Only TEN contracts remain!

Good Afternoon Everyone. We have 10 contracts that remain unsigned.


Comments

  1. Good news! I'm counting on a finish line flurry of contracts here in the next 24 hours.

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  2. Great news!! Of the last 10 remaining, only 2 are able to legally rent. If you think we don't know that you don't live here or claim its a family member, you are kidding yourself. Your renters talk and are NOT going to lie for you. Funny how you think you are fooling ANYONE!!!

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  3. Unit 816
    Unit 308
    Are the only ones legally able to rent that haven't signed. For those owners illegally renting and telling their renters they are on the LIST, please realize that there are 2 lists. The APPROVED LIST and the WAIT LIST Big difference and you will see that Feb1 when you start getting fined everyday. And know that all of us that live here are making your renters aware.

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  4. I'm going to post this each time we have a blog post update, as we are fast approaching the deadline to sign, which is THIS Friday at 5 p.m. 92.4% of your neighbors have agreed to sell. That alone should let you know how generous this deal is.

    To the hold outs:

    A little background on me. I am a Mensa member, have an Ivy League (Wharton classes competed) degree in economics and am a cash based real estate investor. I have purchased around $600,000 in ITP condos in the last 3.5 years that I have sold for around $1,000,000. Compare this ROI to what any other investment is paying, and hopefully you will agree that I know what I am doing in this regard.

    1. $287.65/ft is a GIFT for this building. You can buy in the Eclipse, 325 Paces, 2828 Peachtree, Buckhead Village Lofts, The Concorde, Park Lane on Peachtree, Mathieson Exchange Lofts, Ovation, Phoenix on Peachtree, etc at that price per square foot. That is just in our zip code. Those building are light years nicer than ours. All those buildings have had sales in the last 6 months at that $/sq. ft or less!

    2. I had my unit on the market for almost 11 months - a loft (only 6 exist in here) - the nicest one bedroom in the building on the market in Sobu (pix here: https://www.realtor.com/realestateandhomes-detail/374-E-Paces-Ferry-Rd-NE-Apt-110_Atlanta_GA_30305_M56289-69935). It was appraised 6/27/17 at $135k for 910 square feet. That is $148.35/ft. I had to show my unit about 50 times, which means I had to waste an hour cleaning it and an hour giving building/home tours to each lookie loo. You don't have to do that in this deal - they are buying your place sight unseen! This deal would appraise my old place at $261,762, which is almost DOUBLE what it appraised for less than 6 months ago! The only reason my unit sold was because the person was hoping to be a part of the assemblage. If my 910 square foot loft with 10 foot ceilings, real HVAC, huge windows, quartz countertops, larger tub/sink, stainless professional level appliances, a back door next to your parking spot and no neighbors above you on the first floor was appraised at $135k, what is your unit worth? Not NEARLY as much as you think it is! My loft unit also appraises for $10,000 more than the standard units (8 foot ceilings) due to a $5,000 upgrade for ceiling height and $5,000 upgrade for having a real HVAC system (not a wall unit). One of the major complaints from the holdouts is their unit is upgraded and worth more. My unit was a LOFT - the appraiser completely ignored my upgrades. He gets paid the same whether he does a thorough job or not. He basically takes the last 3 sales in the building similar to your unit size, divides by 3, and applies that price per square foot to your size to come up with a price. If my LOFT was appraised at under $150/ft, your STANDARD unit (126 of 132) is worth that MINUS the $10,000 bonus I get for 10 foot ceilings/real HVAC, which you CANNOT achieve in your unit.

    3. We are now flagged as a non warrantable condo that banks won't loan on unless you have at least 10% down due to low reserves. I lost a deal due to this fact.

    4. Our HOA fees are already 56 cents a foot and they are going up 10% in the new year to 61 cents a foot. Newer, nicer buildings have much lower HOA fees/ft - around 33 cents a foot (HALF). You not only will have a much nicer place compared to what you had before (using the proceeds from the sale and spending a similar amount), you will pay a few hundred less per month in HOA fees. The main reason our building is not appreciating is due to the fact that most of our condo fees are over $400/month. That is the invisible barrier that pushes people to look elsewhere. Ask any realtor.

    5. Your leaseback includes no HOA's/property tax and you can sublease to whomever or enjoy your unit with no costs for 1 year since you already paid for it out of your sales proceeds. The new owners will also be on the hook to fix anything wrong in your unit and will probably include a concierge service for us.

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    1. 6. More than 25% of the people here are renters. The board is starting to enforce that rent cap with $750/month fines for illegal renters. Only 5 people left who haven't signed are approved to rent. If we DO assemble, you can sublease to anyone you want for a year. The reason many people bought in here was due to the condo board looking the other way and allowing illegal renters - that gravy train is now over! This is a double whammy as it makes it impossible for people to rent illegally AND drains our reserves by not having the money coming from those illegal renters.

      7. Normal commercial sales agents charge 10%. When you sell yourself, you usually have to budget 6% to a realtor and 3.5% for closing costs. So 6% is a great commission rate and we should be happy to pay that amount.

      8. I have owned 3 units in here since 2012. I love this place. But real estate is cyclical. If we don't take this deal, we will have wait about 10 years (5 years down, 5 years up) to see a similar one. We are at the all time high in prices in the Atlanta market. One hiccup (North Korea, etc) and we could see another recession. No unit ever in the history of Sobu has ever sold for the almost $300/ft they are generously offering us. Don't forget, units in here were selling in the $20,000 range just 5 years ago, and yes, you read that number correctly! (I bought one of them).

      9. This building only zoned for certain height, etc. The fact that they want to use it for what it used to be and can close quickly, for a million more than last time is a GIFT! I was expecting $259/ft which was the last offer around 10 years ago. This is almost $30/ft higher! This added about $25k to my expected return.

      10. They put up a building blocking ALL of the southern facing units and destroying our skyline view from the rooftop deck. They are going to do the same to the west. If we don't take advantage of this current deal, our property values are just going to continue to plummet. Our pool may be rendered useless for getting sun depending on what they build to the west.

      11. If they have to fix the plumbing, it will cost over $1,000,000. Please reread that number as many times as you need to. The roof is caving in. The building is closing in on 75 years old. The writing is on the wall here.

      12: No one has lived here more than about 15 years. This is not a childhood home, or some such with memories attached. This is a lifeboat pulling up to the Titanic - get IN and paddle AWAY fast!

      13: You have a YEAR to figure out where to move after the last signed contract. We live in the exact center on Atlanta, many of the buildings I mentioned you could walk to!

      14. Moving isn't fun, but neither is dying in a sinking ship. There are many reputable bonded/insured companies you can use, and I'm sure many would be happy to give you discount if you referred your neighbors to them.

      15. I know about 5 friends/contact/neighbors here at Sobu. I have emailed/called/texted/Facebooked each one asking them to sign. I encourage you to do the same. This is a group effort!

      16. For example, just between myself and two friends who live in the building, our total gross profits between the 4 of us on our 5 units would be $677,381 if the assemblage goes through. If the holdouts are costing just 4 people a chance to make an average of over $135,000 a piece, what are they doing to the other 118 people who have already signed? At this point 7.6% of the people are holding up the financial futures of the other 92.4%. This is life changing money for most people.

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    2. 16.5 I meant myself and 3 friends in point 16 above. We are now at over $16,500,000 (SIXTEEN and a HALF MILLION DOLLARS, said in my best Dr. Evil voice) in profits that the 122 who have signed can realize based on my extrapolating out the amount of money the 5 units can make times the number of total units signed. So the 7.6% that are unsigned are holding back $16,518,800 million in potential profit to all of your neighbors. We all live here, we all have the same access to the building. Don't spoil the chance to spread $16,518,800 in joy to your neighbors this holiday season by signing - you also get to partake in the festivities!

      17. The other point the holdouts have made is they want to retire here. You want to retire in a non warrantable building that has 61 cents a foot fees, over 25% illegal renters, no reserves, no view on two sides, no skyline view from the roof, an impending $1 million dollar charge to fix the plumbing, and who knows how much to fix the roof? The OLDER the building, the more problems it has. You can take the DOUBLE the amount your unit is worth the developer is offering and move into a MUCH newer, nicer building with higher prices (which means better neighbors and amenities AND lower fees). I'm sure the 90% who want to move don't mind pitching in by carrying/packing a box or two to help the 10% who haven't signed yet. You have a YEAR of free rent, with no HOA/fees, taxes or maintenance costs, to figure out your next move, after the last contract is singed. We are all moving out of tiny condos - not McMansions.

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    3. 18. In point 6 above, I made a mistake. Only ONE person of the final ten who haven't signed is legally allowed to rent their unit.

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    4. 19. Point 17 needs to be updated to the 92.4% who want to move can help out the 7.6% who don't - which doesn't take into account that NONE of the people who haven't signed actually live here full time.

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  5. How many of the unsigned are currently living in their units?

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    Replies
    1. None. Zero. Zip.

      Not a single one of the ten remaining live here in the building, although there is one out of the ten that claims to reside here part time.

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    2. # 109 678-462-9223
      # 201 404-620-0440
      # 216 404-775-5214
      # 308 678-665-2776
      # 311 678-754-9675
      # 408 678-592-3038
      # 511 678-469-1852
      # 715 912-484-2013
      # 815 501-519-4111 OR 678-665-2776
      # 816 678-662-4468

      Out of the above unsigned, none live in the building and only two are authorized to rent.

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    3. Contact information for 816 is Ladan Yavari: 404-849-2020 or 770-623-8334

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    4. Update on contact number for 408: Carl Weisser 678-592-3035

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  6. Thought 216 signed?!? Liar liar pants on fire. It’s going down.

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  7. To the remaining 10 unsigned, we are less than 24 hours away from the deadline for submission of all contracts for the sale of Sobu Flats. As you are aware, 92.4 % of your fellow owners have decided to sell the building and you are needlessly holding up the process. At this point, it should be evident that you are not holding the feet of the buyer or the Real Estate team to the fire because they will not bring anymore more money to the deal. If you, the investor-owners, are savvy investors, you know that this is a great deal and that you have no choice but to sign the documents and join the rest of us at the closing table. You, the 10 unsigned investor-owners, represent only 7.6% of the owners. You WILL NOT thwart the will of the majority. Now, more than ever, time is of the essence. Therefore, your signed Sobu neighbors strongly encourage you to join the assemblage by reviewing and affixing your signature to the documents by 5 pm on 1 December 2017. This is a deal of a lifetime!



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    1. Well said. Or, put in another way - the train is getting ready to leave the station. It would be nice to have you on board for the trip but it will leave the station regardless of if you are or not. If you wait for the next train I guarantee it will not be as nice a ride.

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    2. Chuga chuga chuga...... CHOOOOOO CHOOOOOO

      Train has left the building :)

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    3. HAHA! Yep....they have no idea what's about to go down.

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    4. All abooooooard!

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    5. This train is ready for immediate departure in less than 10 hours. The unsigned should prepare to board. Once the doors have closed, you will not be allowed to board. This train is the Sobu luxury liner with all the bells and whistles. Should you not board the Sobu luxury liner train, you will have to wait for the freight train, which has the most minimal accommodation. The freight train will get you to the destination of the others but the ride will not comfortable and the station not as pretty. So, the choice is yours! All abooooard!

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    6. Now why would anyone actually choose the ride on the freight train over the ride on the luxury liner? Makes no sense to me but there may actually be a reason someone prefers those accommodations - if only they would say!

      In any case, everyone will eventually have to board the train so that is not in dispute. The question is how will you, the unsigned, choose to make the trip?? There is still time to make the smart choice.

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  8. To the remaining unsigned, you are about to lose the biggest Poker game of your investor lives! The community is 100% sure you are not holding pocket Aces or a possible Royal flush. The community will raise you until you fold. When the community cards are dealt and the river card is revealed, you are going to lose big! Sign your contracts now and win big! The bluff is about to be over! You gotta know when to hold ‘em . Gotta know when to fold ‘em. And now is the time to fold ‘em.

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  9. We are into the final eight hours. Let's get this thing closed!

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  10. I just got a text from (assuming it's 816 Ladan Yavari: )
    404-849-2020,

    It said, "I am out of country, does anyone know when is deadline"

    I responded 5PM EST and they have 6.5 hours and can sign electronically.

    They said thanks for info.

    #geterdone

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    1. We are now 4 hours away. The time is closing in on your ability to realize a very good thing! I hope you investor-owners are reconsidering your positions. You will not win this one. The majority of Sobu owners have spoken. So it is written, so shall the will of the signed be done!

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  11. How very sad that despite all the overwhelming evidence to the wisdom of the sale that some refuse to reason with their heads. At this point if the remaining holdouts do not realize that this is the best opportunity that this community has collectively, nothing else will convince them. I speak with some certainty that some of the holdouts are still unaware of the details of the pros and cons and have not weighed it out in a responsible, reasonable way. Hard to believe but true.

    The deal will not die however. There is always an easy way and hard way to achieve something. Why someone would consciously chose the latter is one of life's mysteries.

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  12. Any updates on contact with the remaining unsigned? Or what efforts are being made to get a solid yes or no? At this point, I just want the holdouts to be adult, and let us know if it's a no, and why. We deserve at least that much, out of respect for the people that actually call this their home.

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    1. Yes, there has been lots of connecting and contact this morning. Out of respect for the ongoing conversations, I will not divulge the content. But rest assured that conversation is happening.

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    2. Anon - is it positive?!

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    3. I am sure we all know that the last six weeks has been an emotional roller coaster for the most of us. With those of us that went through this before it was even more so. It has not, unfortunately always brought out the best behavior towards each other. I am not judging - it has been a period filled with happiness at the possibility of a great solution to our issues here to having that possibility thwarted again, to losing the place we call home to many other things. I have experienced the anger also at not comprehending the motivation of those holding out. But at the end of the day that does not excuse threating and obnoxious calls and texts, and more than anything that is what I am hearing. I cannot justify someone not agreeing to sign this offer and am certain that regardless, that the building will sell. The majority of owners have said it should and ALL of the full time residents have said so also.

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    4. I was hoping it to be productive and positive conversations between those who have yet to sign and the agents.

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    5. I would appreciate a full disclosure of the contents of the discussions at 5:01today should there be any unsigned owners.

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  13. Does anyone know the VERY INFORMATIVE African American Gentleman that spoke at the meeting about the plumbing? He worked for a reputable construction company and explained the nightmare this plumbing system is. He explained that we have been Grandfathered in but that once one repair has to be made, the whole building has to be repaired. All of our units will be dust bowls due to them digging through our walls. And we will be living here. I would love his info so maybe he can relay to these holdouts how bad this building really is. My friend here did some renovations to her unit and 3 plumbers said HELL NO WITH A 10 FOOT POLE would they touch it. NOT EVEN THE BUILDINGS PLUMBERS!!!!!!!!!!!!!!!!!!

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  14. An ironic twist that does not plague most associations is the fact that the people with the most attachment have sign; whereas, people with the least attachment ( because they don't live here) are not signing and holding up the deal. That is just amazing!

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    1. In any event, the remaining unsigned have three hours before the train leaves the Sobu station. You should be running to catch that train because the train is on time! Get your contracts in now and come aboard! You'll be happy you did - trust me.

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  15. Please give yourself at 15 minutes to electronically sign your documents. This will ensure that you are on time for a fantastic deal!

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  16. Thanks John. I hope it works! Let us know!

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