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Old 03-10-2009, 10:35 PM
 
Location: San Antonio
944 posts, read 2,103,752 times
Reputation: 256
Default The New Condo Tower on Broadway

I have a friend who is a dean at Incarnate Word. He told me that the new condo tower is in some trouble. He said that they are going to put up the glass, and then stop construction on it (for how long, I don't know). Does anyone have information about this? If it's true, what is the reason for it? Isn't funding approved in advance of a construction project? (That would eliminate a loan falling through as the reason for this.) And we know it can't be a softening market, because San Antonio is booming so there are plenty of people ready to snatch up the 500,000 condos when they're done. What is going on?
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Old 03-10-2009, 10:39 PM
 
324 posts, read 761,824 times
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Which dean said it?

I used to work at UIW & went to school there for several years.
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Old 03-10-2009, 10:59 PM
 
Location: San Antonio
944 posts, read 2,103,752 times
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I won't identify this person for the sake of his, and my, privacy. That's why I'm asking others to give info. to back up this story. Is that tower now going to be SA's answer to Miami, or Bangkok, given their real estate issues?
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Old 03-10-2009, 11:01 PM
 
Location: Washington, DC & San Antonio, TX
794 posts, read 2,868,106 times
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Quote:
Originally Posted by hello13685 View Post
I have a friend who is a dean at Incarnate Word. He told me that the new condo tower is in some trouble.
I would think there are more reliable sources in the actual development community. This board seems to be full of them... anyone care to comment?

Quote:
Originally Posted by hello13685 View Post
Isn't funding approved in advance of a construction project?
I was told by one of K/M's sales staff that the building was 80% sold, which would seem to indicate they'd need to go ahead and finish out the project, however she could have just been fudging. She also did not say whether any previous deposits had been forfeited/canceled due to situations such as the AT&T move or the economy. Could be that they've had cancellations and need to slow down until they sell more units.

And I would hardly say San Antonio is "booming"... just because we haven't crashed the way the rest of the country has doesn't mean we have a surplus of $500K urban condo buyers lined up in a market where an average full-size luxury home is around $300-400K.
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Old 03-10-2009, 11:20 PM
 
1,836 posts, read 2,002,735 times
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The Broadway's sales pitch is BS. They initially told people they were 'sold out' and that they couldn't sell anymore units. Now they're 80% sold (perhaps). I've heard them say so many different things, that I trust very little of what's coming from their PR department next.

I have friends who were sold broken promises in that build, so they pulled their deposits and went elsewhere. While it all looks nice and the sales pitch is swell, I wouldn't bank on anything until it's totally finished. Such is with anything in life...



BN
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Old 03-10-2009, 11:21 PM
 
1,131 posts, read 790,283 times
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This project isn't in jeopardy and is still on schedule. Move in date continues to be end of first qt 2010.
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Old 03-10-2009, 11:22 PM
 
Location: Here
8,707 posts, read 6,894,628 times
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Quote:
Originally Posted by CelesteDF View Post

And I would hardly say San Antonio is "booming"... just because we haven't crashed the way the rest of the country has doesn't mean we have a surplus of $500K urban condo buyers lined up in a market where an average full-size luxury home is around $300-400K.
She (the OP) is being sarcastic.
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Old 03-11-2009, 01:15 PM
 
341 posts, read 422,462 times
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Is anyone here actually moving in there and can give us some accurate info please?
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Old 03-11-2009, 03:33 PM
 
1,740 posts, read 3,870,726 times
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I too have heard rumors that the development is in trouble. Wrong time for $500,000 condos. We just aren't that type of city. That being said - I haven't heard that construction was about to stop.
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Old 03-11-2009, 08:29 PM
 
155 posts, read 235,004 times
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Quote:
Originally Posted by lemonfresh View Post
This project isn't in jeopardy and is still on schedule. Move in date continues to be end of first qt 2010.
Someone went to the Howard Schultz School of CEOs!

Why Executives Shouldn't Put Positive Spin on Bad News | The Corner Office | BNET
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