Other developers may be slashing prices and holding firesale auctions, but Solair? Not so much. Checking in with the 186-unit building at Wilshire and Wiltern, there are some interesting developments to note. Across the board, prices have been raised on the units. For instance, a 1,339-square foot two-bedroom, two-bath that was $585,000 is now $713,150. And a 1,402-square foot two-bath, two-bedroom that was asking $665,000 is now $808,350. Asked if the price hike had anything to do with Starwood--Solair was funded by now defunct Corus Bank, so the development’s loan has been taken over by a venture of Starwood Capital--a rep for developer Koar Wilshire said: "No." But he did have this to say in terms of why they raised prices: "We have a very high quality building. We’re constantly reviewing prices and we think the market is firming up.” Meanwhile, in light of that recent lawsuit by buyers, Koar declined to comment on how many units are currently in escrow.
· Alleging Fraud, Group of Buyers Sue Solair Developer [Curbed LA]
· 3785 WILSHIRE Blvd #1204 [Redfin]