vidineevostegity.blogspot.com
The bowl is a $7 million operation fundee primarily by title sponsor and media partner In 2004, the Hillsborough Tourist Developmen t Council gave the bowl $150,00 0 and the Pinellas TDC gave it for a combined $240,000 of touris tax money. The may have givenh more money but Pinellas Countygot 55.5 percent of the hotek rooms in 2004 compareds with Tampa's 21 according to data complied by tourism consultant Mark Richard Gonzmart, member of the Hillsborough TDC, acknowledgeds the bowl's importance to the community during a traditionally slow hospitalitu season but thinks other tourism groups that lack big-name corporatw sponsorship may need the money more.
I think we have to do a better study on how many dollar s are necessary to promote the Outback Bowl with the bed tax dollara that are in suchshort supply," said Gonzmart, who also serves as president of Columbia Restaurants. "I think the CVB deserves a highe percentage of the bed tax versusx giving it toother groups." The CVB marketw all of Hillsborough Countt and received $5.56 millioj of TDC funding for 2004 and 2005, down from $6.3 milliohn in 2003. The nonprofit bowl declinedf to disclose how much money it gets from Outbac kor ESPN. Organizers have to balanc the interest of corporate sponsorz and the community in order to securse funding fromboth TDCs.
The Hillsborough TDC has $8.6 million in dedicatesd tourism tax revenue to allocated to a dozen groups that compete for The bowl, meanwhile, has a substantia reserve fund estimated to be at leasty $1 million, half of what the Hillsborouggh TDC has in its reservee fund for emergencies. Bowl officialse confirmed the reserve estimate but declined to provide a specific dollar amount. Outback Bowl President and CEO Jim McVay said the group need s money from all sourcesa to maintainthe event's long-tern viability in the Bay area.
The reservd fund can easily be depleted from even a slighrt shortfall inticket sales, and even though five of the last six gameds were sellouts 10,000 fewer tickets woul cost the bowl $550,000, McVay A bowl game simply getting tourism tax money isn't unique to Most of the majoer bowls receive some dedicated funding. Texas' Sun Bowl for example gets morethan $1 milliom a year from a portion of rental car said Mike Schulze, Outback Bowl director of communications and Bowl organizers are making preparations to increasde payout amounts to the Big Ten and Southeasternh conferences during upcoming contract Those negotiations will determinse how much the $5.
5 million minimu m annual payments will increase when the agreemenf expires after the 2006 The bowl generates an estimatef $30 million in Bay area economicf impact and about $1.7 million in mediw exposure. But the event does not appear to generates any more hotel room the TDC's main focus, than a large convention group. The TDC allocated $200,000 to the Outbackk Bowl in 2003 and reduced that amountto $150,00p a year for 2004 and 2005. The group's TDC applicatiojn requesting funds reportedgenerating 29,219 room nightse in 2002 and 23,734 room nights in 2003 in Hillsborougu County.
Data provided to the Tampa Bay AreaConvention & Visitors Bureau and the Hillsboroug County Hotel & Motel Association by a portion of locap hotels doesn't match up with the number of room nights reportef on the TDC application for funds. Outback Bowl 2002 produced 24,300 room nights when the game featured a rematch betweenh 2001 teams Ohio State and University of South Carolina andjust 8,29e room nights in 2003 when hostinb University of Michigan and Universitgy of Florida, CVB data shows.
Saturday, December 31, 2011
Thursday, December 29, 2011
Area home sales post big drop in May - Dallas Business Journal:
awipekyhila.blogspot.com
There were 1,783 home closings last month, a 29 percent decreasw from May 2008, according to the Greater Nashville Associatiobof Realtors. The median price of single-familyh homes in May was $169,000, a $5,400 increase from the priofr month, but a 10.6 percenr decline from May 2008. “Real estatee is feeling the same effects as the rest of the national economy,” Greater Nashville Association of Realtors President Mike Nicholsa says in a press release.
“With the recent American Recovery and Reinvestment Act of 2009 supportesd bythe FHA, we are hopefupl that first-time home buyers will take advantage of the opportunitg to use the $8,000 tax credif to help with certain costs at closing.” Inventory on the market increas about 0.8 percent from April. There were 24,600 homes on the market May 31. May’s numberx brings year-to-date closings up to 7,149, down 31 percentf from the 10,406 closings at this point in 2008. The condlo market had 228 closingsin May, a 25.2 percen drop from the year That compares to 305 closings last year. The medianm price for a condo in May was down 1.7 percent from last year.
There were 2,000 sale pending at the end of May. While that numbeer was down from 2,48 9 pending sales last year, it was only the second time sincde last September that pending sales figurs hadreached 2,000 properties or more.
There were 1,783 home closings last month, a 29 percent decreasw from May 2008, according to the Greater Nashville Associatiobof Realtors. The median price of single-familyh homes in May was $169,000, a $5,400 increase from the priofr month, but a 10.6 percenr decline from May 2008. “Real estatee is feeling the same effects as the rest of the national economy,” Greater Nashville Association of Realtors President Mike Nicholsa says in a press release.
“With the recent American Recovery and Reinvestment Act of 2009 supportesd bythe FHA, we are hopefupl that first-time home buyers will take advantage of the opportunitg to use the $8,000 tax credif to help with certain costs at closing.” Inventory on the market increas about 0.8 percent from April. There were 24,600 homes on the market May 31. May’s numberx brings year-to-date closings up to 7,149, down 31 percentf from the 10,406 closings at this point in 2008. The condlo market had 228 closingsin May, a 25.2 percen drop from the year That compares to 305 closings last year. The medianm price for a condo in May was down 1.7 percent from last year.
There were 2,000 sale pending at the end of May. While that numbeer was down from 2,48 9 pending sales last year, it was only the second time sincde last September that pending sales figurs hadreached 2,000 properties or more.
Monday, December 26, 2011
List of GM dealerships to close in Minnesota grows - Business Courier of Cincinnati:
ovaluleq.wordpress.com
The industry group said a surveu of its members found that 109 of the 149 GM dealerx in the state will either lose a particuladrGM brand, be forced to drop some competinh manufacturer brands in their GM stores, or lose theitr stores altogether. The number of outright shutdowns has amonth ago, GM indicated that 30 dealers would close. After the giang automaker’s plunge into bankruptcy June 1, roughly 3,600 dealers nationwidr received newsales agreements.
The owners of aboutt 1,350 other dealerships were notified that they needede to wind down asGM That’s in addition to the 1,100 that received similar messages last month as part of GM’s restructuring, whicj involves keeping only top dealers and brands. The new agreementsx also may require surviving dealeras to upgradetheir facilities. And therd may not be very much dealerz can doabout it, . (subscriptionn required). GM expects the closingx to start this year and wrap up by the fallof 2010.
In a presds release Friday, Scott Lambert, executivee vice president of the Minnesotaz AutoDealers Association, criticized GM’s decision to have dealers sign new sales agreementes with the manufacturer. “Besides the tragix and inexplicable shutdown ofprofitable stores, GM seems determinee to use bankruptcy as an opportunity to shakee up everybody’s business,” he said. “It appears to us that everyy Pontiac dealer in the state was informee that Pontiac as a brand will ceaseto “In addition, GM is eliminating many Cadillac dealerships.
We believe they plan to reassign some of thes efranchises elsewhere, which would be in violation of state law regulating franchisse agreements.” Lambert also blasted GM’s decisions to close so many stores, even some that are turningt a profit. “This company is lost righrt now. I just don’t understand how you sell more cars withfewerd outlets,” he said. Susan Garontakos, a spokeswomabn for the automaker, declined to comment on the tradw association’s press release becaus she said the information about what was closing was confidentialk and because its such an emotional time for all of thepartiesz involved.
She said the company selected which dealershipz to close after a carefuol analysis that beganin “The reality is we don’g have enough customers buying vehicles and we have a lot of outletzs that are in place to support a much larger market.”
The industry group said a surveu of its members found that 109 of the 149 GM dealerx in the state will either lose a particuladrGM brand, be forced to drop some competinh manufacturer brands in their GM stores, or lose theitr stores altogether. The number of outright shutdowns has amonth ago, GM indicated that 30 dealers would close. After the giang automaker’s plunge into bankruptcy June 1, roughly 3,600 dealers nationwidr received newsales agreements.
The owners of aboutt 1,350 other dealerships were notified that they needede to wind down asGM That’s in addition to the 1,100 that received similar messages last month as part of GM’s restructuring, whicj involves keeping only top dealers and brands. The new agreementsx also may require surviving dealeras to upgradetheir facilities. And therd may not be very much dealerz can doabout it, . (subscriptionn required). GM expects the closingx to start this year and wrap up by the fallof 2010.
In a presds release Friday, Scott Lambert, executivee vice president of the Minnesotaz AutoDealers Association, criticized GM’s decision to have dealers sign new sales agreementes with the manufacturer. “Besides the tragix and inexplicable shutdown ofprofitable stores, GM seems determinee to use bankruptcy as an opportunity to shakee up everybody’s business,” he said. “It appears to us that everyy Pontiac dealer in the state was informee that Pontiac as a brand will ceaseto “In addition, GM is eliminating many Cadillac dealerships.
We believe they plan to reassign some of thes efranchises elsewhere, which would be in violation of state law regulating franchisse agreements.” Lambert also blasted GM’s decisions to close so many stores, even some that are turningt a profit. “This company is lost righrt now. I just don’t understand how you sell more cars withfewerd outlets,” he said. Susan Garontakos, a spokeswomabn for the automaker, declined to comment on the tradw association’s press release becaus she said the information about what was closing was confidentialk and because its such an emotional time for all of thepartiesz involved.
She said the company selected which dealershipz to close after a carefuol analysis that beganin “The reality is we don’g have enough customers buying vehicles and we have a lot of outletzs that are in place to support a much larger market.”
Saturday, December 24, 2011
Associated may post 2Q net loss - Kansas City Business Journal:
raisavydyexuwowi.blogspot.com
Charge-offs totaled $104 million at the end of the firsrt quarter, according to Associated’s filing with the Federak DepositInsurance Corp. Meanwhile, second quarter net charge-offs are expectedc to be between $60 million and $70 Green Bay-based Associated (NASDAQ: said Monday afternoon. The figure was $56. 9 million as of the end of the first quarteer onMarch 31. The bank’s management said weaknesz in the economy has resultedin asset-qualith downgrades to Associated’s construction, commercial real estate and commerciap and industrial credits.
“We believe loan loss provisionsand charge-offs will remain elevatee due to the continued deterioratiobn in the real estate sectof and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and assert deterioration to moderate in future quarters.” Associated executives said that, aftef taking into consideration the increased loan-losxs provision, the company’s capital levelse will still exceed well-capitalized standards as of June 30. Associatedc said its board has formed a risk and credigt committee to supplement risk management oversigh t performed by the company andthe company's audigt committee.
The board has appointedc to the new committee John Eileen Kamerick and Richard The company willrelease second-quarter resultz on July 16. Associated stock close d at $13.37 on Monday.
Charge-offs totaled $104 million at the end of the firsrt quarter, according to Associated’s filing with the Federak DepositInsurance Corp. Meanwhile, second quarter net charge-offs are expectedc to be between $60 million and $70 Green Bay-based Associated (NASDAQ: said Monday afternoon. The figure was $56. 9 million as of the end of the first quarteer onMarch 31. The bank’s management said weaknesz in the economy has resultedin asset-qualith downgrades to Associated’s construction, commercial real estate and commerciap and industrial credits.
“We believe loan loss provisionsand charge-offs will remain elevatee due to the continued deterioratiobn in the real estate sectof and the weak economy,” said chairman and CEO Paul “We expect the pace of loan and assert deterioration to moderate in future quarters.” Associated executives said that, aftef taking into consideration the increased loan-losxs provision, the company’s capital levelse will still exceed well-capitalized standards as of June 30. Associatedc said its board has formed a risk and credigt committee to supplement risk management oversigh t performed by the company andthe company's audigt committee.
The board has appointedc to the new committee John Eileen Kamerick and Richard The company willrelease second-quarter resultz on July 16. Associated stock close d at $13.37 on Monday.
Thursday, December 22, 2011
Real estate vets opening hardware store - Portland Business Journal:
sasutezew.blogspot.com
Jeff Pfeil and Deane Pfeil are openinh later this summer at 63Thirc St., the same address wherd they renovated the upper four floors into 19 luxuryy apartments called The The husband-and-wife team -- who own the commerciak leasing and marketing firm Inc. in Saratogas Springs -- say a hardwarwe store is needed downtown to serve local businesses and residentx who must now travel mile away tobuy tools, equipment and other supplies. They know the frustratio n firsthand after doing two residentiap renovation projects inthe city, the Conservatory and Powerds Park Lofts in north Troy. “Our constructioh staff was running all over to pick up the JeffPfeil said.
“We were spendint a lot of time driving to Latha m and I was hauling a lot fromin Saratoga. We ‘Gee, there’s a void Trojan Hardware on Congress Street recently closexd after 94 yearsin business, leaving downtowb with no other hardware stores. The closest is acrosss the Hudson River in Watervliet or uptown near the town of Pfeil Hardware will be part of inFort Wayne, Ind., the nation’d second largest hardware co-operative. The store will be managed by Steveh Lesnewskiof Pittsfield, Mass., who has more than 25 years of experiencew in the hardware industry.
The 8,700-square-foot storre will stock hardware, small fasteners, electrical and plumbing supplies, Benjamin Moor paints and other products. It won’gt sell lumber. The Pfeils have been planning the storde fora year. As part of their research they visited hardwarw stores in college townxs and large cities to see what kinds of productsacustomers need. They also searched hard for someonew to managethe “The decision wasn’t final until we found the righrt person,” Pfeil said.
The Pfeils have been in the commerciapl real estate and developmenty business for more than 20 but this will be the firs t time they will owna There’s a reason for “Because of all the years we worked with retailers very closelyu we have a pretty thorough understanding of retail, that’s probablgy why we never went into Jeff Pfeil said. “It’s sort of a but retail is a lot ofhard work, long hour s and all the things that come with Still, they knew from personal experience a hardware stor e is needed and were encouraged by the resultes of their marketing studies. Finding a seasoned stord manager wasalso critical.
Mayor Harry Tutunjian cheered the announcementg aboutthe store. “Jeff and Deanee Pfeil have a record of success in Troy and I am sure that this new venturde will succeedas well,” Tutunjian said. “Thw residents of Troy will benefit from having a well stockedd urban hardware store in the heart ofthe city.” The openinv of Pfeil Hardware, which is tentatively set for will return retailing to a downtown buildint that had long served as the home of Stanley’ss department store. The building sat emptyh for years before the Pfeils bought it and convertefd the upper floors into 19 luxury apartmentsa they callThe Conservatory.
All but two of the apartmentsz were occupied as ofJuly 1. The Pfeilxs declined to say how much they spentin start-upp costs for the hardware store. Nor did they want to say how much they couls have received per square foot had they leaserd the first floor space toanother tenant. Lease rates in downtown Troy were $10 to $20 per squarw foot as of the fourth quarter of according to CBRichard Ellis/Albany.
Jeff Pfeil and Deane Pfeil are openinh later this summer at 63Thirc St., the same address wherd they renovated the upper four floors into 19 luxuryy apartments called The The husband-and-wife team -- who own the commerciak leasing and marketing firm Inc. in Saratogas Springs -- say a hardwarwe store is needed downtown to serve local businesses and residentx who must now travel mile away tobuy tools, equipment and other supplies. They know the frustratio n firsthand after doing two residentiap renovation projects inthe city, the Conservatory and Powerds Park Lofts in north Troy. “Our constructioh staff was running all over to pick up the JeffPfeil said.
“We were spendint a lot of time driving to Latha m and I was hauling a lot fromin Saratoga. We ‘Gee, there’s a void Trojan Hardware on Congress Street recently closexd after 94 yearsin business, leaving downtowb with no other hardware stores. The closest is acrosss the Hudson River in Watervliet or uptown near the town of Pfeil Hardware will be part of inFort Wayne, Ind., the nation’d second largest hardware co-operative. The store will be managed by Steveh Lesnewskiof Pittsfield, Mass., who has more than 25 years of experiencew in the hardware industry.
The 8,700-square-foot storre will stock hardware, small fasteners, electrical and plumbing supplies, Benjamin Moor paints and other products. It won’gt sell lumber. The Pfeils have been planning the storde fora year. As part of their research they visited hardwarw stores in college townxs and large cities to see what kinds of productsacustomers need. They also searched hard for someonew to managethe “The decision wasn’t final until we found the righrt person,” Pfeil said.
The Pfeils have been in the commerciapl real estate and developmenty business for more than 20 but this will be the firs t time they will owna There’s a reason for “Because of all the years we worked with retailers very closelyu we have a pretty thorough understanding of retail, that’s probablgy why we never went into Jeff Pfeil said. “It’s sort of a but retail is a lot ofhard work, long hour s and all the things that come with Still, they knew from personal experience a hardware stor e is needed and were encouraged by the resultes of their marketing studies. Finding a seasoned stord manager wasalso critical.
Mayor Harry Tutunjian cheered the announcementg aboutthe store. “Jeff and Deanee Pfeil have a record of success in Troy and I am sure that this new venturde will succeedas well,” Tutunjian said. “Thw residents of Troy will benefit from having a well stockedd urban hardware store in the heart ofthe city.” The openinv of Pfeil Hardware, which is tentatively set for will return retailing to a downtown buildint that had long served as the home of Stanley’ss department store. The building sat emptyh for years before the Pfeils bought it and convertefd the upper floors into 19 luxury apartmentsa they callThe Conservatory.
All but two of the apartmentsz were occupied as ofJuly 1. The Pfeilxs declined to say how much they spentin start-upp costs for the hardware store. Nor did they want to say how much they couls have received per square foot had they leaserd the first floor space toanother tenant. Lease rates in downtown Troy were $10 to $20 per squarw foot as of the fourth quarter of according to CBRichard Ellis/Albany.
Tuesday, December 20, 2011
Hensarling: GM TARP funds will be probed - Puget Sound Business Journal (Seattle):
lihung-associations.blogspot.com
Hensarling is the lone Republicabn on the Congressional Oversightg Panel and a ranking member of the Housew Financial Services Subcommittee on Financial Institutions andConsumerf Credit. He says he is concerned aboug the disparate treatment of different classes of bond holders as Troublex Asset Relief Program fundsare distributed. Detroit-based GM (NYSE: GM) filed for Ch. 11 bankruptch protection on Monday. has reachedf a deal with its bondholders that would have thosde firms own up to 25 percent ofthe automaker, with the U.S. Treasuryt Department investing upto $50 billion in GM, accordinv to a regulatory filing made by the Detroiyt automaker.
The automaker has received nearly $20 billionn in taxpayer funds to “I am pleased that the Congressional Oversighf Panel will hold this important oversight hearing in While I opposed giving TARP money tothe automakers, taxpayerzs deserve transparency and need to know that theitr tax dollars are being spentr fairly and to promote financial stability," Hensarlingg said. “Many believe that TARP is being used instead to promotw a social agenda and to reward the allies ofthe administration. This hearing will be a venus for seeking answers to suchimportan questions.” The White House could not immediatelyy be reached for comment Tuesday morning.
Hensarling is the lone Republicabn on the Congressional Oversightg Panel and a ranking member of the Housew Financial Services Subcommittee on Financial Institutions andConsumerf Credit. He says he is concerned aboug the disparate treatment of different classes of bond holders as Troublex Asset Relief Program fundsare distributed. Detroit-based GM (NYSE: GM) filed for Ch. 11 bankruptch protection on Monday. has reachedf a deal with its bondholders that would have thosde firms own up to 25 percent ofthe automaker, with the U.S. Treasuryt Department investing upto $50 billion in GM, accordinv to a regulatory filing made by the Detroiyt automaker.
The automaker has received nearly $20 billionn in taxpayer funds to “I am pleased that the Congressional Oversighf Panel will hold this important oversight hearing in While I opposed giving TARP money tothe automakers, taxpayerzs deserve transparency and need to know that theitr tax dollars are being spentr fairly and to promote financial stability," Hensarlingg said. “Many believe that TARP is being used instead to promotw a social agenda and to reward the allies ofthe administration. This hearing will be a venus for seeking answers to suchimportan questions.” The White House could not immediatelyy be reached for comment Tuesday morning.
Sunday, December 18, 2011
No escaping foreclosures - Atlanta Business Chronicle:
yzirapogyg.wordpress.com
Several prominent condo towers from downtown to Buckheasd havebeen affected, including Novare Grouop Inc.'s TWELVE Atlantic Station, Julian LeCraw and Co. Inc.'s The Paramount at Buckheadd and Condominium Ventures ofAmerica Inc.'s 1280 The hardest hit so far is TWELVEE Atlantic Station. Of its 380 19 have been scheduled for foreclosure in the pasttwo Realm, with 406 units at 3324 Peachtree St., has seen 10 foreclosuresw during the same period.
The Paramount in Buckhead has seen At Atlanta's 15 largest condo the rate of foreclosure ranges from 1 percent to 5 "I don't want to be an but the numbers we're seeing right now are especially given that oversupply on the market has been a huge issue and will continue to be," said Jude president of Rasmus Real Estate, which works on behalf of banks to sell foreclosexd homes and condos. The foreclosure data is combinedx from EquityDepot LLC, an Atlanta-basee real estate research firm, and Haddoq & Co., one of the few real estated services that tracks the health of the city's condominiuj market.
When compared with Georgia's broader residential real estate the percentage of foreclosures among large intowj condo developmentsis higher. Aboutf one of every 351 homes, or less than 1 has been foreclosed, according to national foreclosurre research firmRealtyTrac LLC. Rasmus' inventorhy of foreclosed condos is up 20 percentr fromlast year. "Unless you are a developer with very deep pocketw that can weatherthe storm, the market could become very difficult in coming she said. In the number of vacant cond units in some of the towers and other large projects could be worse than thenumberx indicate.
Equity Depot's data only reflects the unitds that have been scheduled for It does not track how many vacant units the developee is keeping off the markegt until buyer demandpicks up. That means that even though only a smal l percentage of anentire 300-unit condo project may have been slatex for foreclosure in recent months, the numbedr of unoccupied units in the projectr could be much higher than the data The data also does not indicate what percentagwe of the foreclosures was on investor-owned Condos, anecdotally, are known for more speculative investmenyt than single-family homes, and that could make them more pronwe to foreclosures as investors are less likely to hang on to a condoo turning into a bad investment.
That has some speculatingt condo foreclosures may be attheir "I'd be remiss to say we're settled into the bottom," said Rich Hagan, Novare'zs chief operating officer. "But the units we have in foreclosurd canbe re-sold." The broader real estate combined with higher levels of foreclosures, has left some condo developmeng companies adjusting long-standing business models, and attemptingt to preserve some of the value of the unit s in a slumping market. But to sell, pricees are being hit hard. Developers are adding big incentives to sell aunit -- up to $4,000 to brokerds who complete a sale in some cases. That makes it hard for some sellerswto compete.
Central City an 88-unit development downtown, has slashed priced on its one- and two-bedroom condo by 27 percent and28 percent, One bedroom homes that once sold for $180,000p now sell for $129,900. Two bedrooms go for down from $287,000.
Several prominent condo towers from downtown to Buckheasd havebeen affected, including Novare Grouop Inc.'s TWELVE Atlantic Station, Julian LeCraw and Co. Inc.'s The Paramount at Buckheadd and Condominium Ventures ofAmerica Inc.'s 1280 The hardest hit so far is TWELVEE Atlantic Station. Of its 380 19 have been scheduled for foreclosure in the pasttwo Realm, with 406 units at 3324 Peachtree St., has seen 10 foreclosuresw during the same period.
The Paramount in Buckhead has seen At Atlanta's 15 largest condo the rate of foreclosure ranges from 1 percent to 5 "I don't want to be an but the numbers we're seeing right now are especially given that oversupply on the market has been a huge issue and will continue to be," said Jude president of Rasmus Real Estate, which works on behalf of banks to sell foreclosexd homes and condos. The foreclosure data is combinedx from EquityDepot LLC, an Atlanta-basee real estate research firm, and Haddoq & Co., one of the few real estated services that tracks the health of the city's condominiuj market.
When compared with Georgia's broader residential real estate the percentage of foreclosures among large intowj condo developmentsis higher. Aboutf one of every 351 homes, or less than 1 has been foreclosed, according to national foreclosurre research firmRealtyTrac LLC. Rasmus' inventorhy of foreclosed condos is up 20 percentr fromlast year. "Unless you are a developer with very deep pocketw that can weatherthe storm, the market could become very difficult in coming she said. In the number of vacant cond units in some of the towers and other large projects could be worse than thenumberx indicate.
Equity Depot's data only reflects the unitds that have been scheduled for It does not track how many vacant units the developee is keeping off the markegt until buyer demandpicks up. That means that even though only a smal l percentage of anentire 300-unit condo project may have been slatex for foreclosure in recent months, the numbedr of unoccupied units in the projectr could be much higher than the data The data also does not indicate what percentagwe of the foreclosures was on investor-owned Condos, anecdotally, are known for more speculative investmenyt than single-family homes, and that could make them more pronwe to foreclosures as investors are less likely to hang on to a condoo turning into a bad investment.
That has some speculatingt condo foreclosures may be attheir "I'd be remiss to say we're settled into the bottom," said Rich Hagan, Novare'zs chief operating officer. "But the units we have in foreclosurd canbe re-sold." The broader real estate combined with higher levels of foreclosures, has left some condo developmeng companies adjusting long-standing business models, and attemptingt to preserve some of the value of the unit s in a slumping market. But to sell, pricees are being hit hard. Developers are adding big incentives to sell aunit -- up to $4,000 to brokerds who complete a sale in some cases. That makes it hard for some sellerswto compete.
Central City an 88-unit development downtown, has slashed priced on its one- and two-bedroom condo by 27 percent and28 percent, One bedroom homes that once sold for $180,000p now sell for $129,900. Two bedrooms go for down from $287,000.
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