While Bedford Parc and Bedford Promenade, two new big developments in Baldwin Hills on Santa Rosalia Drive, filed for Chapter 11 protection earlier this month, developer Charles Quarles is still looking to unload. And to that end, he's holding a sales event this weekend. (Join the club--it's a big sale weekend.) “It’s business as usual,” David Golubchik, an attorney at Levene, Neale, Bender, Rankin & Brill who is handling the bankruptcy case, tells us. "They are still trying to sell." Facing repayment on two loans to Cathay Bank --one for $20 million and one for $13 million—on the properties, prices at the two projects have dropped. UPDATE: Interior shots.
Alvaro Merchang, assistant to the broker, says prices for both buildings are as follow: A 720 square foot one-bedroom that was $330,000 is now $235,000, while a 1,580 square foot two-bedroom has dropped about $70,000 to $523,000. In terms of the area, the street itself, which is right off Stocker, seems relatively quiet, and Merchang touted the forthcoming Crenwshaw Plaza renovations, but, well, those improvements may be threatened. Pictures are forthcoming, but you can see sample listings below. Meanwhile, Bedford Parc is expected to get its certificate of occupancy later this month, and Bedford Promenade opened last fall and about 50 people are living in the building. Wonder if they want neighbors or enjoy having the pool to themselves.
· 3750 W SANTA ROSALIA Dr #601 [Redfin]
· 3750 W Santa Rosalia Dr #214 [Redfin]