Developers, Banks Doing to Renegotiation Dance
If you’ve been wondering why many condo developments have been slow to make broad price cuts in the face of overwhelming evidence of a weakening market, this month’s issue of The Real Deal has your answer for you: Banks. “What incredulous buyers often don’t realize is that across-the-board price cuts have not been easy for…
If you’ve been wondering why many condo developments have been slow to make broad price cuts in the face of overwhelming evidence of a weakening market, this month’s issue of The Real Deal has your answer for you: Banks. “What incredulous buyers often don’t realize is that across-the-board price cuts have not been easy for most developers to make, because price reductions must be cleared with lenders,” the article says. A few of the major development marketing groups like Corcoran and The Developers Group report that the debt holders are starting to play ball, but they are exacting tougher terms out of developers in return for lowering what’s referred to as the “release price” for a new unit. Desperate at this point, developers are increasingly biting the bullet. “In September, [developers] weren’t willing to see there was going to be this type of negotiation,” said Jacqueline Urgo, president of the Marketing Directors. “They are much more open now.” The article doesn’t name any Brooklyn names but it’s probably a good bet that developers of projects like One Brooklyn Bridge and Oro that were highlighted in another Real Deal article this month as only being about 1/5 sold have had some intimate conversations with their lenders in recent months.
What, I doubt you would even know which end of an AR-15 to point away from you.
Not 20!?
“Remember he was talking smack about all the deals he had but the Banks are trying to rescind the locks because they can’t do the deal now, higher rates!”
ROTFLMMFAO That’s alot to read sorry guys..
The What (Im’ going to lunch)
Someday this war is gonna end…
What, you and Adam Dahill know each other? If he picked up, were you going to say “Hi, this is the What”?”
I would not say “Hi this is The What” I would ask about the imploding Rate Locks! Remember he was talking smack about all the deals he had but the Banks are trying to rescind the locks because they can’t do the deal now, higher rates! Mopar call your Mortgage Broker he/she will tell you rates are up about 75-125 basis points!
The What
Someday this war is gonna end..
What, you and Adam Dahill know each other? If he picked up, were you going to say “Hi, this is the What”?
Oh and where is Adam Dahill?????? I called his cell phone but it’s disconnected!
Tell Adam Dahill I’m looking for him!
The What (Funny how they run!)
Someday this war is gonna end…
“Oh come on, What. 12:29pm? You don’t start in the Links thread?”
Assessment Late Fee of 19.99 goes into the Team Bear fund… Hey that’s Strip Club money!
“I’m afraid you were too optimistic (condos to low income housing vs no-income housing).”
Oh Doggie I see a Shit Storm on the horizon!
“BellTell too? The originally proposed site for Real World? This is MASSIVE!”
Massive like Massive! BHO it’s just a matter of time. Five months from now the collapse is going be MASSIVE!
BTW Have you seen any members of Team Bullshit around?? I have my AR-15 at the ready and I feel like “Duck Hunting” today. Tell them to poke their heads out…
The What
Someday Team Bullshit is gonna “Man Up”…
“Oh fuck me [classic]!!!! Man read this story!!!!”
Oh come on, What. 12:29pm? You don’t start in the Links thread? You get asessed a late fee for that. I’m afraid you were too optimistic (condos to low income housing vs no-income housing).
BellTell too? The originally proposed site for Real World? This is MASSIVE!
***Bid half off peak comps***
I just want to say Team Bullshit has no credibility with me!!! Mother fuck them with the “data” nonsense!!! If somebody wrote a story about “Things looking brighter” the retards would be out in full forces but when the “data” does not favor them they hide like little bitches!!!! Over and done! Five months retards, five months..
The What
Someday this war is gonna end….