free gift with purchase: santee village
As uncertainty about the housing market abounds, developers are starting to get more creative with ways to promote their residential projects. The latest head-scratcher comes via MJW Investments’ Santee Village project at 8th and Los Angeles streets: Buy a condo, get a free MINI Cooper!
The second phase of Santee Village — the Textile Building condominiums — has sold out with an average sale price of $535,000. However, the developer is concerned enough about his third phase in today’s market to hand over the keys to a comped three-year lease of a MINI Cooper to any new buyer.
The third phase contains three Mills Act-enabled properties — the Santee, Cornell and Eckardt — totaling 216 units. That’s a whole lot of sameness in the parking lot; let’s hope they’re offering a choice of colors. I suppose it’s better than the sea of Escalades and Range Rovers crowding the South Group’s “green” buildings.
This follows the bargain-bin price slashing of the 2121 Lofts in the Industrial District.
Now taking suggestions for the next buying incentive trend to hit Downtown!
More photos of Santee Village condos here.
4 comments
These mo-fo’s need to reduce the price of these units. There is a reason why they aren’t selling. I also think they need to include a flooring credit because not everyone is into nasty old concrete floors. Either that, or your home owner’s gift basket should include lots of white tube socks and detergent/bleach to walk around in your new, over priced place.
Umm. Lets see, I am also missing the fact that the neighborhood is very shady and pigeons like to hang out on your window sill ….ummm a 3 year mini cooper lease sounds like a nice business expense for the developer…when they should have used that money to invest into a better quality building, renovation job or reduced price tag.
i’ve actually been taking wonton on los angeles st. by the santee village for his walks, and i’m really starting to fall in love with that stretch. lots of trees, some really nifty buildings, and an interesting retail mix. the courtyard where they host the farmers market on wednesdays is very nice, too.
if we were looking to buy, we’d certainly check it out.
i am surprised they went with mini coopers instead of what seems to be the more-ubiquitous prius. (and what are they going to do for someone who doesn’t want the lease? give them a cash-equivalent?)
Minicoopers have a very high residual value, making them really cheap to lease. This actually works out in the developers favor I doubt the 3 year cost to them is more than $10k plus they pay it out over time rather than one lump sum so it improves their cashflow.
I actually really like the area too, having so many converted loft buildings on one block will really add to the sense of community in that area.
There is a reason why they aren’t selling.
Well, that sure isn’t because of the special tax breaks an owner may receive. $1,100 per year to the LA County Tax Assessor’s Office isn’t much more than what I was paying annually in property taxes for a townhouse I bought in 1986!
Because of the historical significance of the buildings that comprise Santee Village, which were constructed in the early 1900s, residents qualify for reduced property taxes under the Mills Act. A buyer purchasing a unit for $525,000, for example, would pay only $1,100 a year in property taxes compared to approximately $6,875 a year without the Mills Act discount.