I am with you. Think of all the money you don't have to make for others just to own a box! The corn acrossed the street grew a foot easily this week. What great neighbors.
26 floors is a long climb when the elevators fail and the condo ass. has no funds to repair them. Or the garbage chutes (they aren't green!) are clogged.
Irony: the Fed dept of HUD is tearing down highrises in public housing because they proved to be hotbeds of crime and neglect. the Fed (Fanny/Fred) are underwriting mortgages in high rises that contain units that are about the same size as the Sec. 8 housing.
Can you imagine what the condo assoc meetings will be like with 400+ units occupied and 300 empty? Don't being a knife to a gunfight, right?
The marketing of "Luxury Condos" or "Luxury Apartments" makes me roflmao. A granite countertop in kitchen and $400/sq ft (purchase) or $300 sq. ft/mo is all that it takes to get the "Luxury". Also. A yoga room.
Luxury to me is having a barn with electricity in it, and living within driving distance of good Thai food. People are nuts for not thinking beyond the current set of circumstances.
Taxes and association dues alone push the price of these units beyond the local rates for Class A office space. These will be nice little downtown corporate extended stays and courtesy suites once the new owner forecloses and gets realistic as to price and oh yeah, corporations start doing profitable business in California again.
So are department stores and car dealers having a better time of it than they are letting on? I don't think so. I believe the seasonal adjustments in the data offer a more reasonable explanation.
Apparel prices rose 8.8 percent on a seasonally adjusted basis but fell a whopping 25.5 percent (annualized) on an unadjusted basis
Gerding Edlen Development Co. has added the John Ross condominiums at South Waterfront to a list of projects with slashed prices.
The company cut prices by approximately one-third in a bid to find buyers for 110 unsold units in the next 18 months.
Realty Trust Group, which is marketing the John Ross for the ownership group, announced the price cuts Wednesday. Patrick Clark, principal broker for the John Ross, said the new prices reflect the reality of the residential market, which includes approximately 800 unsold luxury condominiums around downtown Portland.
A sample of units available at John Ross includes a 12th floor studio now available for $199,999, down $100,000. The new price translates to $311 per square foot.
A 30th-floor penthouse unit with three bedrooms and three and a half bathrooms now is available for $1.5 million, down nearly $1 million. The new price is equal to $434 per square foot.
Realty Trust notified John Ross homeowners of the decision to cut prices on July 10.
“Without question, the overall state of the economy has significantly impacted sales and closing activity,” it told previous buyers.
[Portland Business Journal - 7/17/09]
I guess we live in luxury. 3800 sq ft garage/barn/shop/guest quarters with electricity and 220 volt RV/Welding power. Who cares about the house! All one needs is a great barn and happy horses.
An OK Chinese place is 1 mile away and it is 10 miles to an OK Thai place. Ah! Luxury! Actually the house is great - 2 acres plus house and barn for around $100/sqft..
Drove back from Palo Alto yesterday and yikes!!!!! Where are all the poor people going? Are they spending their unemployment checks on gas and gambling in Reno?
I guess we live in luxury. 3800 sq ft garage/barn/shop/guest quarters with electricity and 220 volt RV/Welding power. Who cares about the house! All one needs is a great barn and happy horses.
An OK Chinese place is 1 mile away and it is 10 miles to an OK Thai place. Ah! Luxury! Actually the house is great - 2 acres plus house and barn for around $100/sqft..
Got water, enough sunshine to make electricity? Have enough land to grow food. You are all set!
Patrick Clark, principal broker for the John Ross, said the new prices reflect the reality of the residential market, which includes approximately 800 unsold luxury condominiums around downtown Portland
Realtor = Liar
There are at least a dozen high rise condo buidlings in the Pearl District, finished but empty. Besides the Ross, another 4-6 buildings in the South Waterfront, empty. 8000 is more like it.
A ghost development area. Streetcars, streets are done. No park (empty lot). No people. No local biz.
Last comment on John Ross: They didn't mention that a year ago they announed that the John Ross would go rental, not condo. No takers! So they switched back to condos.
Ah, the sweet smell of foreclosure in the clean air.
You need to spend some time here in So Cal. Here, half a mil is a bargain! For anything. I'm pretty sure you could sell a storage shed here for that price, with multiple offers! :-/
The recovery is a forest. People have let their credit cards go, and don"t have mortgage payments it looks as if we are spending more and people have disposable incomes again. Actually, savings are getting drained and there are no new jobs. We are in the calm before the storm. People are spending what every little cash they have left on eating out and shopping for smaller ticket items. This will come to an end in 6 months. There are no new jobs. Can you hear the quiet in America?
These are all over New York. My office overlooks a newly converted high-end apartment building a few blocks away from Wall Street , and is mostly deserted. For example, I can see 16 balconies - 4 have any sort of decoration or furniture on them, a few have wood over the doors.
Take a walk around NYC and you can see so much evidence of overbuilding. Look up and you can see a new slick looking builidng every few blocks, look closer and you can see that the bulk of the apartments are empty (every single new building is all glass, you know)...or coincidentally decorated with all the same exact furniture. Walk down the block a little further and you'll find another one in the midst of construction.
...and for some reason sellers and developers wonder why they can't unload their inventory at what they see as a 'fair' price - Anyone with eyes can see the big drop has yet to happen and is right around the corner!!!
1st!
aaargggh
A $400-500 per square foot motel room.............Geeze..........I'd obviously be hanging with the wrong crowd here.
Time to go milk...................
Aha, "shadow inventory" in pictures. Excellent.
C
Detached condo's are called PUD's for more than one reason.
Hellloooo out there... No one? What, pitchers of margies for each bank down on BFF?
Ghesh.
C
BSR
I am with you. Think of all the money you don't have to make for others just to own a box! The corn acrossed the street grew a foot easily this week. What great neighbors.
good morning
so these condos are in a shadowland? they are orphans? deal gently im working on first cup of coffee.
A $400-500 per square foot motel room...
My thoughts exactly... who would buy such a thing for half a mil?
I have co-workers that are happily buying condos. WTF??
Buy in haste, repent forever.
C
Once more I have an opinion not covered by a poll.
wait and see if it's abused.
Curtain people here soon. She sounded manic on the phone.
26 floors is a long climb when the elevators fail and the condo ass. has no funds to repair them. Or the garbage chutes (they aren't green!) are clogged.
Irony: the Fed dept of HUD is tearing down highrises in public housing because they proved to be hotbeds of crime and neglect. the Fed (Fanny/Fred) are underwriting mortgages in high rises that contain units that are about the same size as the Sec. 8 housing.
Can you imagine what the condo assoc meetings will be like with 400+ units occupied and 300 empty? Don't being a knife to a gunfight, right?
10-20 cents on the dollar. Welfare housing with ocean/bay views.
In Miami/Miami Beach.
The marketing of "Luxury Condos" or "Luxury Apartments" makes me roflmao. A granite countertop in kitchen and $400/sq ft (purchase) or $300 sq. ft/mo is all that it takes to get the "Luxury". Also. A yoga room.
Luxury to me is having a barn with electricity in it, and living within driving distance of good Thai food. People are nuts for not thinking beyond the current set of circumstances.
Yoga rooms will be handy when U6 hits 20%.
C
[resident calls 911]
911, how can i help you?
I nearly passed out on the 22nd floor of my condo from noxious smell in hallways.
911: did it smell like chemicals?
yeah
911: let me transfer you to the regional decontamination agency.
ok
666: where's your contaminated unit?
22nd floor of my luxury condo downtown - Vantage Point .
666: oh, that building was condemned last week. We can't respond there. Suggest you call 911.
Taxes and association dues alone push the price of these units beyond the local rates for Class A office space. These will be nice little downtown corporate extended stays and courtesy suites once the new owner forecloses and gets realistic as to price and oh yeah, corporations start doing profitable business in California again.
So are department stores and car dealers having a better time of it than they are letting on? I don't think so. I believe the seasonal adjustments in the data offer a more reasonable explanation.
Apparel prices rose 8.8 percent on a seasonally adjusted basis but fell a whopping 25.5 percent (annualized) on an unadjusted basis
macroblog: When cycles collide
Feed lot and a clogged garbage chute kind of smell the same!
Gerding Edlen Development Co. has added the John Ross condominiums at South Waterfront to a list of projects with slashed prices.
The company cut prices by approximately one-third in a bid to find buyers for 110 unsold units in the next 18 months.
Realty Trust Group, which is marketing the John Ross for the ownership group, announced the price cuts Wednesday. Patrick Clark, principal broker for the John Ross, said the new prices reflect the reality of the residential market, which includes approximately 800 unsold luxury condominiums around downtown Portland.
A sample of units available at John Ross includes a 12th floor studio now available for $199,999, down $100,000. The new price translates to $311 per square foot.
A 30th-floor penthouse unit with three bedrooms and three and a half bathrooms now is available for $1.5 million, down nearly $1 million. The new price is equal to $434 per square foot.
Realty Trust notified John Ross homeowners of the decision to cut prices on July 10.
“Without question, the overall state of the economy has significantly impacted sales and closing activity,” it told previous buyers.
[Portland Business Journal - 7/17/09]
The John Ross Condos
drain the pool and use it as a chicken pen.
edit: These highrises have pumps to get water to the top floors, right? Wait til those break down and the HOA is bk.
How about a four star hotel in China with free pizza delivery?:
BBC NEWS | Asia-Pacific | China quarantines school groups
Imagine turning the whole 30 story bldg into a bird sanctuary; the units already look like pigeon coops!
I guess we live in luxury. 3800 sq ft garage/barn/shop/guest quarters with electricity and 220 volt RV/Welding power. Who cares about the house! All one needs is a great barn and happy horses.
An OK Chinese place is 1 mile away and it is 10 miles to an OK Thai place. Ah! Luxury! Actually the house is great - 2 acres plus house and barn for around $100/sqft..
Drove back from Palo Alto yesterday and yikes!!!!! Where are all the poor people going? Are they spending their unemployment checks on gas and gambling in Reno?
"Imagine turning the whole 30 story bldg into a bird sanctuary; the units already look like pigeon coops! "
that will happen naturally if they keep those balcony doors open
lol @ debtfree.
minimum security prison?
Pigeons are great for French cooking right? Then there you have it, Culture salvaged
Condo assoc says 'no pigeon snatching' (bird luvers). Cats must be leashed.
I guess we live in luxury. 3800 sq ft garage/barn/shop/guest quarters with electricity and 220 volt RV/Welding power. Who cares about the house! All one needs is a great barn and happy horses.
An OK Chinese place is 1 mile away and it is 10 miles to an OK Thai place. Ah! Luxury! Actually the house is great - 2 acres plus house and barn for around $100/sqft..
Got water, enough sunshine to make electricity? Have enough land to grow food. You are all set!
[quote from John Ross salesperson]
Patrick Clark, principal broker for the John Ross, said the new prices reflect the reality of the residential market, which includes approximately 800 unsold luxury condominiums around downtown Portland
Realtor = Liar
There are at least a dozen high rise condo buidlings in the Pearl District, finished but empty. Besides the Ross, another 4-6 buildings in the South Waterfront, empty. 8000 is more like it.
A ghost development area. Streetcars, streets are done. No park (empty lot). No people. No local biz.
Last comment on John Ross: They didn't mention that a year ago they announed that the John Ross would go rental, not condo. No takers! So they switched back to condos.
Ah, the sweet smell of foreclosure in the clean air.
I just looked up the average price per square foot in Oklahoma City. It is $65.
Many people are still in denial about our recession. It is not a river in Egypt.
"who would buy such a thing for half a mil?"
You need to spend some time here in So Cal. Here, half a mil is a bargain! For anything. I'm pretty sure you could sell a storage shed here for that price, with multiple offers! :-/
The recovery is a forest. People have let their credit cards go, and don"t have mortgage payments it looks as if we are spending more and people have disposable incomes again. Actually, savings are getting drained and there are no new jobs. We are in the calm before the storm. People are spending what every little cash they have left on eating out and shopping for smaller ticket items. This will come to an end in 6 months. There are no new jobs. Can you hear the quiet in America?
good articles : Interesting Finance & Economic articles
THANK YOU CR!!
how many shoes to go?
These are all over New York. My office overlooks a newly converted high-end apartment building a few blocks away from Wall Street , and is mostly deserted. For example, I can see 16 balconies - 4 have any sort of decoration or furniture on them, a few have wood over the doors.
Take a walk around NYC and you can see so much evidence of overbuilding. Look up and you can see a new slick looking builidng every few blocks, look closer and you can see that the bulk of the apartments are empty (every single new building is all glass, you know)...or coincidentally decorated with all the same exact furniture. Walk down the block a little further and you'll find another one in the midst of construction.
...and for some reason sellers and developers wonder why they can't unload their inventory at what they see as a 'fair' price - Anyone with eyes can see the big drop has yet to happen and is right around the corner!!!