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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: John Vosilla who wrote (38077)	8/8/2005 8:06:15 AM
From: Ramsey Su	Read Replies (1) of 110194

I have no clue how it is going to play out. Harbor Club, originally known as One Harbor Drive, sat vacant for years until Luecadia gobbled it up for a huge profit later. This was back in 1990ish. In theory, high density is supposed to reduce cost and provide more affordable dwellings. Downtown has proven to be the reverse so far. HOA dues averages over $500 per month, making it damn hard to cash flow these units as rentals. A $500k unit with 20% can easily be looking at $1k a month in negative cash flow. This is nothing when the unit is appreciating at $2k a month but when that stops, it is quite a different story. It is going to end badly. Even if it goes down 20% across the board, it is still not going to make it on my radar screen.

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