Kelly did a follow-up to the downtown-condo debacle known as ‘Vantage Point’:
http://www.voiceofsandiego.org/articles/2009/06/24/survival/216vp062309.txt
They are breaking up the 679-unit condo into six pieces, some for sale, and some for rent.
An excerpt:
“Initially, sales efforts will be focused on the homes in the South Tower and the 2-story townhomes. These homes will be known as CityVibe. The South-facing S plans, now referred to as Seascape, will also be a part of our initial sales program. The homes in the Center Tower will be referred to as Horizons and will be available for lease at this time. Depending upon market conditions, we anticipate commencing sales in the entire North Tower at a later date.”
“City Vibe?” Really? Someone should also tell them there’s already a Horizons tower – two of them, actually.
Oh, the downtown market is a mess. Too bad because it’s a fun place to live. Hope it can stay that way.
Here in Atlanta, we have a number of buildings just like this, and the auctions are in full swing.
That’s the direction they appear to be going here-auctions. We’re not as bad as Miami, but a report just out said Metro Atlanta property values dropped by $5 billion in 2008.
There are a lot of upside down neighborhoods around here, including our esteemed Buckhead.
Awww, I feel so bad for the builder… boo hoo hoo.
Condo market continues to fall like dominoes, and it will continue for quite some time.
“City Vibe”, “Seascape”, and “Horizons”. Not bad, but I think they could do better. How about “City Glut”, “Reposcape”, “Hoa-zone”.
Dwip,
Now that’s “truth in advertising”.
Not Paying the Mortgage, Yet Stuck With the Keys
Foreclosure Backlog Imperils Recovery
By Renae Merle
Washington Post Staff Writer
Wednesday, June 24, 2009
A growing number of American homeowners are falling into financial limbo: They’re badly behind on payments, but their banks have not yet foreclosed.
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/23/AR2009062303500.html
Don’t worry, Barney Frank to the rescue.
http://www.reuters.com/article/GCA-Housing/idUSTRE55L39120090622
Before you know it the government might start encouraging subprime lending, zero down mortgages, and insanely low interest rates. Oh wait…
That Barney Fwank has all the answers. Perhaps he will cut a billion dollar tax credit deal with the developer that will qualify CitiVibe as low cost/no cost housing for all our new Amnesty recipients.
The hoa fees on those downtown condos make them comparable to trailer park skyscrapers.
So they’re trying the old, “divide and conquer” routine.
Now their press releases can say “only 50 left!” instead of “hundreds left!”
Heck, why not release them one at a time and claim “only 1 left” 50 times? 😉
Nathan-I don’t understand the logic in moving out before the sheriff is on your doorstep. Free rent!
Consultant, I moved out here to N. SD county from Atlanta 4 years ago.
Until recently it seemed like every time I flew back there were several new highrise condos sprouting up in Midtown and Buckhead. Have intown condo prices dropped because of overdevelopment?
I still have a small house in south Buckhead that I’m renting. The current tenant is leaving at the end of the month, so if you know anyone please pass this along (rent is $1390/mo):
http://ejasonkey.googlepages.com/collierhillshome
sorry for that last bit of spam
From what I’ve gathered, condo prices prices are crashing in Atlanta because of over development and foreclosures. We’re pretty high up on the foreclosure list, and when you drive around downtown, midtown, buckhead, Cobb/Galleria and Perimeter mall area, you see MORE condos under construction-RIGHT NOW. Go figure. That’s Atlanta. Over the last 30 years they have built without any concern over the national economic conditions. Call it the behavior of previous investment.
Your house is in a good location, so you’ll have a better chance than most in renting your property.
Walmart is hiring, the recession is over folks.Dollar tree says business is booming.People are flush with cash.Go buy a house please!!!!!!!Barney frank is my hero.
AZDude,
If it wasn’t so damn bad your posts would be funny. Does anyone recall how the French were rioting a couple years back. Young folks had a tough time getting work and took to the street. Around 25% were out of work.
Americans thought how wrong and screwed up France must be.
This is the worst economy anybody here has ever seen, and yet very modest average homes in SD are still selling for 700k.
We are deluded. Delusions can last a long time.
City Vibe sounds like a sex toy shop.
Delusion ran strong in those French riots, too. People actually demonstrated against changes that would’ve improved their job prospects.
Sometimes “sheeple” seems all too appropriate. Sigh.
It is no secret all the trouble this building has had. I think anyone who does buy should seek some kind of examination.
Good morning to all.Having some good coffee today and enjoying the cool morning in sacramento today.All this talk of recession is getting old.People are still spending money around here.Bars are packed when I go out.Times must be real hard.I am dropping off another bottle of JACK for my realtor.She hasn’t sold a house in a year.
People are still spending money around here.
It’s Sacramento, meaning it’s OPM.