Vue Condo Project In Receivership

by Deidre Woollard (RSS feed)
Jul 22nd 2010 at 8:01PM

Douglas Wilson, owner of the Douglas Wilson Companies (DWC) has been appointed as the receiver for The Vue, a luxury 15-story condo tower in San Pedro, California. DWC has assumed complete operational responsibility for the 318-unit project, including all homeowner and leasing program issues. The developer Carlyle/Galaxy San Pedro opened Vue as condo project in March 2009 but the building now has a rental program because of the distressed real estate economy. Units rent in the $1,500-$3,000 range. DWC is currently discussing with the lender and developer whether or not to restart the sales program for the property. Units for sale had, at one pint, a starting price of $315,000.

"This is the largest waterfront development in Old Town San Pedro, so we expect this asset to be a strong performer once the market has stabilized," said Douglas Wilson, CEO of Douglas Wilson Companies (DWC) in a press release. "With views of the harbor and upscale amenities like concierge service and a helicopter pad, the Vue sets a new standard for San Pedro."

Units in the building have floor-to-ceiling glass walls and private balconies. Interiors feature stainless steel appliances, hardwood cabinets, quartz countertops and more. Building amenities include a resort-style pool with a deck and private cabanas; a fitness center and yoga/Pilates studio; and a rooftop terrace with stainless steel barbecue grills.

Tags: california real estate, condos, condos in trouble, san pedro, Vue