Welcome to San Diego Blog | January 21, 2010
Mi Arbolito San Diego Condos
Mi Arbolito, located at 6th Ave and Upas, sits adjacent to Balboa Park and has been a big topic of discussion these past few months. The newly constructed 14 story luxury residential tower had its grand opening, but the pricing was not agreeable to consumers and the sales were not a success. Although we usually focus on writing about Downtown San Diego Condos, we see Mi Arbolito Condos as being a close relative because it is class A, high-rise construction and still enjoys the same views as many new condos downtown San Diego.
In fact, Mi Arbolito San Diego now sits in Chapter 11 awaiting the courts to decide what will be its destiny. Because the property is in Chapter 11 Bankruptcy, the courts can declare clear title so there is a good possibility that an investor will come along and buy the bulk property, meaning all of the fourteen Mi Arbolito Condos.
There have already been discussions amongst two investor groups that identified interest in the property, but they would not only have to get an offer on the table before February 8th, but the courts would have to be agreeable to the terms they present.
Like it or not, Mi Arbolito San Diego Condos are here to stay so it would be in the best interest of the community to have somebody buy the building at a discounted rate and then sell the condos individually with a more realistic sales price. The location is outstanding and although some residents don’t care much for the tower, the interiors are exquisite and the views are stunning.