I think it was mentioned the TCO has been issued, but at this point the offering plan isn't in effect.

The TCO has been issued but the plan is not yet effective. You can see the TCO through the department of builidings. I just called and was told that the rent-to-own and all cash buyers can move in as long as there is a TCO and they would not have to wait. I guess we'll see soon since the construction is almost complete and if people start moving in before they reach 15%.

S04 - Did you have any provision set in place so that you can receive your money back if plan doesn't become effective or if it all becomes rental and your lender bails out? Or would they just hang on to your down indefinitely?

Koa- Did you ask how much they are asking for in the rent to own plan? Any all cash buyer on Lhaus? Haha

I certainly did. I believe it was inherent in the contract.

No didn't ask them about rent to own as I don't really have an interest in doing that. I guess if their asking prices were low enough I might be.

They arent as negotiable with the rent to own as the unit is incurring wear during the renting process.

carol is an expert on lhaus...ask her

the same carolst who called everyone beyond stupid while listing several buildings clearly out of lhaus' price range as having "better everything"? is this your expert?

BBQ Sunday?! Anyone heading to this event? Update on sales?

I was sent the flyer and saw the ad for the BBQ. Sunday, October 4th @ 1pm-4pm in the yard. BBQ by Brother Jimmy's.

Unfortunately I am not going to be able to make it, but it sounds like fun. I haven't gotten any updates on sales, but from my understanding some people have moved in this week.

So koa have you decided on any unit? Still holding off?

I haven't decided on a unit yet, but I definitely think I will purchase there.

I'm curious to know how many people have moved in. Also curious to know how many among them are renters. I'll be worried if there are too many renters. With a one-year lease, the unit will be locked up for another year.

Did anyone stop by the bbq? Yard and common spaces look fantastic.

Are the common spaces all done? Another unit listed in contract...moving pretty slow it seems, at this rate 15% won't be for a bit.

The gym, lounge and outdoor areas are complete. The media room is still requires some furnishing. The brokers are expecting closings within 2 months as there are supposedly 7 more units waiting to finalize contracts at this time.

I don't know how many units are currently occupied, but I drove by there on Saturday evening and I saw about 4 apartment lights on. They are probably the "rent to own" people. The ammenties looked really great as well.

I was told by a broker that those who are awaiting the 15% plan effective to close may be able to move in earlier, paying maintenance and utilities for the months preceding their close.

That's seems like a good incentive instead of just waiting what seems like forever to move in.

Well if I was the developer I would love this... less expenses for them. Not to mention it sounds better with a higher occupancy and its not as freaky (empty building) for those who moved in already.

I do wonder how the specifics would work, such as if the plan does not go effective, what rent they would charge, etc.

I dropped by the bbq around 3. The gym looks nice. Media room is empty for now. I thought the lounge might have a pool table or something. It seems a bit bland right now. The units seem to need some final touches as well.

Have anyone try to negotiate storage unit with LHaus? $500/sf for a tiny cage is kinda steep don't you think?

3 more in contract. Now they are at 12.

6 more until the plan becomes effective. Looks like things are finally moving.

Hey guys. We are also interested in L Haus. Saw several properties last weekend. L Haus definitely seemed to look better than Foundry and Vere. We also got to sneak into Murano (first day they were showing to VIP guests, but let us drop in anyway).

The agent at L Haus said there were two people living in the building currently (including the Super). He did mention that toward the end of the year, if you are in contract, but waiting for 51% occupancy to close, they will let you move in and pay maintenance and taxes. It was our first day looking and a lot to take in. I can't remember if he mentioned that you would have to pre-qualify with their preferred lender even if you have your own mortgage lender (I thought I heard him say that). I can't imagine how long it would take for them to reach 51%. Will a mortgage lender really let you stay in contract that long?

Anyway, we are going to a few more developments in LIC this weekend...and maybe drop over to Williamsburg as well.

The LHaus lenders need 15% in order to close. The 51% must be if you decide to go with your own lender. Williamsburg had some really nice developments when we were looking a couple months ago. Just be causcious because the area has quite a few buildings opening up soon, which will be an issue if they are unable to fill them.

S04...if you don't mind, can you let me know what rate Home Mortgage was offering? you can email me privately at traveling.darren@earthlink.net

Hope you are able to move in soon, it looks like a really wonderful place.

S04...thanks for the quick response. Was trying to email you a thank you note, but my account is having trouble sending from my iPhone. So, thanks!

Not a problem dknyc

dknyc - Was it mentioned that the 2 people moved in were renters or buyers? Thanks

S04, I'm also curious about the rate Home Mortgage is willing to offer to you. Can you email me privately at imurdaddie@gmail.com?

Btw, I spoke with BOA lender (one of the two preferred lenders) but she didn't mention anything about being able to close at 15% sales. I think she mentioned that 15% sales is requirement for initial closing, but that I won't be able to close until it reaches 51%. Maybe Home Mortgage mentioned something different?

The 2 people in the building now chose the rent-to-own option. The LHaus has two preferred lenders. Bank of America says 51% to close and Home Mortgage says 15%. I'm interested in knowing their rates as well.

rcap...the agent said that one of them was the super. He then said that rent-to-owners will have priority move in, and that purchasers must wait until 15% full in order to close and move in (if preferred lender). So, I assume they were rent to own. they could be cash buyers, but I don't see any condos listed as "closed."

With the Lhaus lenders, are people putting in the full 20% down or are they going in with less?

I think BofA needs 20%+ and the other Home Owner's Mortgage does 5%... OT, any input on the recently closed #804 unit at Arris Lofts? A sign of what's to come?

Given what I'm hearing about the two lenders, I'm just curious, why would anyone go with BOA? BOA requires 20% down plus you can't close until sales reach 51%. Home Mortgage requires 5% down and you just need 15% to close. Are there any perks to BOA that's not disclosed?

I would guess a better rate or less fees.

What's the latest? Anyone?

Visited open house today. The building looks nice from afar but when you get close it looks like its covered in cheap vinyl siding that you see on older homes.

I think the layouts of the apartments are nice. The finishes are OK but in my opinion looks like it was cheaply put together with cheap material. I might be wrong tho?

The rent to own was interesting. They give you a one year rent lease. The 1st 6 months rent gets applied 100% to final price. The next 3 months get applied 50% to final price. Nothing for the final 3 months. Also, its important to note that all of the applied rent comes off the top of the sales price (NOT your closing costs/down payment). Rent cost of a 2 br is around $3200 for lower floor units.

Common charges seem high for what amenities they offer.

Overall, if they negotiated to 20-25% off their current prices, I would consider it. But not at the current prices.

Other thing I didnt like was that parking would be run by 3rd party. Expensive.

ladidadi - Did you catch how the sales was progressing? Was there a good showing for the open house today?

I was also at the open house and there was a lot of traffic. The finishes and amenities look great. I think the common charges are pretty reasonable for what you're getting. You're paying similar common charges at other new developments which only have a gym and an outdoor garden. At least the L Haus offers a common roofdeck area.

For those looking to buy, you may find this useful. (1) Extension of tax credit, (2) Income limit raised.

http://www.federalhousingtaxcredit.com/home.html

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

For sales occurring after November 6, 2009, the Act establishes income limits of $125,000 for single taxpayers and $225,000 for married couples filing joint returns.

Thanks for the updated tax credit info :)

rcap - the sales office had no traffic while i was there. I asked about move-in date / occupancy and the guy said that there were three rental units moved in already and that he expected closings for buyers to start at end of month. He didnt mention the % sold but it must be low from what I gather.

However, if they really do start closing at end of month, doesnt that mean that they met the % to make condo plan effective? But then again, I think its only 15% sold to do that. I also wonder if the closings will be made up of cash buyers. If its sold % is as low as it seems, I wonder if the banks are lending on this property yet.

Anybody know how it works with their "preferred lenders"? Do they lend even if the % sold is still very low?

I won't be buying there, just curious :)

Does anyone have any idea on what the unabated property taxes are on this thing? Just thinking about the selling scenario when its time.

I think the abated taxes is ~6-7% of the actual rate.

any updates, anyone? sales? projected closing date for buyers?

priject is stalled, no buyers and no one can get a bank loan. only 4 units have residents
apartment are very nice, but way overpriced
WAIT FOR THE AUCTION

Actually, they only need 1 or 2 more in contract before they can start closing.

I confirmed 17 signed by the end of this week with 3 in review.

They need to be realistic with prices! Obviously if they are struggling this bad just to reach 15%, something is not right.

No bank is going to loan until the building is at 51 sold and closed. They told me they have several signed contracts, but admit the buyers cannot get financicing. They are even offering to allow those buyers with signed contracts to move-in (rent-free) as long as they pay common until such time as they are able to get a loan and close. Very risky b/c the building will likely go to auction.

What they need to do is lower their prices and try to get FHA HUD approval so folks can get FHA loans.

It is sad the such a building with very nice apartmetns is doomed as a result of greedy developers and sales professionals who still think this is a hot real estate market./

Their preferred lender is already issuing commitments for a plan effective closing at 15% sold.

Countrywide also issued committments when other banks would not. Their preferred lender is not a recognized lender and people should use caution. I also understnad their lender wants 20-25 % down. In this market, with less than 15% sold after 2 years, with the high prices, no way are they fgoing to find folks willing to put 25% onan overpriced apartment at the mouth of the Midtown tunl. Now with FHA and 3.5 % and price adjustments, these apts will fly! I think there will be an auction before they get FHA approved. The developer is hurting bad.

I'd love to see some support on how badly the developer is hurting. Can you direct me anywhere?

I understand the caution in the preferred lender, but they are issuing commitments for less than 20% down. FHA would be nice though.

What do you guys think a reasonable price is for this building? $400psf? $500psf? Most condos in LIC were sold over $600-700psf.

I highly doubt lowering the price would help people obtain loans. With the exception of the preferred lender, no banks are willing to lend money to a undersold building regardless with what % you put down. I do agree there is a risk involved in this building. But that's true with many buildings in LIC.

People are also concern about the air quality and the noise from the midtown tunnel and pulaski bridge. But, how is lhaus any worse than buildings in manhattan? Buildings closer to the water have to deal with recent toxic waste removal. Are those any better than lhaus?

I do hope the building over come the initial 15% hurdle. Maybe things will take off after that. It looks like they did a decent job with the construction. I would hate to see it go under.

they have been trying to sell these units for over 2 years and are still leass than 15% sold. S04 says the developer is not hurting,which is just a stupid statement.

The building and apartemnts are really nice, but you do need to be real about this building's chances. Look at Forte in Brooklyn and Crescent Club LIC, they also had people stating that the building was doing excellent, and they were over 60% in contract before their meltdowns.

I think $400 psf is reasonable, and at auction will fetch a lot less.

Why would anyone want to move into a condo with less than 15% sold over a 2 year period? At that rate, you'll be left holding the bag. I wonder what happened to the folks who had contracts signed with 20 Bayard before it went bankrupt.

First, I did not say that the developer was not hurting. I merely asked where you'd heard this, because I have heard nothing of the sort. To state that they were "hurting" without seeing their financials or something else to back that statement up is just purely ignorant.

Second, where have you seen a comparable unit sold for $400psf in lic? Your thoughts are less interesting when you offer no reference to their origination. They come off as mere ramblings. Please provide a reference and I will be happy to concede.

I don't know the whole story at Crescent Club. Please correct me if I wrong. It looks like they had people in contract for a while. The builder could not complete the building on time. So people decided to jump ship. I am also not sure if CC had preferred lender that were willing finance the buyers. I never looked at Crescent club because its in a shady neighorhood. I would not spend $600+psf just to hangout with people from the projects. IMHO lhaus is in a much better location.

My understanding with respect to Crescent CLub is they had about 70-80 of their 121 units in contract (they number kept changing and was never confirmed by Elliman). There were two major amendments to the OP which required that buyers be given a 15 day period to recind. Many buyers took this option. Thereafter they failed to complete the building ontime (twice) and the vast majority of the others recinded. I think they have 3 units in contract, no lender and Elliman may not be the listing broker any longer. The developer is not returning phone calls and several buyers are still waiting for th ereturn of tehir deposits.

Rdrunner, I think SOHFLY said it all, why would anyone move into a condo that is less than 15% sold in 2 years, with the prices they are still trying to get.

If time is on your side, keep watching the building. You are going to see the prices drop and when they do, Lhaus might be worth the investment, but at $400-500 psf.

There are two units currently for sale at Arris Lofts for $4xx/sqft. Adjust Lhaus accordingly.

The average $psf for arris current listings, previous listings, and previous sales are all in the mid 600s. I see the two units you are referencing and since those are the lowest two by a wide margin I'm assuming they are basement units. Also, isnt arris over by court sq? Quite a difference in area.

Neither of the two are basement units. One is on the second floor(facing the railroad). The other is on the third floor(facing north). Some people would prefer being closer to more train lines(Arris). Others would prefer being closer to the restaurants and shopping(LHaus). Adjust the pricing up or down according to what is most important to you. There should also be an adjustment for majority of units closed(Arris) vs. not(LHaus). Unit size/quality is another area where, depending on your preference, it could go either way.

Agreed, when all is said and done, Lhaus will be in the 400-500 psf range. Which is excellent for those looking for a bargain.