Buyer Update

Dear Sobu Homeowners,

Over the next two weeks, the buyer will make the decision if they will, or will not move forward with the purchase. If all 132 unit owners are under contract they will move forward with the purchase. If we don't have all 132 units under contract with the assemblage the buyer may elect to close on the units we currently have under contract and deconvert the building allowing them to purchase the other units at fair market value. The next update on the blog will be on 18 December with the buyer's decision. Over the next two weeks, the assemblage team will continue to work on getting the remaining units under contract, as well as getting the buyers comfortable with the deconversion process. 3 out of the 5 remaining unit owners are working diligently with us to go under contract. 

•  Unit 109 - Working with the assemblage team, and wants to sign as soon as possible.
•  Unit 308 & 815- Submitting signed contracts this week. (The owner is out of state, recovering from surgery, and needed additional time to review the contract etc) 
•  Unit 816  The unit is co-owned. One of the owners signed the contract, and the other wants to renegotiate the contract and has yet to sign.
•  Unit 216- The unit was listed for sale at $159,000 and then withdrawn 2 days prior to the assemblage meeting on 18 October for $159,000. The assemblage contract purchase price for this unit is $276,144, so significantly higher than the asking price when the property was for sale.  The seller countered the assemblage contract terms which we can not accept. The only way for the assemblage to work is for everyone to get paid the same price per a square ft. I've been told by multiple individuals the owner is a "good guy", so hopefully, he'll reconsider the assemblage offer, and sign the contract in the next two weeks. 
•  Unit 511- We anticipate getting a signed contract back this week. 

Thank you to everyone who has participated in the assemblage, or has taken time to get a better understanding of the opportunity. I remain optimistic that we'll get 100% participation. 

Best,

Josh Reeves

404-547-3622