Thursday, February 25, 2010

360 South Bay... Grand Opening #2

Last week was supposed to be the official opening for 360 South Bay... but they weren't quite ready.  The pool and gym were open for viewing but not any of the units. 

The grounds looked great. The pool area is set up like a resort with  little cabanas in addition to lots of lounge furniture.  The gym had a number of  machines and was fairly good size.  The clubhouse is lovely.  As nice as the amenities are what will sell the complex is the units and the prices.

This weekend the Flats will open and next week the Courts will be open for inspection.  Last weekend there were not  large crowds.  In fact when I went over around 1:00 there were  not as many people as I had expected.  I expect there will be more lookers once the Flats and the Courts finally open.


Jake said...

Any idea what the HOA fees are going to be?

Kaye said...

I don't have paperwork with me but think dues were under $300 which is good with pool, gym etc.

However that can change once they sell some units and the association is formally set up by residents.

Diane said...

Hi Kaye,

I visited the development yesterday; I think $300 was the low-end of what the HOA fees were speculated to be.

I liked the public amenities; the gym is nice (but is missing a lot of benches and weight equipment to make it feasible) and they have a lap pool.

I really liked the Flats floorplans; although most of the master bathrooms seemed overly cavernous to me, the models were very well-staged. Most of the models had upgraded kitchen appliances and nice plumbing fixtures, so it was a little disappointing to see a somewhat standard fiberglass tub/shower set up in many of the models that didn't really seem to fit in with the rest of the homes.

The Court model I walked through seemed somewhat cramped and much of the space seems to be taken up by hallways and stairwells.

I went in the afternoon, and heard the train pass by the development several times. Not really something I'd want to hear for what I would be paying for.

I'm at the low-end of who they are targeting (given their survey they were handing out for people to sign up to the e-mail list), and their lowest-priced models would be a huge stretch for me. I would still really love to live there, but it's just not financially feasible for me.

There were quite a few people there visiting, and parking wasn't too difficult. So I think there is a lot of interest in the community.

My guess is that they will probably have a little better luck this go-around, but if they want to guarantee selling all the units they should drop at least 50k off of the prices. It's just not a good location for the type of community they are trying to develop there.

Kaye said...

Thanks for the feedback. I also think they will do better this time around as I believe they have some in-house financing arranged.

They wil just have to overcome the location issue for many of the units..

Diane said...

Hello Kaye,

No problem!

I believe you are right in that they have in-house financing. I didn't ask any questions when I was there but it seemed like that was the only way they offered to purchase the units. One of the sales people there asked me about getting prequalified and I said I wasn't ready to do that yet, and there's nothing in the paperwork that mentions buying a unit any other way.

I'm hoping more and more that they will drop prices and the units will sell. It definitely has the potential to be a very nice community.

Anonymous said...

Here are the facts .. less then 75units have sold in more then one and half years. Those sold included free HOA fees for two yrs and upgrades free and in some cases cash. The developer Lyons HOmes has lost millions over the last several years and went from a valued company of 800 million to 20 million..and all the while increasing the executives salaries ..says something about their can see it on their Dec 31,2010
financial report and many large loans are due right now I would wait until the end of the eyar this project may totally fail soon..this is NOT my opinion it is the facts ..unfortunately..

Anonymous said...

Kaye, have you read the financials for the developer ? he's losing money for last few years in fact construction loans are coming due now and Lyons went from a 8oo million dollar co. to today's value at 20 million or less..not to good for completion of this still over priced bad location property ..they closed in in 08 due to no slaes and over priced now they re open drop the price and its still too high ..I feel sorry for the ppl that buy there and expect to re sell some day ..prices will go lower ..if thye want to sell them..and HOA is 300 today but when developer leaves try 500 a month which will effect some ppl there who didn't know about increases in HOA fees when developers leave ..

Kaye said...

They do still seem to have some issues as do ost big developers... only time will tell how this one will work out.

However there are a lot of folks who really want new so I suspect they will ultimately sell the inventory if buyers think the price is right..