November 17, 2008

A Quick Friends And Family Esprit Park Flip?

900 Minnesota #S503

While Homes on Esprit Park just recently received their first certificate of occupancy and started closing round one, the first resale has hit the MLS:

Investor owned! Only one at this price. Insatiable 2 level penthouse unit with vaulted ceilings and spectacular deck. Similar units priced at $1,200,000 and above.

From the listing for one such similar unit: "Buy confidently with a refundable deposit."

We're guessing the sale of #S514 likely represents a "friends and family" flip. And if it is the former, perhaps soon to be "ex."

∙ Listing: 900 Minnesota #S514 (2/2.5) - $1,095,000 [MLS]
∙ Listing: 900 Minnesota #S503 (2/2.5) - $1,197,000 [MLS]
Homes On Esprit Park: Now Offering Refundable Purchase Deposits [SocketSite]
Homes On Esprit Park Receives First Certificate Of Occupancy [SocketSite]

First Published: November 17, 2008 11:00 AM

Comments from "Plugged In" Readers

Insatiable? lol

Posted by: curmudgeon at November 17, 2008 11:10 AM

Hah, I clicked on "comments" to post the same thing.

Posted by: EH at November 17, 2008 11:33 AM

"Insatiable 2 level penthouse unit..."
I do not think that word means what you think it means.

Posted by: location at November 17, 2008 11:35 AM

Unsure about the price point, but the roof-top deck looks absolutely fabulous.

Posted by: jealous_with_envy at November 17, 2008 12:00 PM

It's too bad they didn't invest in a better photographer because they didn't do the space any favors. That or maybe they just used cheap finishes, windows, light fixtures, etc. I've seen nicer looking finishes in some newer/remodeled rentals and they won't set you back $1M +. The wood floors and the kitchen aren't bad though.

Posted by: pica1986 at November 17, 2008 12:05 PM

"Insatiable 2 level penthouse unit with vaulted ceilings..."

Vaulted ceilings? They look flat to me. I'd go check it out personally, but the "insatiable" bit has me scared. I wonder how many have gone to look and never been seen again...

Posted by: BobN at November 17, 2008 12:09 PM

It has an insatiable appetite for your $$$.

Posted by: Amen Corner at November 17, 2008 12:10 PM

Vaulted...exposed beam...what's the diff? You know what they mean, right? It's not like this costs real money or that the real estate agent is supposed to know what they're talking about. It's all about trust!

Posted by: EH at November 17, 2008 12:20 PM

Yes, the deck has a wonderful view of the rest of the "project"... blech.

Posted by: tony at November 17, 2008 12:25 PM

Pic #4 looks vaulted. I'm still not seeing insatiable, though it certainly captured my interest. Maybe the realtor is not such an idiot after all.

Posted by: Scott at November 17, 2008 12:26 PM

The insatiable penthouse first consumes your downpayment, pausing briefly to build its strength on a steady diet of HOA's, mortgage payments, and DWR furniture. Then your second mortgage comes due, but the penthouse has eaten too much to be refinanced! Finally the beast devours your last bit of capital with a 5% sales commission, or graciously excretes your credit score as it reverts to bank ownership and enters MLS hibernation, waiting for its next victim.

Beware the insatiable penthouse!

Posted by: Stu at November 17, 2008 12:27 PM

I'm still calling shenanigans in light of #4. Vaults require two sides of a peak. I think the simple explanation is that the agent is not being very precise with their terminology. Why, I have no idea.

Posted by: EH at November 17, 2008 12:37 PM

wow, I actually really like this development and love the continued price softening... I went on a hard hat tour of the brick and timber one bedroom lofts in January 2008 and received this now humorous email from the sales department post visit:

Thanks for touring Esprit Park last weekend. Wanted to touch base to see if you/your client had any follow-up questions? Where you able to narrow down which unit would work best for you? With the introduction of our fully refundable Reservation instrument we are anticipating a very busy weekend.

While I am guessing perhaps it was a busy weekend, my guess is that any 'Reservation instruments' were indeed refunded..

It looks like the MLS is showing S514 with 2 baths and S503 with 2.5, and socksite is showing both as 2.5s... perhaps a plugger can shed some light.

Lastly, kind of bummed these don't have 2 parking spaces, any word on availability/cost of a spot?

[Editor's Note: According to the floor plans both S514 and S503 are 2/2.5's. You can consider it a bonus half-bath for those who are truly plugged-in...]

Posted by: bossmillion at November 17, 2008 1:19 PM

...and for those that are truly litigious can pay no HOAs on S514 as the MLS currently shows $0, now thats a bonus!

Posted by: bossmillion at November 17, 2008 1:44 PM

Hang on to your vaults, kids.

The rooftop penthouse structures at Esprit Park are technically sheds, enclosures where one wall is parallel but higher, resulting in an angled roofline greater than 90 degrees on one side and less than 90 degrees the the opposite.

As for insatiable, I can only assume the listing agent is projecting. Or in dire need of a thesaurus.

Posted by: Rocco at November 17, 2008 2:20 PM

These listings are typical of what I've seen from Mcuire in their handling of Esprit listings/details. Sloppy.

I was told by a McGuire agent that two of the developers were going to be living at the development and then later was told by the same agent that only one developer would be living there. When asked why I was told that there was a lot of interest in the developer's unit and for that reason he decided to sell. Now it looks like that developer's unit is listed below other similar units. Hmmm... not a good sign.

But I do have to point out to Rocco... these photos clearly show a penthouse with a nice deck. Not a shack. Those shacks you're thinking of are roof access for other top floor units in some of the other buildings at the project. And they are not advertised as anything other than roof access. Check the floorplans on the website.

Posted by: Boo at November 18, 2008 4:11 PM

Does anyone know if the owners of A16 who were planning a new restaurant at Esprit called Urbino are still planning to open there?

Jo

Posted by: Jo at November 20, 2008 11:32 AM

Does anyone know if the owners of A16 who were planning a new restaurant at Esprit called Urbino are still planning to open there?

Jo

Posted by: Jo at November 20, 2008 11:33 AM

The listing for 900 Minnesota #S514 has been withdrawn: Not So Quick For That “Insatiable” Homes On Esprit Park Flip (#S514).

Posted by: SocketSite at December 17, 2008 8:53 AM

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