Seems as though things ended up working out for Andy as he writes in a recent blog post, Real Estate Thoughts Part Deux:
I was ready to walk away, but did engage in a few interesting conversations with the folks there. Needless to say, we were able to come to an agreement to purchase property there. Itâ€™s far from clear that I bought at the bottom, nor was I trying to time the bottom. In fact, Iâ€™m probably early as only about 25% of the units are actually closed, thereâ€™s a lot of units still available.
It’s interesting to hear that Olive 8 is negotiating with buyers. Everything I heard in the spring of 2009 was that they were not negotiating at all. It seems as though having many units unsold [country records] has caused them to reconsider their decision. Of course I’d be really interested to hear specifics of how folks negotiations have gone! Though I wonder if Olive 8 is negotiating less now that they’ve recently renewed their construction loan.