Thornton Place Suspends Condo Sales

This is news to me, a reader pointed out that sales have been suspended at Thornton Place:

As of March 1, 2010 Thornton Place will be pausing in its condominium sales efforts. The development is a large mixed-use project that includes apartments, condominiums, a theater, and retail. Thornton Place has seen tremendous success in both apartment and retail leasing. At the same time, the Northgate housing market has continued to be slow in its recovery. As a result, the project’s ownership has opted to pause sales efforts at this time and focus on the operations of the apartment and retail buildings.

Thornton Place is a Northgate community with 109 condos, 278 apartment homes and 143 boutique residential retirement units. I’ve heard that in terms of sales 18 of the first phase were under contract but couldn’t close prior to expiration as FHA financing had yet to be secured.

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • The_Tim

    Huh. I guess the “we'll pay the mortgage if you lose your job” promotion wasn't quite as successful as they were hoping.

  • christiangustafson

    You have got to be out of your mind to buy a new condo right now. Who are these people?

  • christiangustafson

    You have got to be out of your mind to buy a new condo right now. Who are these people?

  • preems

    To answer your question: People who have secure investment money and are trying to make the most of the current state of the real estate with a well-developed property – that's who!

    On another note: I was one of the buyers at Thornton, and in the long run it was a great investment considering the location, quality, the LEED certification, projected neighborhood growth, AND the price was a steal…Never the less, I guess they figured they could make more money by renting, so they took the units off-market and mislead all of the 18 buyers into rescinding due to a “possible foundation problem.”

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