I had one other thought this morning about last evening’s update.Â If financing is difficult to arrange for a large company such as Barry Real Estate, imagine what it is like for the private individual wanting to purchase a $150,000 to $360,000 condominium unit.
Press clippings from last night’s City Council meeting.Â I don’t mean to be so picky about things, but it continually amazes me that the press doesn’t seem to care much for accuracy sometimes.Â Or maybe I’m just too literal for my own good.Â Anyways, my thoughts on a few of the following articles.
Where Have All The Back-Slapping Bankers Gone? (Fort Wayne Politics)
From Council (What’s Going Down(town)
Clicking on the above link shows INC is STILL using the 1st generation site rendering for Harrison Square.Â They also mispelled Chris Schoen’s last name – “Chris Shane”.
The real estate group hoped to have sold at least 50-percent of the condos by now and leased out fifty percent of the retail space, but that still hasn’t been achieved.
I don’t remember them saying this in last night’s meeting.Â Schoen had said they’d hoped they’d be further along, but no definite projections were given last night, or ever.Â This 50% is related to the threshold needed, they now feel, to obtain favorable financing on the project.
We asked the developer about the rumor of the condo projects becoming luxury apartments instead.Â Chris Shane, ” this is a condominium project and it was envisioned that way from day one!”
This rumor died a very quick death last weekÂ – and it wasn’t really a rumor.Â In fact, if memory serves, it was INC that stirred up the whole controversy by asking Mayor Tom Henry about it.
Developers also said that they are in the process of doing some marketing and special events to draw more potential buyers
Schoen said they are in the process of putting it together yet, it has not started.
Housing Slump Taking Toll On Harrison Square (WANE)
Â OnlyÂ five of theÂ sixty-seven are officially spoken for…
Hmmmm, 67?Â They must have decided to add five more since last night’s meeting.
Plus, it’s had trouble getting banks to lend money for the condos’ construction, so it’s also reworking its approach on that.
I don’t care for the inference there.Â I didn’t hear him say banks were refusing to lend money to Barry Real Estate.Â He stated that they have been in negotiations several times and for one reason or another, things fell through.
Good ol’ Ben Lanka.Â We don’t always see eye-to-eye on how much he covers ofÂ things, or even his approach at times, but I’ve always found him to give an honest and straight-forward accounting of the proceedings.
And he hit an optimistic note in his presentation. He said 50 people have made reservations to keep the right to buy a condo or have expressed strong interest in the downtown development.
Not exactly.Â What he said was that 50 people are still interested.Â Some of those have come into the office of late and instead of putting them through the reservations system, they are trying to convert them directly into sales.
No matter how sales go, he said, “We are going to try to proceed with the financing somewhat immediately.” He said arranging financing likely will be a 45- to 60-day process.
But in that 45-60 day process, they will also be having conversations about how quickly the project can be built, and also finalize the condominium and retail leases – all this (as well as the financing) simultaneously.
Thanks to What’s Going Down(Town) for the list of urls.