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). Because Partners was much slower than expected we now have Madison Marquette running major parts of this project (clearly a positive) and the condo's are going up at a more measured pace that can be absorbed in a healthier fashion. People who are buying now actually want to live here and i view that as a positive. Also a slightly slower pace of development allows for changes and adjustments to get the best possible result. Contrary to the headlines, we are not going to go into a financial tailspin due to the housing situation. Clearly it will impact economic growth and make it more moderate and those who levered themselves will be in trouble. For the vast majority things will be business as usual and as Asbury continues to improve the slow steady progress that is now becoming apparent (due to MM) will continue.
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