Tuesday, November 30, 2010
UPDATE: Auction delayed until Dec. 13, giving parties more time to work out deal
In case you missed this comment to this morning's posting on the public auction of 34 Palermo Palm Springs units, Michael Heath of Village Property Management reports: "Trustees Sale set for today at 1pm 11/30/10 for the sale of developer interest in Palermo was postponed until December 13th. This is to make time for a settlement conference the parties are organizing. I received notice of this postponement today from the lawyers." The renters of these units, and people who want to buy them, will have at least two more weeks of uncertainty. Miss Penny Lane says: Thank you for this important update.
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6 comments:
Thanks for the minute by minute update. S&M
Did you guys think this means Enterprise might be coming back? That's going to shake it up! Never a dull moment.
Bruce Bushore of Enterprise has been back at his Palermo office after being away. So maybe a deal is in the works.
Hello everyone, I hate to put the horse in front of the cart but it does indicate that some how enterprise is trying to keep its interest. For all the homeowner here I will pray the enterprise keeps their intrest and gives you everything you were promised and deserve
Sincerely
Perry
I agree with Perry. Appears that Ron Shipka and Enterprise may be back. Remember Shipka is a smart business guy. Undeveloped Phase 2 of Palermo already has five models built and all the pipes, etc., are in. It's shovel ready to build. The green lighting of the 200,000 square foot College of the Desert campus next door means the area is going to take off. The land is more valuable. They can sit on the land for a a year or two and then start construction, so today's prices are meaningless. It also seems the prices are bottoming now or have already. The big round of foreclosures and short sales is over. There are at least two or three units that may go through it based on when and how those people got their loans in 2007 and 2008. The only properties that aren't being snapped up now are ones where the bank is so slow, etc. Enterprise could in 2011 start selling its two bedroom units in the 200s or even 300s. Also remember that the Shipkas have been involved with John Wessman, the developer who owns the vacant mall downtown. Enterprise has lots of fingers in Palm Springs. For us here, Enterprise coming back is going to have implications on the HOA and management, too, I would think in light of some of the stuff that has been said about Enterprise over the past months. Yes, never dull. But I'm also with Penny in that this is a terrific community. The future is bright no matter what happens.
I did appreciate Ron Shipka Jr.'s ability to keep down the association's costs.
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