--- In AsburyPark@yahoogroups.com, "dsher4" <[EMAIL PROTECTED]> wrote:
>
> Got thinking recently about the turmoil in the sub-prime and housing
> market and the slower than expected build out in Asbury due to
> Partners moving slower than expected. Might actually be a blessing
> in disguise. Had Partners moved fast and 3100 condo's were built,
> most of them would have been occupied by speculators and flippers
> who would now be looking to sell those properties (i know the city
> would have had tax revenue sooner etc... but the buyng would have
> been somewhat artificial).
Yes but think about having someone like MM or say Metro or a real
residential developer in here in 2001 moving as fast as they could.
More would have been built and sold. You assume flippers. The
question, then, now or in the future, is what percentage? A high
percentage is what causes the problem. Although 2nd home is next after
investor units to fall in a declining market. Had the improvements
been made then confidence would have been higher and they could have
sold into the most robust market in history. All spilled milk in any
event, and even if it was a blessing in disguise, which I am not ready
to agree to, it doesn't change the fact that the City signed a bad
deal and was unwilling or unable to enforce its position.
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