The New Juniper
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Posts posted by The New Juniper
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HD is right funding has been approved, and the start date is in early to mid August.
who is funding?
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Most realtors don't put up a sold sign until all the contigencies are removed from the contract (i.e. the option period has lapsed and loan approval is in place). Most of the sold signs only get put up once the house is closed and the new owner allows them to leave it there for a few weeks. But the vast majority of the time, a realtor will not put up that sign unless it is a done deal - or they risk losing too many good potential customers.
At least in the above described scenario, there is a contract to discuss. Whether there are contingencies to remove or not, at least someone has signed a contract. Sounds like 2727 doesn't even have that!!!
TNJ
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TNJ,
He is advertising reservations as "sold". Because this is his first building, I think he is overestimating the conversion rate from reservation to contract. Even with small, non-refundable reservations ($3K-10K) only 60-70% of your buyers move forward. With refundable res. (which he has) typically only about 30-40% of your buyers actually get into into title.
You are absolutely right. The biggest problem is that your buyers wait nd wait and begin to lose confidence in the project, the timing of it and the ability of the developer to deliver.
Is there some type of law that regulates what can be advertised as sold? Seems to be a bit "shady" and makes me wonder of all of the other advertised buildings....
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I was reading the chronicle's poor excuse for a website and saw an ad for 2727 that says, "48% SOLD". Is this true? Has the owner lost his mind?
Our family friends have an option in at 2727 and have been waiting for MONTHS to get an opportunity to write a contract. To their knowledge, none have been written. Not 27%. Not 48%. NONE are in contract.
How can this guy say 48% SOLD?
Someone help me out here.
TNJ
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Sweet. I'll do a little dance called the "Pee-Wee Hermann".
i think everyone should stay. A little meteorological darwinism is in order. the herd needs to be thinned a bit and those wishing to ride out a big storm (4 or bigger) should be first in line.
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Beaux Art Building
Galveston, TX
The Beaux Art Building on Galveston Island, a fresh new concept in downtown living, will be located on the corner of Postoffice Street and Rosenberg Avenue (25th). In the top three levels there will be 15 spacious residences, some with penthouses and terraces, built to strict environmental standards to maximize economy and efficiency that will secure their value for years to come. Amenities include large balconies, secure parking on the ground level, high ceilings and spectacular views of Historic Downtown Galveston, the harbor, and the gulf. The second level of the Beaux Art Building will be the new home of a local theater company and a well-known art gallery.
This is the first new construction mixed-use building in the downtown area in many years. The developers have implemented several environmentally sensitive design features that are not attainable with the conversion of existing structures. These values have allowed for large open living spaces, which have become the hallmark of an urban lifestyle.
quick reading shows Eubanks did the Panama, which was Kaldis' deal. All signs seem to point to him.
Pretty cool i think.
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i was thinking the same thing. looks like a randall davis project. it looks more interesting to me than metropolis and gotham
One of three people: Kaldis - who did the previous conversion in the Strand. Davis - Emerald and Diamond Beach. Suttles - Jean Lafete(sp?) building currently underway.
What i hear is its not Davis. Makes sense b/c it appears too small from his most recent goings on and frankly too traditional. No monsters or gargoyles.
I'm told it's also not Suttles and i can't imagine he could pull it off now, but who knows?
Kaldis - can't get an answer but it would make sense.
So, there's my two cents. Personal opinion is that it looks good. Renderings have a way of making Galveston's water bluer and the streets look as though they are paved in gold..
Whatever works.TNJ
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So if a developer is looking to make a $75 profit and there is no way to build these condos for less than $240 then they would have to sell in the neighborhood of $315 - $330 PSF. Is there a market and a demand for $330 PSF condos. Paying $330,000 per 1,000 SF seems a little out of reach for most Galveston buyers. I know this is changing, but 5 buildings. I am with you. This will not get done.
i agree with you on price. however, i believe that people will stretch to that high price tag so long as you give them huge amenities. Face it, Galveston will never be known for its miles of pristine white beaches or crystal clear water. People want to be near the water, but need to be entertained. You cannot sell just the fact that you can cross the seawall to get to a rocky, unsafe area where the waves crash against the seawall. You need to able to market an entire experience that happens to have the background of the Gulf of Mexico, along with the serenity that (allegedy) comes with waking up to the salt breeze......
Knew i should have been a real estate agent......
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As for name changes, I will always think of Williams Tower as Transco.
Also I call the building on the SWF The Summit, not Compaq Center, and certainly not Lakewood Church. Maybe comes from not living in Houston since 1992. I also don't think of Reliant's tower as anything other than 1100 Milam and actually I think of Reliant itself as HL&P and Entex. Yep, old habits die hard.
I think they should just call it Enron Tower. That should encompass just about everything.
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I guess I misunderstood. I was thinking he would build a retail center on that site similar to the Sage center he recently did. I am very suprised he is tackling multi-family. If you are that good at Retail why go off an try something new?
JV on the mixed use. he is primarily responsible for retail, which allows both parties to stick to their core competencies...
Nobody and i mean nobody moves retail faster than Sandy and his group.....
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no problem. Sorry to sound frustrated, but i believe in the Galveston market and i hate to see projects announced that i know have no chance of making it at the announced price.
The developer of this building is out hawking this product. The newest version looks fairly nice. However, and reference my earlier epistle, it is going to be expensive. Hope it gets built...
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Here's an article on the new resort.
Bigger than i originally heard. Very exciting for the island. People can run down Davis, but i will say his new stuff is very, very nice.
TNJ
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it was a pretty intense fire and the surrounding area was hazy for several hours. it started just after 2:30 and the fire was still blazing after 4. wasnt sure if it was arson or the crew hit a gas line.
Sandy Aron is putting mixed use there. Rental and Retail....
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Yeah, Chili's has been open for about a month now. I'm pretty excited about Slick Willy's pool hall opening at Piazza Blanca. Oh yeah, TNJ have you heard that Hooter's is opening a restuarant on Seawall Blvd? Hooter's will be taking over the Ocean Grill spot.
I need to get out more often. Didn't know Slick Willie's was going in either. Lastly, no clue that Hooters was headed that way. What cross street is the Ocean Grill?
I'm proud of old Galveston. Way to go.....
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Today's entire "Buzz" is actually a good read...
http://news.galvestondailynews.com/story.l...60f8b420825d42b
I thought the retail was finished at Piazza Blanco? Is Chili's open?
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I believe Bank of America, which at one time was another local North Carolina bank (North Carolina National Bank, or NCNB), is the largest.
I think they should be required to call in Transco forever.....
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Don't believe everything you read. This is far from a done deal.
Any update from anyone that would know?
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The rumor is that they mall's name is going to be changed to "CrunkTown"
you know who owns the mall, right?
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Does someone know something i don't? We purchased two rental buildings in urban environments in '05, and the rents were in the low $3 psf. And, we bought below replacement. STILL, the numbers barely work. They are more of a long term play. The highest rent of which i'm aware in Houston is Finger's Museum and it's not getting that much and this downtown building will cost a fortune?
Don't get it.
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I thought that the commercial development would follow the large condos. Restaurants, bars, etc.
Mosaic will be built before this building is built
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If you give him the instructions to e-mail it. J/K Jupiter.
Great directions J.A.S.O.N.
If you will tell me how to turn on my computer first.....
Working on the post. Stupid job keeps interfering.
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Will do. Word is they went "old school" on this one. Everyone is trying to out do each other (see Atlas) to see who can do the hippest, newest, building. These guys did a turn of the century style building. Ziegler designed a cool one here.
Stay tuned.
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i know one developer was taking a run on this site but was unable to secure a partner. this was only two months ago and i havent heard of anything since.
if someone did in fact take down the land, they moved FAST
this one's coming back. my mole tells me to be on the lookout for this one....
they have stayed under the radar and quietly been designing a killer project here
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http://www.imageshack.us
1. Hit the "browse" button - (should bring up a folder with your documents)
2. Select your document, then hit "open"
3. Hit the "host it" button (the uploading begins)
4. Copy the url at the bottom that reads " Direct link to image"
5. Paste that url to this site
6. Add the "img" tags to that url; which means, to the end, and
at the beginning of the url
i give up. you are going to have to trust me, it's cool. we'll all have to wait on the developer.
Whatever works.
These guys are priceless
in Meanwhile, In The Rest of the World...
Posted · Edited by The New Juniper
Not sure where to post this link, but it really is a good read.
Two Idiot "Developers"
Actually, this type of stuff is scary. Moral of the story is: stick with a known commodity. Or, alternatively, the moral is: cheat the government, don't pay taxes, then move to Mississippi to find some people from whom you can scam enough money to move to your own private island in the South Pacific.....
TNJ