Monday, August 20, 2007

LockBoxes on Condo Project in Washington, DC Area

LockBoxes on Condo Project in Washington, DC Area
Posted by David at 2:31 PM

14 comments:

  1. AnonymousAugust 20, 2007 6:36 PM

    How ironic! It looks like a prison!

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  2. AnonymousAugust 20, 2007 6:59 PM

    Great photo, but real question is how many units in the building? 7 lockboxes in a 30 unit building is different from a 12 unit building.

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  3. AnonymousAugust 21, 2007 9:19 AM

    what is the address of this condo?

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  4. AnonymousAugust 21, 2007 11:49 AM

    Condos are nothing more than owner's apartments - despite how builders market them. Their prices rose to extremes because of flipping, they were always on the lower end value on the housing food chain. Time for them to reassume that role.

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  5. wannabuyAugust 22, 2007 3:38 PM

    David,

    I missed these photos!

    Where are the benches? ;)

    Now to anyone thinking the market will tighten up... many of these, as anon noted, are going to become rented apartments. Not exactly going to drive people to buy.

    In fact, we were discussing "housing elasticity" at work. We know a few people pulling grandma and grandpa out of their homes (selling) or community (55+ renting, or sub-leasing) in order to help pay their mortgage.

    In other words, people are about to wake up to the housing surplus.

    Got popcorn?
    Neil

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  6. AnonymousAugust 22, 2007 4:01 PM

    "Condos are nothing more than owner's apartments - despite how builders market them. Their prices rose to extremes because of flipping, they were always on the lower end value on the housing food chain. Time for them to reassume that role."

    I think this market is as overpriced as the next...but with condos, more so than with houses, its all about location. A condo in the suburbs? WTF? A condo downtown, or an apartment for that matter, if its the right one, definitely.

    That being said, the condos downtown DC are some of the most ridiculously overpriced crap around. For $400,000 you can get a one bedroom lofted unit in a neighborhood right next to some of most blighted and most dangerous areas of DC.

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  7. AnonymousAugust 23, 2007 10:49 AM

    Anon said:
    "For $400,000 you can get a one bedroom lofted unit in a neighborhood right next to some of most blighted and most dangerous areas of DC."

    And you'd be paying double that were it not for the remaining blight. Better buy now before the blight is gone!

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  8. AnonymousAugust 23, 2007 3:02 PM

    Anon said:
    "For $400,000 you can get a one bedroom lofted unit in a neighborhood right next to some of most blighted and most dangerous areas of DC."

    And you'd be paying double that were it not for the remaining blight. Better buy now before the blight is gone!

    ----------------------------
    Yeah, because if you wait any longer, you might have to pay $350k or $325...with parking! :-(

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  9. AnonymousAugust 23, 2007 10:59 PM

    Almost 1000 names folks :). In less than 3 days, all I can say is WOW!

    http://www.petitiononline.com/bailout/petition.html

    Please sign and pass it on if you have not already done so.

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  10. AnonymousAugust 24, 2007 12:38 AM

    "You buy a condo like that I'll bet you get a free bowl of soup."

    mad_tiger

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  11. AnonymousAugust 24, 2007 4:33 PM

    All of these developers have loans with commercial lenders. The lenders have MRP (minimum release prices). The MRP's dictate the minimum price the Lender must be paid to transfer a unit. Unless the sellers pony up their own cash to sell the place (which can happen), the prices will hold steady, or the developer will lose them to the bank. IF the developer gets over the hump and pays off the loans, they will be fine. If not....look out.

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  12. AnonymousAugust 28, 2007 11:42 PM

    Am I REALLY the only person who noticed that this EXACT same photo was posted back in Feb.? It's the Silverton condo's in Downtown SS.

    http://bubblemeter.blogspot.com/2007/02/silverton-condos.html

    I agree that it's a great pic, but it seems a little shady to give the appearance that this is a new photo.

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  13. AnonymousAugust 30, 2007 8:56 PM

    Its the bubblicious gate. Errr...
    I mean its the Crash-o-rific fence!

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  14. AnonymousSeptember 19, 2007 2:36 PM

    Right near Union Station they are finishing construction on new condos that "start at 1.8 million." I can't wait to see how long they sit, vacant.

    Oh but I forgot, DC Metro is "different."

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