Breaking Icon news at Playa Vista

By
Real Estate Agent with New Century Realty Group

  

Playa Vista Icon

Two weeks ago the turn out for New West Home's, developer of 8 Icon units, was very low.   Eleven were on the waiting list, but only four official reservations were taken of the 8 Icon lots.   Now two prospects have dropped out and since the buyers were trying to negotiate after the deal, the developer stopped all reservations and they are "starting from scratch" with all potential parties just put on the interest list.  Both the sales manager and the developer were very disappointed with the outcome.  In any event, they will start building these homes.
  Their competition is the large developer, Lennar Homes, who has a deposit on the rest of the Icon lots.  They have until July 2nd to move forward or loose their deposit.  By July 17th Lennar must put down all their money and fully purchase the remaining 18 lots.   They are buying the lots for around $450,000 each.  My guess since New West Home had such a disappointing turn of events, that either Lennar will try to renegotiate or demand their deposit back.  Time will tell. 

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