Tuesday, August 13, 2019

Downtown Style, Downtown

1015 Washington Ave. #305 kitchenDorsa Lofts for sale1015 Washington Ave. #305 Dining Room

1015 Washington Ave. #305 balcony1015 Washington Ave. #305 master bath1015 Washington Ave. #305 Living room

Dorsa Lofts #305

This loft came on the market recently, and has a great vibe, great location and is part of a really nice association.  

As a Dorsa Lofts owner, I feel very fortunate that the building fared so well with its history.

Being built out in 2006-7, this building hit the market just in time for the great recession.   Most of the units were unsold, and several units that had been reserved by Pyramid never made it to the closing table.   Pyramid ended up folding and so did Premier Bank, the bank that took over.   

No one purchased this asset in the sell-off of Premier Bank by the FDIC, so all the units were sold by the FDIC one by one (Thankfully) to owner occupants ONLY.   This was the saving grace of the Dorsa Lofts.   Premier Bank had been trying to broker a deal with a real estate investor, which ultimately would cause the building to be non-warrantable.   Other buildings with large investors in them have fared poorly, most notably so, for the original purchasers.  

The FDIC didn't mess around when it came to selling.   Lofts were on the market for a few weeks, then incremental, large price drops of 5-10% on each unit, almost every week, until the building was sold out.  While this initial strain caused fear with the original owners, it paid off in the long run.   

Today the Dorsa Lofts have maintained a stable group of residents, maintained their building expenses, and have improved their reserves annually.   They will benefit tremendously from the up coming improvements to the streetscape and surface lots to the north when the Convention Center is upgraded

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