It's looking more and more like the only thing that moves condos are big fire-sales. Witness what happened last weekend: According to developer Sonny Astani, all 77 units sold out at Saturday's sale (for the loft portion) at Concerto, his shiny new development Fig and 9th streets. Given the reported pressure on Astani to move those units, one would imagine this takes a bit of pressure off of him, at least in the short term.
In an email, Astani writes: "The sales event went well today. We sold all 77 units in the Lofts at $375/sf, which averages at $400,000 per unit. We had 550 pre-qualified Buyers and had to turn away the last groups after 4:30pm. Obviously there will be 10% to 15% attrition but we have plenty of backups."
The Rowan, which had that successful auction earlier this year, apparently has had a harder time moving all of its remaining units, as the Spring Street development also had a big sale on Saturday. Results of that sale posted soon. UPDATE: Here are the Rowan results.
· Downtown's Concerto Takes Out a Big Ad [Curbed LA]