Two units at Palm Place sell at loss
A real estate research group today reported some more bad news for condo-hotel developers.
The owners of two condominium-hotel units at Palm Place recently sold their units at loss less than a year after buying them.
Both units were bought March 5 by Vellano Development and Management, a Chino, Calif.-based real estate development company, bought the units earlier this month for $600,000 and $565,000, according to Chicago-based real estate research group BlockShopper.com.
The units originally sold for $667,400 and $639,200, respectively, in April 2008. The deals were the third resales at the 599-unit tower at the Palms resort.
The Palms Place has not closed a sale on a new unit since Dec. 30, and has closed sales on only 58 percent of the 599 units in the tower.
