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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: carranza2 who wrote (213323)	7/30/2009 1:51:17 PM
From: John Vosilla	Read Replies (2) \| Respond to of 306849

Two other people actually closed in what appears to be a 200 unit highrise. My guess is the developer isn't going to foot their share of the upkeep. Costs of minimal upkeep would have to be shared by the lucky three owners and that could be enormous unless they get good legal counsel. Lots of poker chips by the developer and lender to keep from footing the bill. leepa.org

To: carranza2 who wrote (213323)	7/30/2009 3:06:49 PM
From: MoneyPenny	Read Replies (2) \| Respond to of 306849

I read that this morning in the News-Mess. Read the ultra angry replies at the bottom. Lots of people over the top about a fireman buying a $430k condo. They want him investigated. The ineptly named Oasis project is a ghetto in waiting. Wrong side of downtown, nothing around but old shelled out bodegas and very down-market housing. Very scary at night. A Related project with a carpetbagger developer from Miami. My carpetbagger developer was from Cleveland <G> The rest of the planned condos are not being built. My high rise project completed and is about 2/3 closed and maybe 15% occupied with another 25% arriving in the winter season. It has a chance, barely. The company I worked for was very good about working with banks, the GC, etc to make sure everything was in good order and it is much nicer than anything in town (if I do say so myself<G>) MP