Northshore Kenmore: Hilarious Website [now offline]

[The Tim]

[The Tim]

Construction appears to have been totally completed for months now at Northshore. I walked through the complex today and took note of which units looked in any way occupied (cars parked out front, lights on inside, curtains drawn or furniture visible through windows, etc.).

Of the 86 units, probably around 5-10 looked like they might not be empty. Best case scenario it looks like they're about 88% vacant at the moment, even though they've all but given up trying to sell and have put the units out as rentals.

Ouch.

[The Tim]

As of today, it appears that they have pulled all their units off the MLS. I don't know if they've totally given up on selling these and are just going 100% rental, or if they're just planning to re-list in a month so the listings appear "fresh."

And yes, I realize I'm apparently the only one here that cares about this.

[Charles Dean]

Pretty common thing that I continue to see in new construction areas. I interviewed with an LA to see about doing some site agent work for her in a small condo complex listing. The units were nice enough, but the location was terrible. THey'd been listed off and on for the last 6 months, then they just recently decided to take them off again.

The thing is that they're conversions, which Fannie and Freddie decided they didn't like anymore last year. So if you're a conversion and you haven't been lucky enough to get FHA approval yet for the complex AND you're not at least 75% pre-sold already, then you have condos that are non-financeable. Which is exactly what these people have.

And I'm sure that's what they have in Kenmore as well. Aren't those conversions?

[The Tim]

[tuxmelvin]

The Vermont condos down the street are conversions. Last I checked they had sold 3, and the sales office hasn't been open in a good half year. The sign out front still says "Sales Office Opening Fall 2008", and the place is completely dark at night as all the outdoor lighting has been turned off. Anyone know what happens at this point to the poor people who have bought here? I can't imagine these condos selling anywhere near the asking price.

[Markor]

[The Tim]

There are now no signs of any attempts to sell the units at Northshore Kenmore. Their sandwich board signs all have either "NOW LEASING" or just a strip of duct tape slapped over where it used to say "New townhomes starting from $279k" or something like that. Also, the former sales center now has a slot in the door that says "RENT DROP" above it.





Walking through at around 8:00 PM, I counted 21 units that appeared from the outside to be occupied (using a very generous standard of "appeared to be occupied"). So it looks like they're up to about 25% occupancy, 75% vacant. Ouch.

[Lake Hills Renter]

[The Tim]

[The Tim]

July 2009 Update

Sadly, the hilarious website for Northshore Townhomes has been taken offline permanently. I checked today and the domain was not even found. Sadly it was not archived by the Internet Wayback Machine or Google.

Incidentally, the domain name itself was actually completely released out into "the wild." So I picked it up, and have now redirected it to this thread for posterity.

The complex now has where they are offering a month and a half of free rent for signing a 12-month lease.

Long Live Northshore Kenmore.

[The Tim]

[The Tim]

Northshore Townhomes

Now with 100% less sunny beach and 100% more balloons!

Added street corner sign-twirler bonus!