Steps to selling the condos downtown -
1. Reduce Price- you will make your profit on the retail leasing, not the condo sales. These prices are completely out of line with the current market. Considering you buy a house a couple blocks away for a 10th of the price
2. Announce retail - please please please please be a scrapbooking outlet
3. Increase number of units, lower the amount of upscale furnishing to reduce cost per unit. They went the opposite, reduced number of condos and increased price (how does that make sense?), by the way, your price per square foot increase disproportionately to your condo prices. That worked out REALLY well for them.
4. Announce the start date, no one in their right mind will sign onto this project when they don't
know when they will actually be moved into. By the time this project will be complete, the average amount of time a person stays in a residence will have lapsed
5. Announce a final design, last I heard they removed the rooftop patio - so now the development has absolutely ZERO amenities. This is probably a good time for them to increase costs again.
Am I missing anything?
The city made a huge mistake of making a stipulation of spending a minimum, instead of a minimum amount of condos. Fort Wayne is owed an explanation of the costs that are going towards this project. 14.5M to develop empty slate retail and a handful of condos? Yea, and the Renaissance building is really worth the full asking price.
Speaking of which, I have a house that has been on the market for the last ten years. I've listed it for 160k, but I'll sell it for 190k.
3 comments:
The plan was that the luxury condos would generate enough revenue through property taxes to pay off the bonds that funded the ballpark. Affordable housing can't pay off the bonds.
The good news is that Fort Wayne already has plenty of affordable housing.
We've missed you!! Welcome back!!!
Hope to see some photos of the condo. Thanks.
Paula M
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