--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote: > Just a few observations from Asbury Radio's table - > And, they expressed suspicion about the city's dedication to restore the > landmarks, because of the current appearance and the time that's gone by since the > City started its comeback. > One couple asked how the condos could be selling as well as reported, > preconstruction, when the surrounding area still looked so bad.
I was beginning to think we were only in the universe, but it appears to have made contact with other intelligent life forms. Thank goodness we are not alone after all. I see this tempering of enthusiam as both good and bad. The good is that it brings some rationality (and perhaps responsibility) to the table, much like rationality coming back to the stock market. While healthy for the long run, some must bear the pain. Like most real estate professionals and layman alike, I am waiting for the bubble to burst. Just last week I had Donald Trump ask me what I thought was going to happen in the marketplace. I looked at him and said, "you're asking me, you're Donald Trump?" That is exactly how perplexing it has been. Just like in golf and a swing at the plate, poor follow through can ruin your game in real estate. I have my fingers crossed that this will not happen in AP, but I have seen it before. When a market downturn hits, those areas being gentrified that are not substantially completed, gets hit worse and take longer to recover. While no one is predicting as serious a downturn as occured in the late-1980's to early- 1990's (does anyone really know for sure), market conditions are eroding as we speak. Let's be frank about it. In addition to, and in spite of its special nature, what has brought most to AP is its availibility of relative bargains. Those bargains are already dissappearing. If and when the market goes down, there will be relative bargains elsewhere for many. In places with less crime, better schools and more substantial and better maintained infrastructure. While those areas may not have the same funky allure of AP, people will weigh the pros with the cons in making a decision. If the price of the new condos cannot be obtained (and let me tell you that there are some pretty heady projetions), they will not get built, at least until market conditions improve. If caught (as I am fond of comparing the current state of AP's redevelopment process) with its "pants down," there will be the perception that they may never get built and that it was another false start. Now, if substantial work had already progressed on the pavillions and historic structures, and other amenities of the general area, the downturn would be weathered differently. Forgive me for being blue this week, it was just a full moon in the past few days. ------------------------ Yahoo! Groups Sponsor --------------------~--> Get fast access to your favorite Yahoo! Groups. Make Yahoo! your home page http://us.click.yahoo.com/dpRU5A/wUILAA/yQLSAA/Y2tolB/TM --------------------------------------------------------------------~-> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
