!
Carole Cohen 03.31.08 at 12:17 am
I personally like your new look (as opposed to the fake me)
Maureen Francis 03.31.08 at 12:58 am
Thanks Carole, but I lost lots of features that took a long time to install. It’s kinda depressing.
Russ from Royal Oak 04.01.08 at 6:52 pm
Only 5 of the units on the market that you know about, that is… Don’t for a minute believe that these lockboxes are left out there for no good reason.
Qn: Are the asking prices for the nice Birmingham condos yet at a level where these condos can be rented out at market rents with positive cash flow to a near certainty? That would make the prospect of a purchase much less risky seemingly… But I haven’t seen that happen yet except up near Flint.
—–
Condo lending problems:
My condo development has been blacklisted by WAMU! (blogger Chris)
The mortgage meltdown is so bad that banks are now refusing to lend money to certain condo developments that they feel are high risk.
If you click Michigan on the Wamu blacklist you will see a list of all the condo developments which have been blacklisted and mine is one of them.
I guess soon you will need to have the full purchase price in cash if you want to purchase a condo which will only drive condo prices down even further.
http://housingfear.blogspot.com/2008/02/my-condo-development-has-been.html
Todd Waller 04.02.08 at 12:13 pm
I’m impressed! Of 12 boxes only 5 were for units currently for sale. I bumped into this myself in the summer of 2006. Here’s the flickr photo:
http://www.flickr.com/photos/40979357@N00/184823650/
That entrance was to a total of 6 units…..all 4 boxes were for properties for sale. Got it sold, in the end, to the renter!
Surviving the War 04.09.08 at 10:28 am
Wow… this is sad. Good post.
Norm Fisher 04.23.08 at 12:12 pm
Ouch! I’m interested in knowing what the price spread is between the units.