The Saint Paul Condo Blog

Late Monday night, the remaining lofts at the Lowry were reduced in price by up to 20%.  The last 13 units, which the developer has been sitting on for quite some time are now priced quite attractively!  With this many units being wholesaled, it will have a reverberating effect for the rest of the Lowry and the rest of the market.

I think in the short term, it's going to hurt values in the building, especially the ones who recently purchased homes there.  I would hate to have a re-sale in the building right now!

Long term, this is a positive for the Lowry.  It will help sell the remaining units and the developer can let the building operate on its own, without the developers input.

When sales slow down and there are too many developer owned units in a building, the developer will occasionally make decisions that are at odds with the rest of the association. Since the developer usually has full control until 75%, the homeowners have to live with that decision. 

Not that long ago, I blogged about the Armstrong Quinlan and how the building was hitting the auction block.  I had said I felt buyers were looking for 50% off or more and the developer would want closer to 20-25%, well I was right.  This time though, I think this reduction is a great deal.  It's in an established building, established neighborhood, and there are likely over 100 other people living in the building.

Bottom Line:

Now may a good time to buy at the Lowry!

Thanks Patti!