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Signature Place condos

Signature Place condos

Notes from Rob:

A lot has happened to Signature Place since pre-construction sales started in 2006.  Initial sales went very well, despite the market as it was starting to turn down.  But by the time the building was completed in 2009 the market was down significantly and many of the buyers were questioning their investment.  The developer then significantly dropped their  prices for everyone in a hope to lure new buyers and keep the existing ones in check.  That helped with some, but not others.  Financing had tightened, especially for investors. By the beginning of 2010, about 80 Signature Place units had been sold of the 244 total.    At that point the lenders wanted something to happen and in March an auction was held and 60 units were quickly sold.  Since then sales have remained steady.  As of yesterday, there are about 20 units under contract, and only 9 left for purchase with prices ranging from $185,000 to $1,044,000 (for the small penthouse).  Soon they should be able to finally say the building was sold out.  It was not as quick as they had hoped, but in today’s real estate market, selling out a condo building with 244 units in just over a year after completion is a success story.  The developer actually raised the prices on 2 of the remaining 9 units at Signature Place, citing supply and demand.  If you have liked the project and were waiting to see what happens, your chance to get in at the beginning is almost over.  If you are interested in seeing any of the units still available, give us a call at ALVA International, 727-898-2582.

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