Our City Online

Messageboard - Development

NOTE: You are viewing an archived version of the Columbus Underground forums/messageboard. As of 05/22/16 they have been closed to new comments and replies, but will remain accessible for archived searches and reference. For more information CLICK HERE

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 - 391 through 405 (of 901 total)
  • Author
    Posts
  • #261069

    bababoohi wrote >>

    ShimmyKnocker wrote >>
    Well, it’s sounding very close to “official”. Ibiza has lost 33% of their reserved deposits and the city no longer has a building permit for the project. Additionally, there have been several liens put on the property. News sounds bleak for Ibiza.
    On a lighter note…Happy Thanksgiving!! :0)

    Is there a website where I can see this information from an official source? I don’t doubt you, just wondering.

    I obtained the permit info from the city clerks office. The lien info. was acquired through a title search. I had interest in this property and was one of the many that have pulled out. This is how I know of the number of peeps that have rescinded on their deposits.

    #261070

    bababoohi
    Member

    ShimmyKnocker wrote >>

    bababoohi wrote >>

    ShimmyKnocker wrote >>
    Well, it’s sounding very close to “official”. Ibiza has lost 33% of their reserved deposits and the city no longer has a building permit for the project. Additionally, there have been several liens put on the property. News sounds bleak for Ibiza.
    On a lighter note…Happy Thanksgiving!! :0)

    Is there a website where I can see this information from an official source? I don’t doubt you, just wondering.

    I obtained the permit info from the city clerks office. The lien info. was acquired through a title search. I had interest in this property and was one of the many that have pulled out. This is how I know of the number of peeps that have rescinded on their deposits.

    ShimmyKnocker, I sent you a PM, respond when you get a chance. Thanks.

    #261071

    cbusguy
    Member

    Well I guess my post from months ago might actually be true? Get your money from the developer before it is gone. The writing is on the wall. Look at re-sales of the condos in Dakota and other buildings some if not alot of them are having tough times getting what they paid for them a few years ago.

    #261072
    Walker Evans
    Walker Evans
    Keymaster

    cbusguy wrote >>
    Look at re-sales of the condos in AMERICA… some if not alot of them are having tough times getting what they paid for them a few years ago.

    True.

    #261073

    Jergarr27
    Participant

    Maybe the would be developers of this project need to try to partner with a major retailer or grocery store that could house a location on the first floor. Maybe that might get the project off the ground. It would be fantastic to have a Whole Foods in the Short North.. That would bring constant traffic to the area. I’m sure someone has already thought of this though…

    below is an example… imagine this with Ibiza on top of it… If that would even work..

    http://dcist.com/2007/02/07/the_great_groce.php

    #261074

    JD3
    Member

    cbusguy wrote >>
    Well I guess my post from months ago might actually be true? Get your money from the developer before it is gone. The writing is on the wall. Look at re-sales of the condos in Dakota and other buildings some if not alot of them are having tough times getting what they paid for them a few years ago.

    I hope you feel good about gloating to people who may lose money.

    #261076

    At first glance it appears they overpaid for the land. I looked at the auditor’s site a while back and I believe they paid $5M in ’06-07? (someone can confirm) I don’t have a full understanding of what the project encompasses but heard there was a public parking garage in the deal maybe some public monies so knock off $1.5M from the purchase price, settle on $3.5M for the acquisition cost plus loan/closing, plus carrying the interest for the last three years, ouch.

    My search skills suck, this information is probably available on this board, but we would need estimated cost of construction, number of units for sale with pricing, sqft of proposed retail/commercial space, estimated length of construction. I am probably forgetting something, but the point is run a quick and dirty proforma and see where the numbers fall out. My guess is what everyone else already knows, they are way short of the cash needed to get the 1.3 debt coverage ratio banks are requesting, millions short. Also factor in a 24-36 month absorption rate, times are tough for developers.

    #261077

    cbusguy
    Member

    JD3 wrote >>

    cbusguy wrote >>
    Well I guess my post from months ago might actually be true? Get your money from the developer before it is gone. The writing is on the wall. Look at re-sales of the condos in Dakota and other buildings some if not alot of them are having tough times getting what they paid for them a few years ago.

    I hope you feel good about gloating to people who may lose money.

    JD3, I am not Gloating, just saying that what look liked a duck quacked like a duck turned out to be a duck. I feel for anyone that did not have representation outside of the builders rep. They would have maybe had an out to get all their deposits back.
    I hope that this developer realizes that no one should trust them to deliver anything they promise to build in the future.

    BTW we are lucky, there are whole stretches of condos in areas of NYC that are now vacant, stalled in construction or boarded up with buyers left in the wind. Also, look at all the lawsuits against the developer of The Broadwin, which was never finished but buyers have mortgages on the units.

    #261078

    bababoohi
    Member

    I wonder what they’re telling prospective buyers who might not know the history of this project. I mean, the office is still open.

    #261079

    bababoohi
    Member

    The office is still open, right? I haven’t been down there in months, but the website is still up.

    #261080

    claw71
    Member

    Condos are always an unsettling proposition. In addition to the pruchase price you have to pay a managment fee. That fee varies based on the value of the property, but somebody has to pay for the upkeep.

    And that’s the problem. Once the initial units are sold, it’s tempting for the management companies tocut corners on the upkeep which drives the resale value down.

    I like the idea of urban living. I think Columbus was right to push for it, but I think they forgot where they are and priced those condos beyond what this market can afford. $500,000 gets you a pretty nice house on a fairly impressive lot anywhere in Central Ohio. Most of the people around here that can swing that kind of cash have kids and prefer suburban living because of that. A $500,000 house in Westerville is a much more stable investment than a $500,000 condo downtown.

    Then you have the public transit issue. A lot of the people who can afford a condo work in the ‘burbs. I think Columbus needs to do a better job of enticing those jobs downtown, since this city isn’t really laid out to provide mass transit to points on the outerbelt.

    #261081

    claw71
    Member

    On a more direct note, the Ibiza site is an absolute shame. Poop or get off the pot, you know?

    #261082

    anillo
    Participant

    it’s bad when turning it into a flat surface parking lot would be an improvement.

    #261084

    bababoohi
    Member

    Drove by last night. TV’s and lights are still on.

    #261085

    surber17
    Participant

    So lets assume that this thing is in the pooper …. I dont think anyone on here didn’t love the design, location, pricing (if you look there were plenty of choices under 200,000) and it showed because they did have a good number of pre-sales. Also, there def. has been a good amount of work done to get permits etc. What needs to happen to get this thing built? If I had the money, I would buy the lot/plans/etc. and break ground asap.

Viewing 15 posts - 391 through 405 (of 901 total)

The forum ‘Development’ is closed to new topics and replies.

Subscribe below: