Guest Post: Walking Away from Azul

Here’s a first hand account of someone looking at buying at Azul in Fremont and walking away. If you have a first hand account touring or making an offer just drop me a line at matt@mattgoyer.com.

I’ve been using your blog while looking at condos, and wanted to share some “buyer beware” news about Azul in Fremont. Two units left there at this point and on the surface, they look like great deals. $195K for a cute one-bedroom with balcony, lots of nice details.

I was preparing an offer w/ Redfin until the agent found out a few things — There is not a cap on # of rental units in the building. And there’s a foreclosure situation w/ the builder (that I first learned about on your blog -thank you!), so a third party is currently liquidating the properties and handing over titles directly to the owners.

In addition, #406 went thru two inspections w/ no deal. The listing agent, described as evasive, said one buyer used the inspection to cancel the deal and the other was a failed inspection. But the listing agent would not provide any details, saying he didn’t have the report.

Thought this might be helpful for you and your readers. I’m sure there are still good deals to be had out there. It’s back to the drawing board for me.

About Matt Goyer

I love condos, lofts, floating homes, new construction and mid-century moderns so much so that since starting this blog in 2006 I've written over 2,000 blog posts about them!

For years I resisted becoming a real estate agent preferring to be a marketing executive at Redfin but after leaving Redfin (after seven years!) I caved in the spring of 2014 and became a broker. So if you need help finding that "Urbnlivn-style" place or selling your home email me at matt@urbnlivn.com, I'd be happy to help you.

Prior to Urbnlivn and Redfin, I worked at Microsoft after graduating from the University of Waterloo with a Bachelor of Mathematics with a major in computer science.

You can also find me on Twitter, @MattGoyer, or LinkedIn.

  • Sam

    This article is 4 years old, but I thought I’d share my input for any future buyers at Azul Flats. I have lived here for over a year, from 2012 to now.

    There actually IS a cap of 30% rentals at any time, and when it fills up, you have to sit on a waiting list before being able to rent your unit. For a long time none of the owners were renting at all, which may be why there wasn’t yet a fixed policy about it in 2009? Not sure.

    There was a foreclosure, but since 2012 I haven’t seen or experienced any weird situations based on that, as described above.

    What I would say is, like for any 7 year old condo that was thrown up toward the end of the housing boom, I highly encourage a very thorough inspection! That said, everyone I’ve met here has loved it, and so do we.

  • http://twitter.com/mattgoyer mattgoyer

    Thanks for the update on the building Sam!