June 23, 2006

Time to start a condo project dead pool?


So many of these condo projects will be cancelled - construction halted, deposits returned, developers sued - it'll be near impossible to keep up.

In Vegas, we've already
seen the death of Icon, Las Ramblas, Ivana, Aqua Blue, Hard Rock, Liberty and more.

In Phoenix, there are many projects that are so horrificly thought out or overpriced that should have been stopped (Playa del Norte, The Vale, X10 Wine Lofts, ...) and in Miami a total condo disaster is about to unfold with the insane overbuilding.

So, nominate your favorite White Elephant, the most outrageously overpriced, stereotypically marketed, last-sucker-in, height of stupidity candidates here

Oh, boy, how we'll wonder "what were we thinking" just hours or days from now...

The most important question on most people's lips is - where does the line start to get the deposit back?

39 comments:

Anonymous said...

Here's one for you. Mangrove Cay in St. Petersburg on Tampa Bay.

http://tinyurl.com/q4658

After months of building, there is now a highrise skeleton made of concrete. When I drive past, I sometimes see one or two people standing on the building's upper floors; otherwise, nothing. This horror stands in the middle of mangroves off of Gandy Boulevard, and is already an environmental disaster. Knocking it down would do incredible harm to the mangroves and the local wildlife.

The city planners who allowed this ridiculous project to start in the first place should be prosecuted for environmental destruction and cruelty to animals.

On the other (Tampa) side of Gandy NEAR Tampa Bay is yet another stalled project that is infinitely bigger.

http://www.tampa4u.com/newport/

The pictures are not real; they are artists' conceptions using computer fabrication. There is no construction anywhere after months and months of advertising. Despite the fake pictures, the area is a toxic industrial wasteland that is not directly on the bay at all, but next to a ship repair plant. It's one of the trashiest areas in Tampa, but from the adverts one would think it was a paradise.

Finally, in downtown Tampa there is the never-to-be-built Trump Tower, where dirt keeps getting pushed around, but nothing ever actually gets erected. According to the St. Petersburg Times, no Florida bank will put up the money to build it.

http://trumptower.tampa4u.com/

Lots of investors have bailed, and a place supposedly sold out more than a year ago, is now begging for buyers. The illustrations are hogwash. The location is on the filthy Hillsborough River, a narrow stream, with no view of anything in any direction. The land area is incredibly small.

Bake McBride said...

Any word on The Bellamy on Bayshore Blvd in Tampa. A good friend of mine bought into that place...I sure hope things work out for him.

Anonymous said...

i think this one is dead, Fusion by Centrex in South Bay...been driving by for months, no work ever being done. Anyone know otherwise? i'd like to know

Anonymous said...

According to the LA Times --
http://tinyurl.com/hjajg

work on this place:

http://tinyurl.com/jt3gn

has been suspended. Likely because somebody decided $400K is too much to pay for 700 square feet. Or a lot of people did. The developer is being very close-mouthed about the whole thing...

Too bad. Nice website!

Anonymous said...

Bake McBride said...

"Any word on The Bellamy on Bayshore Blvd in Tampa. A good friend of mine bought into that place...I sure hope things work out for him. "

I hear it's beautiful.

Anonymous said...

HILARIOUS!!!!!!!!

FL is a disaster area, it's just that some don't see it yet. They are still building homes though. A nightmare for those who signed a deal to have a turd shack built by 1 of the home builders. They overpayed top the MAX.

Anonymous said...

Doesn't the photo appear to show Ivana standing in front of one of the most phallic buildings of all time - talk about penis envy!! I'm reminded of Ivana Humpalot for some reason.

Well, apparently Ivana has bitten the big one, so to speak.

christiangustafson said...

OMG, how about everything Paul Allen and Vulcan is putting up on Lake Union in Seattle. He is such a contrary indicator, like a Time front-cover.

Anonymous said...

The whole NJ Hudson River "Fake Gold Coast" waterfront development.

Essestially a series of condo & million dollar townhouses development by NJ's notorious politically connected mob influenced developers.

Mostly built up and down the swamp land on the western border of the Hudson River acrss Manhattan, on old Pensylvania, and NY Central railroad yards.

First attempted development was in the late 80's, and miserably failed. All the property is built on filled-in swamp land that slowly sinks. Roads are revaped frequently because of humps as it settles.

It lies only 1 to 2 feet above the Hudson River's high water mark, and when a storm hits flooding is very common.

River smells are notrious, specially in the summer, plus the true nature smell of 3 large seware plants humming away.

Local politicians and public official are notoriously corrupt. One town -West New York - has the record in NJ, which says a lot, as the Police Dept that lost over 20 officers to corruption, including the chief. So whatever gets built, is "sure" to meet or excel minimum construction standards.

It will be an area, sure to develop several rounds of "jewish lighting" in the next few years.

Riskbabe said...

http://www.marqueeparkplace.com/featuresoutside.asp

Not full. Not even close.

Mark in San Diego said...

Atmosphere in San Diego

http://atmospheresd.com/

The sign says - SUMMER OF 2006. . .but there is only a hole in the ground, an abandoned construction trailer, and a few pieces of rebar in the hole. . .surprisingly most of the other huge projects are working at breakneck speed - even on Saturdays to complete. . .guess they didn't notice the 22,300 other listings in SD county.

Anonymous said...

Park Place in Irvine, I drove there one day..

Starting at 700K first floor!

Kicker is $800 per month condo fees!

Funny how the exclusive 100 year condo maint. contract is owned by the same builder!

That is the real story in Irvine, fees are more outragous then the overprice sales price and get paid to the builder's other company forever!

Soon you'll be able to purchase 2 condos on FL for your Irvine condo fees!

But Irvine has goog schools. LOL

BGManofID said...

I wonder if we'll be seeing a Ryugyong Hotel USA in the near future...

Anonymous said...

Boise tower, Boise Idaho

Anonymous said...

Do you get to do Ivana doggy style over the balcony?

Los Angeles Friends In Deed said...

Anonymous wrote:
http://tinyurl.com/jt3gn
has been suspended. Likely because somebody decided $400K is too much to pay for 700 square feet. Or a lot of people did. The developer is being very close-mouthed about the whole thing...


The website said:
"hank you for your interest in Axis. Though we are not selling at this time, the Sales Center remains open to work with our current buyers."

It seems contradictory and vague.

My first impression is that the seller/developer may not be able to get anyone to buy, and they are trying to figure out what to do. Perhaps they will rent them instead, until they figure out what to do.

There may be a board of directors or a group of investors that need to be consulted on what to do.

By the way your first link didn't work.

Los Angeles Friends In Deed said...

Anonymous wrote:
"funny how the exclusive 100 year condo maint. contract is owned by the same builder!
That is the real story in Irvine, fees are more outragous then the overprice sales price and get paid to the builder's other company forever!"


Interestingly, when shopping for condo's, getting acces to a copy of the CC&R.

They are impossible to get access to.

I think those documents should be on display for review by potential buyers.

In fact, most of the value or disvalue is contained in that document, which outlines what the buyer is getting themself into.

I don't see any reason why those documents are not a public record. Are they?

Budvarr said...

You'd do Ivana when there's dogs in the street???

Bill said...

I am investing heavily in puts on Corus Bankshare (CORS) which has over 90% of its portfolio in loans to condo developers, mostly in the hotest markets. They just announced a new 100 million dollar loan on Friday for a new Vegas project, their first new condo project in nearly two months. Not surprising that business is down in the past three months.

Does anyone know if any of the Corus projects have been cancelled? Any good listings of cancelled condo projects?

Anonymous said...

I really hope that stupid Trump goes bankrupt this time, I remember a few years ago he had about as much debt as he did equity, wonder if he is getting to the point where he is insolvent, I hope so!

Anonymous said...

It's to bad. I would've enjoyed seeing Clooney take it hard.

Anonymous said...

Well, here in Portland Oregon there seems to be no end to the number of expensive condo towers going up and selling out. No one I know who is buying them. Could there be that many empty nest boomers with lots of money and the desire to live in aq cubicle in the sky?

From reading in-flight magazines, Seattle is the same situation.

Anonymous said...

Seattle is really late to the game and has many high priced condo projects planned or currently under construction.

Many flippers are buying these up like crazy right now.

Projects like the Cosmopolitan near downtown and the horribly overpriced new projects in downtown Bellevue area.

I predict a massive glut of condos for sale by 2007. There is simply no way there is going to be thousands of condo buyers with fat wallets moving to Seattle who are going to buy these things. Most of these projects starting prices for a studio or one bedroom is 500K.

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