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I hear Angel City is a good place to invest in property. There are some good deals there and great resale.. Is this still true?
Yes, there has been a lot of great resale deals in Angel City in recent months. The sellers are generally 'distressed' and from places like England and Ireland.
However, most of these 'owners' were looking to sell on their contracts before completing the signing of the final contract. That is, sell their right to buy to someone else. However, from what I hear, the developer is now not allowing anyone to do this.
So if someone is a distressed seller, then they have two choices:
a) find the money to complete on the purchase and then sell on later (but any sale could be drawn out because they will need to wait then for the issue of the new land and mortgage register entry for the apartment, which will take 3-6 months)
b) sell back to the developer at a loss.
Our agency was never involved in the sale of Angel City off-plan, and judging by the numbers of disgruntled investors, this was probably a good thing. Instead we have been and will continue to be heavily involved in the smaller Sobieski Residence project, where we will still have a few nice apartments to sell, and lots of new apartments for rent.
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