Friday, April 6, 2007

Next up: Io Piazza will Convert to Apt.

As you can see with my Zoso (Ed Peete) prediction (see next blog) the builder decided to stop trying to sell Zoso as condos, I now am fairly certain that Io Piazza in Shirlington (also Ed Peete) will no longer try to sell as condos.

If you would like the name of a lawyer that has been successful in getting dozens of people out of their contract WITH all their money, let me know. Sorry she done answering "quick questions" for free. Now it will cost you $500 just to talk to her and more to get your money back. Why? Because this blog overwhelmed her with people looking for free advice and that doesn't pay the bills. Don't be stupid and try and go it alone first, you'll actually just make things worse.

Update 5-5-07- My sources say that Io Piazza Condos in Shirlington, Arlington Virginia is Under Contract to be sold. Once the property closes, all contracts will be canceled and the deposits returned. If you want to live in this area, you might want to beat the rush of 100+ buyers. You are ahead of the game by reading this blog, but not by much! Email me.

Now the big question is the Phoenix!

Written by Frank LL0SA- Broker FranklyRealty.com

16 comments:

Anonymous said...

I work in the commercial real estate lending world and it appears that Ed Peete is in a world of hurt (I've heard scary rumors about the Bromptons at Cherrydale) and all of his projects could easily roll to multifamily instead of condo.

As for The Phoenix, the sales team is going to the market with the standard phasing approach to create an artificial sense of urgency. What % of the property is presold?

FRANK LL0SA Broker said...

Thanks for your comment. Good to know about Cherrydale.

As for Phoenix, I don't know, but whatever number they were to give the public, I flat out would not believe it. I know of other instances where the sales office has given very incorrect information to fuel this urgency need.

Frank

Anonymous said...

Hi Frank-
You mention that you are "fairly certain" that IoPiazza will also be converted to condos. Just curious, how certain is "fairly certain"?

FRANK LL0SA Broker said...

I would bet $200, but I wouldn't bet my tiny net worth.

Look at the trend of Ed Peete. The sales office closes... then the building sells to a 3rd party. It is "on the block" if not already under initial review (similar to under contract). If you MUST live in that area, I'd consider looking at what is around there before 100+ people get released from contract and all start looking at the 5 listings around there. Or wait it out!

Anonymous said...

Frank, what are your thoughts on Shirlington? I am seriously considering buying at The Brittany. I am also considering West Village at Shirlington and have looked at Io Piazza. Are the prices at The Brittany really worth it?

Anonymous said...

Io Piazza buyers received a mass email last week asking them to contact the sales office to discuss their current situations and for a building update.

A subtle way for Ed Peete to separate the investors from those actually looking to live there?

I was wondering if Zoso and Joule buyers received this same email before they converted.

FRANK LL0SA Broker said...

My understanding is they did not get such a letter. There were just released. As for this being a stepping stone to release, perhaps.

It would make sense. With so many people dropping out, they might have X% "sold" but that letter might be to see how solid those people are.

Anonymous said...

I'm about to make an offer on The Phoenix. I consider the location to be best in VA. I recognize that it's their job to sell, but McWB is pretty convincing that it's not going to rental.

FRANK LL0SA Broker said...

Are you buying without an agent?

Anonymous said...

Hey Frank...

Regarding IO Piazza conversion to rentals; how certain are you now? Is it almost a done deal? Also, please can you describe the after math of such conversions? What happens to investor's earnest deposit?

Thanks.

FRANK LL0SA Broker said...

Anonymous,
At least end with a fake name, so I can say "Hi John."

This isn't like a bankruptcy (even then your money should be safe in escrow).

Your deposit is in escrow and would be returned. Maybe with a token interest, but no, you don't lose your deposit if THEY decide to pull out.

If YOU decide to pull out, that is another story. If you want to talk to a lawyer about getting out AND getting your deposit back, let me know.

Frank

Anonymous said...

Frank -

This is a different person than the last anonymous post. I am interested in getting out of my contract first AND getting my deposit back. I need a good lawyer. Can you suggest one?

- Anonymous Rick

Anonymous said...

Hey Frank...

It's me again... anonymous- Bill. You replied to my post before Rick's post.

How certain are you really (percent) that the iopiazza will convert?

Thanks... Bill.

FRANK LL0SA Broker said...


Update 5-5-07- My sources say that Io Piazza Condos in Shirlington, Arlington Virginia is Under Contract to be sold. Once the property closes, all contracts will be canceled and the deposits returned. If you want to live in this area, you might want to beat the rush of 100+ buyers. You are ahead of the game by reading this blog, but not by much! Email me.

Anonymous said...

Has anyone heard anything new on Io Piazza? I'm under contract and have gotten the cold shoulder from the builder.

FRANK LL0SA Broker said...

Update July 1 2007. POSSIBLE CLASS ACTION
Please contact me if you have a contract at IO PIAZZA. They "might" be in "default" yet they are refusing to pay out any interest as required in the contract. They know that the amount is only a couple thousand dollars, so it isn't worth hiring an attorney, but if we get 5-15 people to join into one suit, it will become worth it.