Anybody who buys full price is likely to end up like this guy at Mercer, trying to sell for a $185,000 loss plus commissons:
I was in the condo market and then got cold feet before I plunked down around $400k on a 1br at Mercer. I'm lucky I didn't, because since then the market has tanked and I lost my job. Now I have a job again so I would have been able to survive, but I didn't know when work was coming next so it would have been scary.
Having looked at a lot of condos from Walnut Creek to SF, there is some quality stuff around. The amenities at Mercer are honestly pretty nice but the condos themselves are tiny sh*tboxes with paper-thin walls. At least at Mercer you get some nice amenities (pool/spa area). 555 has a useless center courtyard and a useless (arguably) roof deck. No thank you. I'll rent or I'll buy a house with no HOA and nobody living on top of me.
The Sales team at 555YVR just had their soft opening to the brokerage community yesterday. There are going to be a total of 87 units which consist of 14 different floorplans. The smallest unit is supposedly 1BD/1BA, approx 750SF, while the largest unit is a 2BD/2BA, approx 1300SF. They have not set firm pricing, but the general range they quoted was between high $300Ks up to mid $700Ks. I concur with some of Scott's comments below. I would add that they have a clubhouse/media room on the bottom floor, an adequate fitness center, a dog run, and the common areas are wired for WiFi. All the units apparently come with Bosch appliances, caesar stone counters, and stackable washer/dryer units in the closet. One of the other unique things about the complex is that one of the floorplans is a live/work arrangement. I think this is a neat feature for people who are self employed or work out of their house, however I think all of these units face onto Ygnacio Valley Road. Like the Mercer, Montecito and some of the other newer complexes in Walnut Creek, 555YVR also has a secured entrance and gated parking spots. However, 555YVR does not have a concierge service and the accesibility to get in and out of the complex seems to be a little more difficult, as there is only one entrance/exit and you can only turn in and out of the property in one direction...
Well, I think the sales staff said they would be coming out with official pricing in the next couple of weeks. If you had any other questions about the complex, just let me know and I am happy to give you my opinion.
I just looked at 555 today and was pretty impressed by some things, unimpressed by other things. I don't think that they're going to sell at the asking prices though, which are low 400s to low 700s I believe.
The hallways are all outside or semi-outside, which is a nice change from the ultra sterile hallways of Mercer. The courtyard in the middle failed to impress me, same with the rooftop deck which was surrounded by the rest of the rooftops covered in A/C units. Really not very attractive, pictures can be deceiving. The community grounds at Mercer are far more usable IMHO.
No pool or spa, if you didn't already know. The roof deck, with a bit of TLC and a hot tub could end up as a decent hangout... maybe.
Interiors are well-done it looks like, and the bathrooms aren't as gigantic and princessey as Mercer. I'm a straight dude... I don't need a massive bathroom with as-high-end features.
All in all it seems like a nice place, but it's ultimately just another condo where you can't make much noise.
I'd love to get other opinions on pricing, if they'll unload them or be forced to rent them out.
I actually had an appraiser call me a few weeks ago about this property....He too, was not able to get through.
Inquiring minds want to know--did this project lose funding and is stalled and/or will they be completing this project in the near future?