While 10 condos for sale may sound high for a building that has 380+ units, it’s nothing compared to a whopping 46 until recorded for sale in June 2009. And that’s only the homes that made it to the MLS (Multiple listing service). There were actually 60 units for sale at that time.
Did 60 sellers decide to place their Stadium Lofts condos on the market? No — actually, it was ONE seller that decided to.
Here’s the promo of “the event” published on YouTube back in Feb 2009:
As the first development that would offer high density residences for sale in the Platinum Triangle of Anaheim, the builder, Nexus Properties had lofty (pun intended) expectations for the Real Estate market prior to 2004. Nexus was so confident about buyers willing to pay $500k+ for high density living, they didn’t even offer cooperation with local Realtors.
I wrote a blog after the dust settled that summarized what happened. See: “The Urban Flop“
Since the Stadium Lofts, no other builder would move forward with having condos for sale until Trumark Homes released “Lewis + Mason” recently. Other builders in the area who had their projects approved for condominiums later switched to luxury apartments.
Here’s an older video showing the actual buying process back then:
Eventually, the true value that buyers were willing to pay eventually was realized as you can see from the graph below. The Stadium Lofts ended up being 1 of 4 other developments that would have it’s own unique “niche market” within the Anaheim area.
As the Anaheim area becomes more dense, the demand of shorter commutes and a “community lifestyle” eventually increases. Offerings nearby have also increased with more restaurants, bars, lounges, shopping, and transportation such as the new Arctic station that gives access to Metrolink and Amtrak.