Will Stadium Lofts ‘Event’ Be a Sellout?

My husband and I are Angels season-ticket holders.  Sometimes, to save the $8 parking fee, we park behind the Bank of America on Katella Avenue (please keep this to yourselves) and walk past the new Stadium Lofts condo complex, at the corner of Katella and State College Boulevard, to get to the Big A.stadium-lofts.jpg

Stadium Lofts is part of the “Platinum Triangle” redevelopment around Angel Stadium.  Unfortunately, it and other condo developments in the area hit the market just as it was peaking.  As a result, projects that were under construction have slowed or been put on hold. 

Stadium Lofts, however, was completed about 18 months ago, before the market crashed.  When my husband and I walk past, we can see that many of the units have not sold.  There are 390 units in the development.

Anyway, in a last, desperate attempt to offload the last condos, Stadium Lofts is doing one of those giant one-day sales extravaganzas that homebuilders such as Standard Pacific have attempted, without much success. At “The Event” on Saturday, July 26, potential buyers will have the change to realize huge savings on the 58 remaining units. 

But will buyers, assuming any show up, be getting a deal?  The smallest units, the lofts with one bathroom, start at $243,000 — for 535 square feet.  The “pre-Event” price was $341,400.  You’ve got to feel for the folks who actually paid that much.

One-bedroom, one-bath units, in 651 to 728 square feet, are priced from $248,000 to $280,000; they had been $80,000 to $100,000 more than that.

During the boom, people thought nothing of shelling out $400K for a one-bedroom apartment. It doesn’t seem like nearly so good an idea now, does it?

Will “The Event” be successful?  I doubt Stadium Lofts will tell us if it isn’t.  But I’ll be able to tell — if more lights are on at night as we make our way to our car.

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