[poorjetfan]

1st question - prices have been pretty stable during the last 15 months - one of our units just sold for 79k recently but that was purchased at the daily auction around the corner and doesn't include all the liens that were on the unit - cash is still king

2nd question - Starwood owns 5 residential and 2 commercial units - there is 1 bank owned unit (it currently has an offer on it) and the rest are 2nd homes

and I would doubt there's a lender out there that is willing to do a deal but I did read in the paper today that The Martin (panorama north) has a lender

[007 license to sell]

The Martins' lender is investor based hard money lending it's not a bank that is lending at the Martin since they are only 20% occupied.

[poorjetfan]

my niece in houston, couldn't get a loan on a mid-rise and she was putting 50% down a few months ago---words can't describe current banking practices

[Swigchow]

Originally Posted by 007 license to sell

The Martins' lender is investor based hard money lending it's not a bank that is lending at the Martin since they are only 20% occupied.

How did they come up with the name Martin?
Geez, they might as well called it Bob!

[poorjetfan]

the ingenuity of naming it was due to the location on dean martin rd---as puzzling as ST Residential re-naming the Streamline as The Ogden (since its located on Ogden)

just imagine how much money was spent by the marketing dept.

[Swigchow]

Originally Posted by poorjetfan

1st question - prices have been pretty stable during the last 15 months - one of our units just sold for 79k recently but that was purchased at the daily auction around the corner and doesn't include all the liens that were on the unit - cash is still king

2nd question - Starwood owns 5 residential and 2 commercial units - there is 1 bank owned unit (it currently has an offer on it) and the rest are 2nd homes

and I would doubt there's a lender out there that is willing to do a deal but I did read in the paper today that The Martin (panorama north) has a lender

How many commercial units are at the Newport Lofts and what kind of businesses?

[poorjetfan]

there are 3 commercial units at Newport---1 was purchased and is used as an attorney's office and the other 2 are still available, but there actually has been recent interest in the 2 spots

[poorjetfan]

Newport Lofts is officially sold out as of yesterday's last closing---there's even been a bit of an increase in prices the last couple of months---there is only 1 listing on the MLS and that's a short sale---we still expect a couple more foreclosures over the next few months---still 2 commercial units left

[olecapt]

Originally Posted by poorjetfan

Newport Lofts is officially sold out as of yesterday's last closing---there's even been a bit of an increase in prices the last couple of months---there is only 1 listing on the MLS and that's a short sale---we still expect a couple more foreclosures over the next few months---still 2 commercial units left

I don't see a rise but it does look stable at around $115 per SF. There are still 25 or 30 units which have not resold and would suggest further shorts or foreclosures may occur.

It sure does look like stability has been reached though.

[Swigchow]

Originally Posted by poorjetfan

Newport Lofts is officially sold out as of yesterday's last closing---there's even been a bit of an increase in prices the last couple of months---there is only 1 listing on the MLS and that's a short sale---we still expect a couple more foreclosures over the next few months---still 2 commercial units left

What is the significance for being sold out? I assume it will provide some stability, but what will be the impact?