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  • May 9, 2009 at 10:36 AM #396236
    davelj
    Participant

    If these folks have half a brain (ok, that’s a leap considering they built this thing when they did – but I digress), they will lower the list prices by 30%-ish to get sales up to the Fannie/Freddie threshold. They’ll earmark the upper floors (or certain blocks of floors) for buyers and then they’ll hold onto the remaining units (on the other floors) as rentals. There’s no hope of this project turning a profit at this point, so they have to accept that and focus on the goal of mere non-complete-debacle. My bet is they can get their lender to write down 10%-20% of the loan’s principal balance, sell units to pay down a big chunk of that principal, and refinance the rental units as a group into a huge multi-family mini-perm loan at 5.5% over 10 years (courtesy of agency financing). So, yeah, everybody loses… but they lose a hell of a lot less than if they pretend that they can actually sell all of those units at anything even resembling a list price. If they’re not already going down this road then they shouldn’t be in the development business.

    May 9, 2009 at 12:18 PM #395617
    PadreBrian
    Participant

    Exactly. They already said the middle tower is now renal only. I half suspect they will sell the nice flats for 30-40% off and then rent out the lower floors. Both the bank and developer lose.

    May 9, 2009 at 12:18 PM #395870
    PadreBrian
    Participant

    Exactly. They already said the middle tower is now renal only. I half suspect they will sell the nice flats for 30-40% off and then rent out the lower floors. Both the bank and developer lose.

    May 9, 2009 at 12:18 PM #396089
    PadreBrian
    Participant

    Exactly. They already said the middle tower is now renal only. I half suspect they will sell the nice flats for 30-40% off and then rent out the lower floors. Both the bank and developer lose.

    May 9, 2009 at 12:18 PM #396143
    PadreBrian
    Participant

    Exactly. They already said the middle tower is now renal only. I half suspect they will sell the nice flats for 30-40% off and then rent out the lower floors. Both the bank and developer lose.

    May 9, 2009 at 12:18 PM #396286
    PadreBrian
    Participant

    Exactly. They already said the middle tower is now renal only. I half suspect they will sell the nice flats for 30-40% off and then rent out the lower floors. Both the bank and developer lose.

    May 9, 2009 at 2:43 PM #395667
    blahblahblah
    Participant

    That’s a whole lot of new rental and purchase property added into the mix downtown. That will put downward pressure on both rents and purchase prices for similar units.

    May 9, 2009 at 2:43 PM #395917
    blahblahblah
    Participant

    That’s a whole lot of new rental and purchase property added into the mix downtown. That will put downward pressure on both rents and purchase prices for similar units.

    May 9, 2009 at 2:43 PM #396139
    blahblahblah
    Participant

    That’s a whole lot of new rental and purchase property added into the mix downtown. That will put downward pressure on both rents and purchase prices for similar units.

    May 9, 2009 at 2:43 PM #396193
    blahblahblah
    Participant

    That’s a whole lot of new rental and purchase property added into the mix downtown. That will put downward pressure on both rents and purchase prices for similar units.

    May 9, 2009 at 2:43 PM #396336
    blahblahblah
    Participant

    That’s a whole lot of new rental and purchase property added into the mix downtown. That will put downward pressure on both rents and purchase prices for similar units.

    June 1, 2009 at 5:13 PM #408620
    Anonymous
    Guest

    TAKE YOUR MONEY AND RUN….

    June 1, 2009 at 5:13 PM #408859
    Anonymous
    Guest

    TAKE YOUR MONEY AND RUN….

    June 1, 2009 at 5:13 PM #409107
    Anonymous
    Guest

    TAKE YOUR MONEY AND RUN….

    June 1, 2009 at 5:13 PM #409168
    Anonymous
    Guest

    TAKE YOUR MONEY AND RUN….

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