Comments on: SLU prices raising? http://www.urbnlivn.com/2007/07/27/slu-prices-raising/ Sun, 14 Mar 2010 08:55:00 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Kelly Nutt http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-23172 Kelly Nutt Wed, 05 Dec 2007 17:40:02 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-23172 I am not sure. I have found a place there that I want to purhase. I have been looking at it for the last few months, and the price is still the same, and I do believe it is the same price when it was available in the summer. I am not sure. I have found a place there that I want to purhase. I have been looking at it for the last few months, and the price is still the same, and I do believe it is the same price when it was available in the summer.

]]> By: newbuyer http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-20116 newbuyer Mon, 12 Nov 2007 22:41:01 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-20116 have prices gone up at Rollin? have prices gone up at Rollin?

]]> By: Chris http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12674 Chris Tue, 31 Jul 2007 16:26:05 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12674 Developers are deal driven. If the financing is available, you do the deal and work to create value that makes the deal work, even if the market is movng away from you. Have you seen the movie the Perfect Storm? Why did they die when anyone with perspective would not advise that they go out in the storm? Because they fish to eat. How else could you explain why are developers still building homes in CA's inland empire? Its nearly impossible to time the market, IMHO, given the two-year period from concept development to breaking ground, and another 12-18 mos of construction. The market was impeccable until recently, so there was no reason not to break ground. Now its a race to complete and sell. Raising prices helps retain the presales they have and attract new buyers becasue they have "momentum" to sell. Developers are deal driven. If the financing is available, you do the deal and work to create value that makes the deal work, even if the market is movng away from you. Have you seen the movie the Perfect Storm? Why did they die when anyone with perspective would not advise that they go out in the storm? Because they fish to eat.

How else could you explain why are developers still building homes in CA’s inland empire?

Its nearly impossible to time the market, IMHO, given the two-year period from concept development to breaking ground, and another 12-18 mos of construction. The market was impeccable until recently, so there was no reason not to break ground. Now its a race to complete and sell. Raising prices helps retain the presales they have and attract new buyers becasue they have “momentum” to sell.

]]> By: Matthew http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12649 Matthew Tue, 31 Jul 2007 00:36:16 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12649 It never happens until it happens. It never happens until it happens.

]]> By: richard http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12647 richard Mon, 30 Jul 2007 22:46:51 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12647 Until the first one there aren't any. I doubt we'll see any large projects abandoned until there are more finished units on the market. Until the first one there aren’t any. I doubt we’ll see any large projects abandoned until there are more finished units on the market.

]]> By: jo http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12643 jo Mon, 30 Jul 2007 20:59:56 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12643 As far as I know there hasn't been a single project abandoned in Seattle which has presold condos You guys have nothing to worry about As far as I know there hasn’t been a single project abandoned in Seattle which has presold condos

You guys have nothing to worry about

]]> By: newbuyer http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12642 newbuyer Mon, 30 Jul 2007 20:46:05 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12642 Rollin and Enso are definitely more than just holes in the ground at this point. The cranes have been up for about 2 months and lots of work has been taking place. The webcam at the rollinstreet.com website shows time-lapse pics if you wanna check it out. Pretty exciting... At Rollin Street it is time to choose upgrades, finishes, etc... so I have no worries of this project being abandoned! Rollin and Enso are definitely more than just holes in the ground at this point. The cranes have been up for about 2 months and lots of work has been taking place. The webcam at the rollinstreet.com website shows time-lapse pics if you wanna check it out. Pretty exciting…

At Rollin Street it is time to choose upgrades, finishes, etc… so I have no worries of this project being abandoned!

]]> By: mhays http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12639 mhays Mon, 30 Jul 2007 19:47:05 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12639 Furthermore, anyone who buys in 2007 knows that the days of fast-rising prices are over. Therefore, it would be rediculous to buy a new unit to flip right now. (In contrast to flip buyers in 2006, who we're merely optimists.) People who buy today have "middle" assumptions. We think prices won't fall, and might grow a little. That's a recipe that ensures that most buyers plan to live in their units, and are buying without urgency. Furthermore, anyone who buys in 2007 knows that the days of fast-rising prices are over. Therefore, it would be rediculous to buy a new unit to flip right now. (In contrast to flip buyers in 2006, who we’re merely optimists.)

People who buy today have “middle” assumptions. We think prices won’t fall, and might grow a little. That’s a recipe that ensures that most buyers plan to live in their units, and are buying without urgency.

]]> By: Dan L http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12574 Dan L Sat, 28 Jul 2007 20:17:25 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12574 EconE - not many would have been sold to investors. This latest wave of development has brought with it much tighter restrictions (actually ANY restrictions would be tighter than what there was before which was NOTHING). Most current projects are requiring investors to identify themselves as such, and they are limiting the total number to 5-10%. Additionally, there are restrictions such as a no-rental policy for the first year, and any profits made from sale of the unit within the first year will be split or given in their entirety to the developer. These covenants vary by project of course. I'd also suggest that this is a factor in the slow-down we've seen in new condo sales: 2 years ago some projects had 20 or even 30% investors, now it's limited to 5%. Developers have wised up to the fact that 50 MLS listings competing with your last few units for sale(ie the penthouses at Cosmo) doesn't help. EconE – not many would have been sold to investors. This latest wave of development has brought with it much tighter restrictions (actually ANY restrictions would be tighter than what there was before which was NOTHING). Most current projects are requiring investors to identify themselves as such, and they are limiting the total number to 5-10%. Additionally, there are restrictions such as a no-rental policy for the first year, and any profits made from sale of the unit within the first year will be split or given in their entirety to the developer. These covenants vary by project of course.

I’d also suggest that this is a factor in the slow-down we’ve seen in new condo sales: 2 years ago some projects had 20 or even 30% investors, now it’s limited to 5%. Developers have wised up to the fact that 50 MLS listings competing with your last few units for sale(ie the penthouses at Cosmo) doesn’t help.

]]> By: EconE http://www.urbnlivn.com/2007/07/27/slu-prices-raising/comment-page-1/#comment-12520 EconE Fri, 27 Jul 2007 23:16:41 +0000 http://www.urbnlivn.com/2007/07/27/slu-prices-raising/#comment-12520 Whatever. Maybe I'll rent in one of those buildings next. I wonder how many of the Enso units were sold to specuvestors. Whatever.

Maybe I’ll rent in one of those buildings next. I wonder how many of the Enso units were sold to specuvestors.

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