rps324 Posted December 26, 2004 Share Posted December 26, 2004 I disagree - I think it speaks volumes. The "experts" I mention are people I work with on a daily basis - and respect.<{POST_SNAPBACK}>It does indeed speak volumes. Won't elaborate, but let's just say I don't doubt the opinions of your experts.... Link to comment Share on other sites More sharing options...
Sunstar Posted December 26, 2004 Share Posted December 26, 2004 It does indeed speak volumes. Won't elaborate, but let's just say I don't doubt the opinions of your experts....<{POST_SNAPBACK}>ok, enough with the cryptic comments. If you have something to share, then let us all know. Why is the Shamrock such a big joke amongst these "real estate experts?" Is it some sort of scam? Link to comment Share on other sites More sharing options...
Talbot Posted December 27, 2004 Share Posted December 27, 2004 I hope all this equipment you're seeing is progress, because it's december. Link to comment Share on other sites More sharing options...
The New Juniper Posted December 27, 2004 Share Posted December 27, 2004 Perhaps they are taking soil borings or even drilling test piers. However, I seriously doubt it. I do know that the financing is not in place. Not trying to be cryptic, but I just know.The developer may have convinced someone to commence work without financing being in place. It certainly wouldn't be the first time that happened (nor would it be out of the ordinary for a developer to do so). However, "Ground Breaking" parties may have to wait.Happy New Year.TNJ Link to comment Share on other sites More sharing options...
tw2ntyse7en Posted December 27, 2004 Share Posted December 27, 2004 ... Link to comment Share on other sites More sharing options...
HOUCAJUN Posted December 27, 2004 Share Posted December 27, 2004 So does anyone actually know anything? Is there anyone here in HAIF that knows who they could call at city hall to find out? Does anyone have a legit connection? That's what we need. If this were Lake Charles, I could get any info you wanted. While with the fire department there, I got tasked to work with the GIS division of the city. They shared a floor with Planning & Development. It was niiiiiiiice. Sadly, we're not in Lake Charles anymore. But of the 300 or so HAIF members, you're telling me no one here, even among the lurkers, is connected?? Come On... Share what you know... Glen <{POST_SNAPBACK}> Thank God we aren't in lake charles. what planning and development is going on there? has there been any since the turn of the century? Link to comment Share on other sites More sharing options...
tw2ntyse7en Posted December 27, 2004 Share Posted December 27, 2004 ... Link to comment Share on other sites More sharing options...
The New Juniper Posted December 27, 2004 Share Posted December 27, 2004 So does anyone actually know anything? Is there anyone here in HAIF that knows who they could call at city hall to find out? Does anyone have a legit connection?I know Tracy and believe he has his hands full on his other developments right now without trying to undertake a project as massive as Shamrock. It would be a homerun project if it could be pulled off. However, with issues like the building he doesn't own that sits on his corner, rebuilding McDonalds, etc., it is going to be tough sledding....Again, I don't want to get everyone who is emotionally invested in the project for one reason or another all excited, I just don't see it happening in the near future. Link to comment Share on other sites More sharing options...
YakuzaIce Posted December 28, 2004 Share Posted December 28, 2004 Sorry to get off topic, but tw2ntyse7en, since you seem to know things about Lake Charles do you know what that 20 or so story building is that is being built along the river.Also I really hope that Shamrock is pulled off. I'm surprised at myself that I still have this much faith in it. And does anyone know if that drilling equipment is still there. Link to comment Share on other sites More sharing options...
tw2ntyse7en Posted December 28, 2004 Share Posted December 28, 2004 ... Link to comment Share on other sites More sharing options...
Dream Posted December 28, 2004 Share Posted December 28, 2004 Perhaps they are taking soil borings or even drilling test piers. However, I seriously doubt it. I do know that the financing is not in place. Not trying to be cryptic, but I just know.The developer may have convinced someone to commence work without financing being in place. It certainly wouldn't be the first time that happened (nor would it be out of the ordinary for a developer to do so). However, "Ground Breaking" parties may have to wait.Happy New Year.TNJ<{POST_SNAPBACK}>TNJYou seem to know a lot about the current state of the Shamrock. A close friend of mine has reserved a handful of units with premium views and floor plans. We are planning to convert these to earnest money contracts. The developer wants around 9k per unit. Should we proceed to closing or are we being ripped off by the developer? Would the developer be trying to convert his reservations to prove to a lender that the project is viable? Just curious what your thoughts are, feel free to PM me if you want to talk off line or on the phone about this.Dream Link to comment Share on other sites More sharing options...
The New Juniper Posted December 28, 2004 Share Posted December 28, 2004 TNJYou seem to know a lot about the current state of the Shamrock. A close friend of mine has reserved a handful of units with premium views and floor plans. We are planning to convert these to earnest money contracts. The developer wants around 9k per unit. Should we proceed to closing or are we being ripped off by the developer? Would the developer be trying to convert his reservations to prove to a lender that the project is viable? Just curious what your thoughts are, feel free to PM me if you want to talk off line or on the phone about this.DreamDream:There is nothing underhanded about wanting to convert to earnest money contracts. Previously in a Shamrock thread, I discussed (read: argued) with another person about what constitutes a "sale" in predevelopment of condominiums. Most developers have to satisfy a pre-sale requirement of X% of units before the bank will fund the loan. Because of this, all funds the developer spends prior to reaching the pre-sale threshold are truly "at risk". And because of this, you can imagine the developer is most anxious to get to earnest money contracts because then, and only then will he be able to recoup his money, much less show a profit someday. And again, all the reservations in the world mean nothing to the bank. Only earnest money contracts, and typically one requiring specific performance actually mean anything.The good news is: when converting to earnest money contract, typically your Purchase & Sale will provide an out (with full refund + interest) if the developer does not move forward by X date. Certainly not legal advice, however, I would strongly recommend that you make sure that you get language in the contract that protects you in this way. Otherwise your money could be tied up for quite an extended period of time. Also good news is that the Title Company will have your money and not the developer. Title Companies are governed by statutues that are very particular about consumer protection.In short, the move to earnest money contracts is a step in the right direction, if the end game is to actually buy a condo. I am sure he must demonstrate somewhere in the neighborhood of 40% presales. It is my understanding that all that is required to reserve a unit and lock down a price is $1,000 fully refundable. If this is in fact the case, I would expect close to one half of those with deposits to drop out when being forced into earnest money contracts. Las bit of advice: I would make damn sure that the developer honors the price originally quoted. Getting in early in a condo deal is a great way to make money. Just be careful and know with whom you are dealing. I don't mean to sound like I'm preaching, it's just that I've been through this many times.Good Luck and Take Care.TNJ Link to comment Share on other sites More sharing options...
2112 Posted December 29, 2004 Share Posted December 29, 2004 Dream:There is nothing underhanded about wanting to convert to earnest money contracts. Link to comment Share on other sites More sharing options...
houstonsemipro Posted December 29, 2004 Share Posted December 29, 2004 I've talked to the front office at Shamrock Tower, and they said they already broke ground, and right now they doing some core samplings (i don't know what that means). He also said the building will be finish in 2006. Link to comment Share on other sites More sharing options...
kjb434 Posted December 29, 2004 Share Posted December 29, 2004 Core samples are soil borings that are taken to evaluate the quality of the soil underneath the proposed building. This is performed by a geotechnical eningeer. They will perform some routing experiments on the soil.This will establish what the structural and foundation engineers will need to design to so that the building does not sink into the ground or fall over (i.e. the leaning tower of Pisa, Italy). Link to comment Share on other sites More sharing options...
2112 Posted December 29, 2004 Share Posted December 29, 2004 I can see it allready: As soon as they start digging for foundation footings, we will STILL insists it is not happening, it hasnt happened, and it will NEVER happen.I have the feeling this is it. Its gonna happen people.lets celebrate with beer. Link to comment Share on other sites More sharing options...
houstonsemipro Posted December 29, 2004 Share Posted December 29, 2004 Oh, thanks for the info Kjb434. I really didn't know that. Besides, Shamrock Tower will be connected to the tunnel system. Link to comment Share on other sites More sharing options...
citykid09 Posted December 29, 2004 Share Posted December 29, 2004 will this building chance the way the skyline looks? Link to comment Share on other sites More sharing options...
The Great Hizzy! Posted December 29, 2004 Share Posted December 29, 2004 When viewing the skyline from the north/northeast, it may have an impact but I doubt it will have more impact from other directions as, say, the new courthouse tower.In backing up Semi-Pro, I did see during lunch that it appears that some digging has taken place on the lot where the Shamrock is supposed to be erected. There's no construction equipment onsite at the moment, but it does look as if some digging has taken place in the past few days. Link to comment Share on other sites More sharing options...
yaga Posted December 29, 2004 Share Posted December 29, 2004 will this building chance the way the skyline looks? <{POST_SNAPBACK}> I doubt it. It looks to be similar in height to 1000 Main which is barely noticeable even in arial skyline shots from the southeast. However, it will increase the canyon effect on Main st. Link to comment Share on other sites More sharing options...
LTAWACS Posted December 30, 2004 Share Posted December 30, 2004 I can see it allready: As soon as they start digging for foundation footings, we will STILL insists it is not happening, it hasnt happened, and it will NEVER happen.I have the feeling this is it. Its gonna happen people. lets celebrate with beer. <{POST_SNAPBACK}> Drinks are on YOU! Link to comment Share on other sites More sharing options...
ricco67 Posted January 1, 2005 Share Posted January 1, 2005 mmmmmmmmmmmmmmmm......Beer. I'll have a shiner. Happy New Year, all. Ricco Link to comment Share on other sites More sharing options...
111486 Posted January 2, 2005 Share Posted January 2, 2005 Sorry, but I was in downtown on the 30th of December and I did not see any changes with the parking lot. The dirt that everyone is speaking of sounds a little exaggerated, because it just looks like dirt that was blown on the parking lot from another construction site or something. No telling when this thing will start. I'm surprised Orion started before this. Link to comment Share on other sites More sharing options...
Double L Posted January 2, 2005 Share Posted January 2, 2005 At least we lost a suburban style McDonalds from all this. Link to comment Share on other sites More sharing options...
midtown_resident Posted January 2, 2005 Share Posted January 2, 2005 Sorry, but I was in downtown on the 30th of December and I did not see any changes with the parking lot. The dirt that everyone is speaking of sounds a little exaggerated, because it just looks like dirt that was blown on the parking lot from another construction site or something. No telling when this thing will start. I'm surprised Orion started before this.<{POST_SNAPBACK}>No, there was definitely activity there per my earlier posting. I was there was well on that day and saw the activity. I've got zero reason to exaggerate such an observation. Sorry...I just report it as I see it. Link to comment Share on other sites More sharing options...
111486 Posted January 3, 2005 Share Posted January 3, 2005 I'm in downtown right now. What side of the parking lot is this "activity". Link to comment Share on other sites More sharing options...
midtown_resident Posted January 3, 2005 Share Posted January 3, 2005 I'm in downtown right now. What side of the parking lot is this "activity".<{POST_SNAPBACK}>Imagine where the McD's used to sit...it would have been 10 feet directly behind where the old structure stood. I'm also in a building neighboring the block and I can understand why this might be hard to believe given how it looks at the moment...but I can assure you that there was activity...or "activity" as you put it! Link to comment Share on other sites More sharing options...
LTAWACS Posted January 4, 2005 Share Posted January 4, 2005 "activity"... :rofl: Link to comment Share on other sites More sharing options...
kjb434 Posted January 4, 2005 Share Posted January 4, 2005 If the activity was core soil samples as previously believed, then when they are done the site will look virtually untouched. Soil sampling is meant to cause as little disturbance as possible. If this is what they did, all you find is a couple of holes about 3-6 inches in diameter and they would have been refilled with the same dirt after the geotech engineer has taken their sample. Link to comment Share on other sites More sharing options...
houston-development Posted January 4, 2005 Share Posted January 4, 2005 as i was saying..... cleaning a site would normally mean something in the phase II came back dirty.btw - this is a good thing. making progress and moving forward. allegedly, something is/was dirty and i wasn't talking about christina aguilera Link to comment Share on other sites More sharing options...
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