If you bought in the first phase of this project my prayers are with you as the prices have deteriorated signficantly. Despite offering massive incentives including free upgrades and mortgage rate buy downs, the current owner apparently could not sell these units. Probably becasue they are 36 year old apartments and were never intended to be condominiums. Probably they should have remained rentals but we converted during the boom. Now that prices have begun to correct this is the product type that is being hurt the most - old converted apartments.
If you are looking for a home I would avoid this place unless you can buy at price that is close to what you would pay in rent. For $350k to $450k you are betting off renting while prices continue to drop. These units are not appreciating in value and will continue to decline for the next several years.

User Responses
From: Anonymous	Date: 11/02/2007
I called the Club Villas phone number listed above and a message comes on claiming that the current phase is "sold out", but have no fear cuz another phase is in the works to be released, but no time is given as to when this magic release date is...hmmm...perhaps when the market improves??
From: Anonymous	Date: 11/08/2007
Yes, exactly. It is a common tactic to try and create a sense of urgency to close buyers. Club Villas wants to make it seem as if demand is robust and things are being sold out. In reality, sales are way behind, the project is a failure, and the owner is trouble. Keep waiting and watch the prices fall. Remember if you cant rent for $1200 to $1500, that only supports a mortgage of $185k to $225k, not including HOA dues. These units are 35% to 40$ overvalued and will be correcting substantially. Wait and enjoy.

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