CurbedWire: Chapman Flats Reappraisals? Roosevelt Lofts Questions
Monday, April 14, 2008, by Dakota
DOWNTOWN: A reader reports on the pesky bank re-appraisals at downtown development Chapman Flats at Broadway and 8th. "News about good ol' Chapman Flats that you guys once wrote so much about ... The building is near completion now (in final city inspection phase), and banks are ordering reappraisals, and the reappraisals are coming in at least 10 percent lower than the (reasonable in June '07, too-high in April '08) prices that buyers agreed to (and paid deposits for). Chapman developers are apparently still trying to figure out whether to require buyers to pay initial prices, or to sell with the reappraised lower prices. If buyers can't move in by June, they can take their deposits and walk away, but otherwise, Chapman keeps deposits. It's interesting!" Curbed called the developer for a response, but never heard back. [Photo via Flickr user Don Reno] [Curbed Inbox]
DOWNTOWN: Another question from a suspicious possible buyer. "I recently added myself to the "interest list" for the Roosevelt Lofts downtown. The sales team emailed and said they are about 50% sold and the building is under construction. When I asked further, she said occupancy should begin mid-June and sales started a year ago. One year of sales, almost open and 50% sold?! The building looks cool but I guess they'll have do something about the price. They offered a hard hat tour so I may go check it out. Are there any reports of what buyers paid and what HOA will be?" Meanwhile, the Roosevelt hasn't posted on its blog since January. For shame. [Curbed Inbox]
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