Comments on: Carbon 56 Going Rental?

By: bradwilson5

bradwilson5 — Tue, 12 Jan 2010 12:09:29 +0000

Do NOT rent or buy here, unless you want to hear everything that your neighbors do. I think the developer forgot to add any sound attenuation materials to the walls — terribly loud.

By: jcricket

jcricket — Fri, 09 May 2008 22:37:54 +0000

Usually the only time you can get out and get your money back is before sale, especially with the “clauses” I referred to included – usually about getting deposit/earnest money back (i.e. on pre-sale condos). If those clauses aren’t in your P&S agreement, you might still be able to get out before you take possession/close, but I’d consult a RE attorney.

You’ll probably lose whatever earnest/escrow you’ve put down, but it might be nothing compared to what you’ll lose if you’re 1 of 25 purchased units in a building of 100 apartments. It’s just like walking away from any real estate transaction.

Note that I’m not saying anyone who bought in the Trace or any other as-yet-unfunished building should run (I’ve heard nothing about anything else turning into apartments), but these are unprecedented times and I’d be watching the goings on at any building I’d bought into if I were you.

By: d

Fri, 09 May 2008 04:36:46 +0000

I’m also closing in trace and don’t remember seeing anything in the public offering statement about units being converted to rentals…or about getting out…

By: jo

jo — Thu, 08 May 2008 01:13:20 +0000

That blows.

I’d almost put something in my sales contract that would allow me to sell back the unit and recoup my costs if the developer pulled something like that.

If they really didn’t have any intention of converting to rental units they would agree. If not, well…buyer beware.

By: andyf

andyf — Wed, 07 May 2008 19:30:39 +0000

what’s the frequency of something like this happening after people have closed on their units? I am closing in the next few days on a unit in trace north.

By: UrbanAsh » Blog Archive » Carbon56-NOW LEASING??

UrbanAsh » Blog Archive » Carbon56-NOW LEASING?? — Wed, 07 May 2008 06:31:03 +0000

[...] was the first day I noticed the Carbon56 sign on Aurora and I have to admit that I was pretty shocked! Being that there are several listings on the MLS for [...]

By: Matt

Matt — Tue, 06 May 2008 22:57:14 +0000

It looks like the building is 56 units. 37 of which have sold. This jives with the move site which says there are 20 units for rent. With 66% sold and the remainder going to rental I suspect those buyers are going to have an extremely hard time selling because it seems unlikely their buyers will be able to get financing.

Sucks to be #310 who bought on March 25th and is the only 2008 buyer.

By: jcricket

jcricket — Tue, 06 May 2008 22:33:57 +0000

What happens depends on the Purchase and Sale agreement. Some places have the ability for you to back out if enough of the units don’t sell, but that’s usually during the pre-sale period (this happened to some friends in DC, thank god they had that clause and got out).

Other people are simply “hosed”. They now own a unit inside a largely rental/apartment building. When they go to sell, their sale price will doubtlessly reflect a lower value (regardless of market dynamics), because who wants to pay a premium to live in an apartment building.

On the upside perhaps your condo fees/dues are lower because there’s no HOA.

By: jo

jo — Tue, 06 May 2008 18:05:27 +0000

???

so what happened to the people that have bought there?

this should be good.

By: edanger

edanger — Tue, 06 May 2008 17:35:36 +0000

Carbon 56 is indeed rentals now: http://www.move.com/apartments/listing/C708696