There's been examples of buildings switching to lease to own developments, but this is a new one: The Vue, a 314-unit building in San Pedro, is now marketing itself as both a rental and a sales building. From the press release: "Vue is still about 75 percent contracted and many of those buyers have been with us since the building was offered for sale in 2006. I think it’s a testament to the building and the lifestyle at Vue that these buyers want to close,” said Rhonda Slavik, Marketing Manager for Vue. “Unfortunately, because of the recent changes in the financial markets, many of our buyers are now unable to close on their home. This is why we developed the for-lease/for-sale concept.” The building has its grand opening last week, and currently about 10 people live in the development, according to a rep for the Vue. According to their web site, the development is offering a range of leases, furnished rentals, corporate rentals, and an interesting sounding program called job-loss insurance program.
VUE DEBUTS LOS ANGELES’ FIRST FOR-SALE/FOR-LEASE HYBRID CONCEPT
“Vue Living” Continues To Market For Sale Homes Starting From $315,000;
“Dwell at Vue” Will Offer For-Lease Option
SAN PEDRO, Calif. March 16, 2009 – In an era when the concept of “hybrid” seems to be at the tip of everyone’s tongue, Vue, San Pedro’s first high-rise residential building, today introduced its hybrid, for-sale/for-lease program. Considered to be the first of its kind in Los Angeles’ residential community, Vue’s hybrid marketing strategy offers both for-sale and for-lease options under the same roof of the 16-story, 318 residence, architectural landmark structure.
“Vue is still about 75 percent contracted and many of those buyers have been with us since the building was offered for sale in 2006. I think it’s a testament to the building and the lifestyle at Vue that these buyers want to close,” said Rhonda Slavik, Marketing Manager for Vue. “Unfortunately, because of the recent changes in the financial markets, many of our buyers are now unable to close on their home. This is why we developed the for-lease/for-sale concept.”
According to Slavik, the development team has placed fifty homes for lease in this unique program, which will enable residents who are interested in living at Vue to begin their experience by leasing.
“In many ways, the hybrid business model is a smart solution to today’s economy because it allows people to live in the building who cannot purchase due to the frozen credit markets and general financial turmoil. In fact, we have had a few buyers who purchased back in 2006, but because of the changes in financial markets, could not close on the home right away. For these cases, we developed a program where people can lease for a period of time until they are able to close on their home at Vue,” said Slavik.
One of these prospective buyers who was interested in buying but opted to lease at Vue was Charles Drake.
“The building itself is great. It has gorgeous bathrooms and bedrooms, and the views are fabulous from all sides. Everyone would love this building. Unfortunately, due the collapse of the financial system and bank’s inability to lend money, we have decided to lease at Vue for the time being. However, on the flip side, the funding for the harbor redevelopment is in place and so I’m confident that home values in San Pedro will continue to appreciate and maintain their value as an attractive investment,” said Drake.
In addition, by offering both for-sale and for-lease options, the developers of Vue are focusing on keeping the building occupied, while at the same time continuing to attract people to San Pedro’s romantic and interactive environment. The two programs will utilize two separate brands within its marketing message. “Vue Living” addresses the for-sale component of the building, while “Dwell at Vue” focuses on attracting residents interested in the for-lease option.
Vue, named for its stunning views of the harbor, Vincent Thomas Bridge, and Palos Verdes Peninsula, opened to the public last week, attracting more than 600 guests who wanted to tour the building’s one, two and three bedroom homes, and explore its many unique amenities.
“While this economic downturn has had an unfortunate affect on the housing market in downtown San Pedro, Vue's innovative hybrid housing model makes for a creative solution. And whether renting or owning, residents will be able to take advantage of striking harbor views and will be situated only steps away from walking along the promenade and enjoying all that the San Pedro waterfront has to offer,” said Councilwoman Janice Hahn.
Vue is strategically located within twenty minutes from downtown Los Angeles, just across the Vincent Thomas Bridge from Long Beach and a short drive from Orange County. Soaring sixteen stories above the waterfront, Vue will serve as the anchor of what promises to be Southern California’s next urban renaissance – San Pedro’s Historic Waterfront.
In addition to the stunning ocean, harbor, Palos Verdes Peninsula and city views, residents at Vue will be able to enjoy its lushly landscaped courtyard designed around a pool that features private cabanas. Other resident amenities at Vue include “BASK”, the roof deck lounge, state-of-the-art fitness center, and yoga/pilates studio. Designer finish packages enrich the contemporary homes through the use of elegantly styled woods, porcelain tile flooring, quartz countertops, imported faucets and stainless steel appliances. In addition, every residence has its own private balcony, creating an outdoor living space that surpasses any other in San Pedro.
To learn more about Vue go to www.Vue-Living.com and sign up on the Interest List to receive more information on the property. For more information about Dwell at Vue, visit the website at www.dwellatvue.com. Both the sales center and leasing center are located onsite at 255 West 5th Street in downtown San Pedro.