The New Condo Tower on Broadway (San Antonio, Anton: sales, real estate, condos)

[hello13685]

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?

[dakotamidnight]

Which dean said it?

I used to work at UIW & went to school there for several years.

[hello13685]

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?

[CelesteDF]

Originally Posted by hello13685

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?

Originally Posted by hello13685

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.

[BenjaminNicholas]

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

[lemonfresh]

This project isn't in jeopardy and is still on schedule. Move in date continues to be end of first qt 2010.

[01Snake]

Originally Posted by CelesteDF

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.

[SsnTktHldr]

Is anyone here actually moving in there and can give us some accurate info please?

[banker]

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.

[TexasWeatherman]

Originally Posted by lemonfresh

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!

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