One thing I've noticed around the country during the bubble was the building of $500,000 condos in places where $10 crack cocaine was more like it just months before.
In Phoenix, that includes projects like the X10 Wine Lofts, The Vale and everything downtown. Clear out the hookers, clear out the burned cars, and get those yuppie condos up ASAP.
Well, in the end, most folks are going to find out that no matter what the brochure showed, instead of yuppie wine parties, they got an episode of COPS outside their always-closed door.
Here's a great write-up from the Wash Post. Wish Catherine Reagor would read one of these and be inspired..
Who'd Want to Live There?
Developer Jim Abdo eased his silver Range Rover down a potholed alley on the eastern edge of the District, pulling to a stop a few feet away from a junkyard dog.
The German shepherd slept on the other side of a chain-link fence, under a piece of tin. Crushed cars and stacks of tires surrounded the dog. Beyond that: auto repair shops, a strip joint and a nightclub where police last year arrested the owner in connection with a 220-pound cocaine bust.
"I've just found the greatest freaking site," Abdo said in his rapid-fire fashion. He lowered both windows. The smell of fuel and oil wafted in. He pointed to a banged-up red Ford. "That's where the center part of the private green space will be. It can feel like a sanctuary!"
Will anyone pay $700,000 to $2 million?
"There's 87 units here. I only need 87 people to say, 'Jim you're crazy, but we love it.' '' Abdo said with a wry smile. "Right now I'm sleeping okay at night."
July 25, 2006
Posted by blogger at 7/25/2006