Oh and I forgot....
the scariest mortgage resets don't even begin til Jan 08!
--- In AsburyPark@yahoogroups.com, "evosap" <[EMAIL PROTECTED]> wrote:
>
> Its a humorous thought really. Pending US sales lowest since recorded
> (2001)
> By region, the Northeast decreased 8.3% in August from July; it fell
> 18.3% from August 2006. The Midwest fell 2.9% in August from July; it
> fell 18.0% since August 2006. The South decreased 9.5% in August from
> July; it dropped 21.3% since August 2006. The West declined 2.7% in
> August from July; it tumbled 27.1% since August 2006.
>
> I have to admit to a sort of delight when things like this happen, a
> guilty pleasure when the greedy lose their shit...
>
> I giggle when I see the "sold" signs at the Wesley..what most dont'
> get is that nothing can be sold without a CO and investors will walk
> away from deposits
>
> the scary thing is that builders will start using inferior materials
> when they can't meet their costs....
>
> will we end up with more gone goons and skeleton buildings? I'll love
> it here anyway but it will be a bummer for those who are obsessed with
> Asbury's image.
>
>
>
> -- In AsburyPark@yahoogroups.com, Gary Wien <lightgrw@> wrote:
> >
> > My take:
> >
> > Asbury Partners will only hurt their own properties (Convention
> > Hall / Paramount Theatre) with condos built across the street. That
> > will be a total disaster imo. I can see people complaining about
the
> > noise after 9pm on nights with a show; people complaining about
> > someone leaving a beer can on their lawn or doing something even
> > worse; and people complaining about the parking situation. It's a
> > disaster waiting to happen.
> >
> > I think MM recognizes that for Convention Hall/Paramount to work
they
> > NEED to have a mini restaurant row near the facilities. The Wonder
> > Bar plays a role along with Salt River Grill and Cabanas. The
three
> > are very different restaurants and all would attract people before
> > and after the show. I'm betting that MM would rather see something
> > like the Wonder Bar remain and either build a second restaurant next
> > to it or have that be a parking area.
> >
> > Why else would they spend money rennovating the Paramount? So a
> > bunch of condo owners could complain and limit the type/amount of
> > shows they could do?
> >
> > Personally, I don't understand why Asbury Park can not simply say no
> > more condo development until the existing condo projects are
finished
> > and sold. Why have even more of a glut in a down market?
> >
> >
> > On Oct 2, 2007, at 7:11 AM, justifiedright wrote:
> >
> > > Occam's Razor - the simplest explanation is usually the right one.
> > >
> > > I see 3 entities whose current PRIMARY interests simply don't
coincide
> > > at this moment in time. Nothing untoward or ill-meaning is going on.
> > >
> > > Pat, Lance and Debbie: Primary interest - Want to continue to invest
> > > in WB to make it better, so they need a long term lease to
protect the
> > > investment; certainly can't agree to be out on 60 day's notice.
> > > Conclusion: Must have 5 year lease.
> > >
> > > Madison Marquette: Primary Interest - to buy the whole block to
> > > build condos; but not right now because real estate isn't
selling and
> > > financing is strict. Have to wait. Not going to buy the block
now and
> > > cover carrying costs/potential liabilities just to save WB. If they
> > > gave WB a 5 year lease, they wouldn't be able to develop it 1 year
> > > from now, 2 years, etc.
> > > Conclusion: 5 year lease contrary to their primary interests.
> > >
> > > Asbury Partners: Primary Interests - (Mirror opposite of MM) They
> > > want to sell the whole block to condo developer. Now suffering
> > > carrying costs and potential liabilities. Won't give WB a 5 year
> > > lease, because the length of the lease will hold up a sale to a sub-
> > > developer for exactly that long.
> > > Conclusion: 5 year lease contrary to their primary interests.
> > >
> > > I know it feels better to ascribe all sorts of Machiavellian reasons
> > > including class warfare, social planning, etc. all to create a
> > > villain, but things don't run philosophically in real estate.
> > > Developers aren't part of a secret society to create a new world
> > > order. It's one parcel at a time and how much can they make on
that
> > > parcel. Simple.
> > >
> > > To make a deal, quite simply, all sides need the their financial
> > > incentives to coincide. They don't right now.
> > >
> > > LAST HOPE: The secondary incentives: Asbury Partners will suffer
> > > increased carrying costs when the WB closes. To them and MM the
block
> > > will look terrible, affecting the rest of the beachfront.
> > >
> > > Perhaps a last minute deal is struck as a bow to secondary
incentives,
> > > but make no mistake - they won't greatly compromise the primary
> > > incentive to keep WB open. Larry can find someone to open a bar
there
> > > when WB leaves to cover carry costs if he has to, so the secondary
> > > incentives are not that strong.
> > >
> > > It's business.
> > >
> > > Unfortunately, we don't get what we want. It's not the first time
> > > for any of us.
> > >
> > > There are parts of the redevelopment we would all do differently. I
> > > guess that's part of being a diverse community it never looks like
> > > one person's perfect place.
> > >
> > > If many of you were in charge things would look differently. If I
> > > were in charge the Casino complex would have been knocked down and
> > > replaced with a much larger, world class facility.
> > >
> > > Maybe WB gets a temp space elsewhere and moves back to the beach
in a
> > > few years, when all involved have similar current interests.
> > >
> > >
> > >
> >
>
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