Stadium Lofts ‘Event’ Was a Home Run
As you may know, Anaheim’s Stadium Lofts condo development on Saturday held what it loftily termed “The Event,” aimed at moving 58 unsold condos (the complex has a total of 390 units) at dramatically discounted prices (e.g., a one-bedroom loft reduced from $341,000 to $243,000; a 2+2 for $403,000 instead of $535,000).
In my post on Tuesday about Anaheim, I wondered how “The Event” had gone, and one commenter gently suggested that someone should quit wondering and just pick up the phone and ask. So on Tuesday, I talked with Todd Bousman, Stadium Lofts’ marketing and sales project manager. It turned out that the developers had issued just issued this news release about The Event.
Stadium Lofts had asked potential buyers to stop in the office and get prequalified in order to be allowed to line up on the day of The Event. The developer asked that no one line up until 6 p.m. Friday, but, according to Bousman, people started arriving and milling about at around 11 a.m. Friday. About 35 people spent the night lined up outside.
As of Tuesday, Bousman said The Event had resulted in sales contracts for 68 homes — more than the number originally put up for sale. There was such high interest, Bousman explained, that Stadium Lofts decided to release 10 more unsold units to meet demand.
It’s unlikely that all of the 68 will close escrow, Bousman noted; typically about 10 percent fall out. Will that percentage be higher in today’s tight-credit environment? But even if 10 percent fall out, that’s still 50-plus condos sold that weren’t sold previously.
Bousman said the bulk of buyers were parents helping their children buy a home or buying a place to live for their college-age youngsters. There were also some empty-nesters. One couple came all the way from Vancouver, Canada. (Click here to read the OC Register article on The Event.)
What can we conclude from this? One, that these folks think they’re getting a deal. Two, price means everything in this market — price it right, and people will buy. These people must have thought the prices were right. And three, this Platinum Triangle development might really be working for Anaheim. People like the idea of having a self-contained community with lots of amenities nearby, and with Anaheim GardenWalk, Downtown Disney, the Big A, and Disneyland/California Adventure within walking or short driving distance, that’s what this area delivers.
What do you think? Did these people get a deal?
Recent Redfin posts:
Foreclosures: Taking a Hard Look at Both Sides of the Issue
Laguna Hills State of the City: Real Estate Market
Reality Check: Irvine Condo and Detached Home Stats, July 2008
Orange: Big Price Drops
bpsp said:
comical
July 31, 2008 9:53 AM
Max D. said:
I think the 9:30pm Disney fireworks every night will get old very quickly.
August 1, 2008 6:27 PM
Cindy Allen said:
LOL, Max!
August 1, 2008 7:49 PM
Jim said:
Hello,
I just bought in the Stadium Lofts complex two weeks ago. The complex is represented to be a security complex. Once I moved in however, I found this not to be the case. The doors from the visitor parking to the housing section are unlocked due to a “zoning issue”. When I asked the sales manager Bobbie Seegers for contact info for the builder I was told I would have to speak to the HOA manager. This is interesting as Bobbie is the one who represented the complex as being a secure complex. Very sad how they treat their homeowners here. I would definately think twice before I would buy here!!
October 18, 2008 3:51 PM