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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (46563)	12/4/2005 12:15:32 PM
From: Ramsey Su	Read Replies (2) \| Respond to of 110194

reasons could be: 1. second homes. 2. "second" homes. 3. anti flipping clauses (usually for one year). 4. cannot afford electricity.

To: John Vosilla who wrote (46563)	12/4/2005 1:14:48 PM
From: russwinter	Read Replies (3) \| Respond to of 110194

Somehow this project under construction near me shows almost all sold out with the banner hanging on the wall showing only 3 are left.> Same with the Pinnacle in the Pearl District, sign says all sold out, yet three months after they are open (May), half were still empty. I go into the developer's office in Sept. and ask about this, and they said they "didn't want to move everybody in at once". What crock, intended for the Ernest P Worrells of the world. Then I asked how many were being flipped. She acted like "flipped" was a forbidden word. So I reasked as, "could you tell me how many are currently listed for resale". She said "some" but evasive, tried qualifying me as a buyer, and then made some standard real estate shill comments. I asked how many were actually closed, and she then indicated "they were proceeding", and if they didn't actually close, they would "remarket them at higher prices". Come on "proceeding", moving people in "slowly" three months after opening, how many developers can afford that? That was Sept, and we know the market is worse now. I asked how many were being rented out, she didn't really know, but heard "some" but didn't think it was a big issue, because rentals were limited to 20%, but that was up to the owner's association to enforce. It was hard to have this conversation, because I couldn't contain my contempt. She was either completely clueless or a darn good actor about discussing all these obvious holes in the story though. Might be time for a followup. BTW ground broke in October on a 19 story complex from this developer right across the street. I got an invitation to participate in the pre-construction lotto in November. Last summer I was told they "really needed inventory" in the Pearl and downtown PDX. Now I note more, and seemingly more every day, including at the aforementiond Pinnacle: bpr.com