Zoom, Zoom, Zoom
At $300 per square foot and total unit costs between $250,000 and $2.8 million, San Jose, Calif.'s latest-and-greatest condo project boasts price tags typical of Silicon Valley for-sale multifamily property. The catch? Not a single family will inhabit them. That's because Club Auto Sport's units are reserved entirely for cars. Condo developer Ralph Borelli hopes auto enthusiasts will be eager to plop down the cash for a car condo in the Bay Area-a market that has been otherwise flat on the residential side. "A lot of wealth has been created with the high-tech industry and a lot of people are passionate about cars," Borelli tells the San Jose Mercury News. "These people can afford to get into their passion in a big way." Units will range in size from 600 square feet to 10,000 square feet and feature 20-foot-high ceilings for collectors to stack their antique autos and collector cars. The project is scheduled to open in spring 2008.
The pervasive sound of bouncing basketballs killed a $16.2 million deal between San Jose, Calif.-based Brandenburg Properties and Chicago-based developer Richard Curto to unload 63,000 square feet of retail in Curto's Oak Park, Ill., mixed-use condominium project. Brandenburg barely beat the buzzer-pulling out of the deal on July 31, the day it was scheduled to close. Citing an unresolved nuisance citation issued on behalf of condo owners to Curto's development company and commercial tenant Fitness Formula, Brandenburg is demanding the return of its $1.5 million deposit. The July 2 citation alleges that the sound of bouncing basketballs on the floor and walls of the 47,000 square foot gym emanates into the condo units located above.
Lights, Camera, Action
In the latest bit of multifamily viral marketing action, Apartments.com will post finalists in its "Possession Obsession" video competition on the company's Web site between Sept. 17 and Oct. 19. The competition pits apartment dwellers against each other to determine which multifamily resident is the most unique collector. "Whether it be shoes, stamps, or porcelain dolls, more than 40 percent of U.S. households have someone who finds great joy and happiness in their hobby of collecting," said Apartments.com spokesperson Lisa DeVries in a press release. "Through the 'Possession Obsession' contest, we hope to give these collectors a place to proudly showcase their passions, and possibly win $20,000 while they're at it." Finalists were selected by a panel of judges, including Apartments.com "experts," the press release noted. America will decide the $20,000 champion via votes cast at Apartments.com.
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