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Viewing 4 posts - 46 through 49 (of 49 total)
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  • Walker wrote >>

    ShimmyKnocker wrote >>
    You may have noticed that the condos that have been completed downtown have had to convert to rental properties, due to the lack of demand and more specifically due to the lack of available credit to the average buyer.

    Specially, which ones? The only one I’m aware of is Carlyle’s Watch, which had more problems than just “lack of demand”.
    They did a fine job of tainting the downtown condo landscape all my themselves though. I’ve heard plenty of people say things like “omg! all of the condos downtown are being auctioned off because no one wants them!” and are completely stunned when they heard that Burnham Square sold out a long time ago. Not that every other condo development is a raging success story, but people really seem to zero in on any unsold units in a condo building more so than they do unsold units in a suburban housing development. I’m not really sure why that is.

    Hmm, where do I begin..Let’s start with
    The Lofts @ 106 N. High St.,
    LeVeque Tower condos,
    199 S.5th St.,
    The Terraces,
    City View,
    225 N.4th St…need I continue?

    CDS sherman wrote >>

    ShimmyKnocker wrote >>
    That being said, there is no way that the bank is going to release the funds on a $27m condo project due to current market conditions. :)

    try more like 61 million…..

    My apologies. ;)

    I recall another project in town that use the same b.s. rhetoric..does anyone remember Jeffrey Place?

    Ok, let’s be logical about this. I am fairly confident that everyone who has commented has been some what aware of the current climate of our nations economy and that of our local economy too. That being said, there is no way that the bank is going to release the funds on a $27m condo project due to current market conditions. You may have noticed that the condos that have been completed downtown have had to convert to rental properties, due to the lack of demand and more specifically due to the lack of available credit to the average buyer. Right now lenders are not lending, and buyers are ineligible for “no money down” purchase programs for loan amounts greater than $270,000. Meanwhile, our savings, 401k’s, and investments have all taken a substantial hit, dwindling the money that many would have used as a down payment for that $350k condo on High. In closing, this project is on hold for financing, and will be for a very long time. Additionally, ARMS is sitting on the most expensive piece of real estate in Franklin County, per square foot, with a $5m mortgage and no revenues to support the debt load. Bye, bye Ibiza..hello Short North surface lot. Atleast we’ll have more parking :)

Viewing 4 posts - 46 through 49 (of 49 total)

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