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The Hub Mixed Use Apartment Development in The Short North - News & Updates

Home Forums General Columbus Discussion Development The Hub Mixed Use Apartment Development in The Short North – News & Updates

Viewing 15 posts - 271 through 285 (of 901 total)
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  • #260935

    JD3
    Member

    In some of my investigation I’ve been told that the hold up on the project is the CRA (community reinvestment act). Now, the guy who told me this didn’t sound 100% confident in what he was saying, but it sort of made sense. I also heard from a close friend (not that I want to be THAT guy) that financing fell through last fall and that the new financing requires higher pre-sales. He also said that the financing shouldn’t be an issue b/c they are expecting to break ground soon. I don’t know if that’s true, but he is in the business lending field and he wouldn’t tell me that unless he heard it from someone in that business. It all makes sense with what Ibiza has been saying. I think they could be more open, but I really don’t think they’re lying to anyone (never did honestly, but it doesn’t hurt to look into these things for yourself).
    Bottom line in my opinion: Original financing required pre-sold units. New economic situation requires more pre-sold units which they may or may not already have. Therefore they really don’t want to give people their money back until the 2 years is up b/c it could compromise the pre-sale stats and compromise financing. State still needs to complete the CRA, which is probably the biggest hold up. Once they do they can start and the pre-sales will not be an issue.
    At the end of the day I am going to take Ibiza’s word for it and just be patient. If I decide next June that I want my money back I’ll get it back. I just hope I don’t have to b/c I’m still excited about this project. Just one man’s current take on the situation. I could be completely wrong about all of this.

    #260936

    surber17
    Participant

    I’m still optimistic we’ll see some movement this summer.

    #260937

    Coreroc
    Member

    He said she said! give me a break with 14 pages of that [email protected]

    It’s sad what the price of cool is in this case since people chose to invest in something that wasn’t and isn’t tangable. Not a decision I will ever make unless I am the one building said project. That said if I did and got screwed or felt as such the last thing I would do is continue to bitch about it on a public blog that has no direct affiliation with the people in charge. There is a website, an office, and each person who bought has a legal contract. Nuff said the tools are in your hands!

    #260938

    JD3
    Member

    Coreroc wrote >>
    He said she said! give me a break with 14 pages of that [email protected]
    It’s sad what the price of cool is in this case since people chose to invest in something that wasn’t and isn’t tangable. Not a decision I will ever make unless I am the one building said project. That said if I did and got screwed or felt as such the last thing I would do is continue to bitch about it on a public blog that has no direct affiliation with the people in charge. There is a website, an office, and each person who bought has a legal contract. Nuff said the tools are in your hands!

    I can only assume you’re referring to ibizahasmymoney. If so, he/she has only posted on here several times and it appears that he/she IS using the tools availabe (contract, lawyers) to get his/her money back if possible.
    If you’re referring to me and my comments, then your comemnts, as usual, are off point. If you read my last few posts, I’ve been getting my info directly from Ibiza, ARMS Properties, the City of Columbus and the State of Ohio (Dept of Development, Tax Equilization, and CR). I’m not bitching, in fact I said that I feel more comfortable now and plan on being patient. Nobody else has to do that, but I am. I’m only posting on here b/c a lot of people seem to have some interest. I’m going to the sources. So before YOU start bitching, how about using the tools that are in your hand and read the posts.

    #260939
    Snarf
    Snarf
    Participant

    Coreroc wrote >>
    He said she said! give me a break with 14 pages of that [email protected]
    It’s sad what the price of cool is in this case since people chose to invest in something that wasn’t and isn’t tangable. Not a decision I will ever make unless I am the one building said project. That said if I did and got screwed or felt as such the last thing I would do is continue to bitch about it on a public blog that has no direct affiliation with the people in charge. There is a website, an office, and each person who bought has a legal contract. Nuff said the tools are in your hands!

    Amen!

    What is the deposit amount these ninnies are incessantly bitching about anyways? Is it even a substantial amount of money?

    #260941

    JD3
    Member

    Snarf wrote >>

    Coreroc wrote >>
    He said she said! give me a break with 14 pages of that [email protected]
    It’s sad what the price of cool is in this case since people chose to invest in something that wasn’t and isn’t tangable. Not a decision I will ever make unless I am the one building said project. That said if I did and got screwed or felt as such the last thing I would do is continue to bitch about it on a public blog that has no direct affiliation with the people in charge. There is a website, an office, and each person who bought has a legal contract. Nuff said the tools are in your hands!

    Amen!
    What is the deposit amount these ninnies are incessantly bitching about anyways? Is it even a substantial amount of money?

    It’s 5% of the unit’s list price.

    #260942
    Snarf
    Snarf
    Participant

    Wow…so you paid upwards of $10-15-20 THOUSAND DOLLARS for a drawing and a promise.

    Say, would you like to buy some prime real estate in Florida? Time share perhaps?

    #260943

    Snarf wrote >>
    Wow…so you paid upwards of $10-15-20 THOUSAND DOLLARS for a drawing and a promise.

    Isn’t almost every house in the suburbs built this way? Those of you that think it’s so absurd to buy without the product built yet, have obviously never bought a brand new house.

    #260944

    JD3
    Member

    Snarf wrote >>
    Wow…so you paid upwards of $10-15-20 THOUSAND DOLLARS for a drawing and a promise.
    Say, would you like to buy some prime real estate in Florida? Time share perhaps?

    Yeah I know, I’m so stupid. I actually didn’t even see a drawing, I just mailed out $10k and hoped a condo would magically appear somewhere in the city. Turned out that money ended up at Ibiza. Much to my surprise, the guy with a drawing and a promise was actually a Realtor, with a license. In exchange for my $10k I got back some papers with all kinds of words and stuff on it. I believe it’s called a contract. Looked professional to me. It was only later that I found out that ARMS Properties actually has successfully completed 4 other projects. They even file with the city and stuff. Also, thanks to Coreroc, I came to find out that they have an office and employees and everything. Guess I lucked out since I just gave my money to someone with only a drawing and a promise.
    You guys are like my lil secret decoder rings helping me solve mysteries!

    #260945

    JD3
    Member

    rave_til_dawn wrote >>

    Snarf wrote >>
    Wow…so you paid upwards of $10-15-20 THOUSAND DOLLARS for a drawing and a promise.

    Isn’t almost every house in the suburbs built this way? Those of you that think it’s so absurd to buy without the product built yet, have obviously never bought a brand new house.

    I’ve tried to explain this in a previous post. What is common sense for most people is advanced finance for others.

    #260946

    surber17
    Participant

    This site is designed as a place to come to get knowledge on things going on around Columbus. I care about Ibiza and like JD3’s updates. Also with the amount of hits and posts so do a lot of people.

    Coreroc – you complained before because people were just going by word of mouth instead of doing research. Then someone does investigate a bit and you complain about him posting it on here. So all I see is you complaining about this thread. If you hate it so much dont read it.

    Snarf – You say things for shock value so I have no idea when you’re being serious or not. If you are being serious I’ll just let you know you’re wrong.

    #260947

    JD3
    Member

    This site is designed as a place to come to get knowledge on things going on around Columbus. I care about Ibiza and like JD3’s updates. Also with the amount of hits and posts so do a lot of people.

    I do this for the people……LOL!

    #260948

    surber17
    Participant

    By the end of this you’ll have a job waiting for you at the Dispatch

    #260950
    Snarf
    Snarf
    Participant

    rave_til_dawn wrote >>

    Snarf wrote >>
    Wow…so you paid upwards of $10-15-20 THOUSAND DOLLARS for a drawing and a promise.

    Isn’t almost every house in the suburbs built this way? Those of you that think it’s so absurd to buy without the product built yet, have obviously never bought a brand new house.

    You say that like buying new builds in the suburbs is a good decision? When obviously thats generally an absurd decision for most people.

    #260951
    Snarf
    Snarf
    Participant

    dbl post.

Viewing 15 posts - 271 through 285 (of 901 total)

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