ElricSeven

Well, I just counted 115 men on site from my perch up here in the Plaza building. They were pouring concrete late last night. I think they're moving along just fine.

Yes. Thank you Mr. Pappas. The only reason my wife and I drive more than 3 miles on any particular day is to go to 1) Target, 2) a movie theater, 3) a book store or 4) a home improvement store. If we can get those four things Uptown, my already low mileage of about 4,000 per year will drop by more than half. We might even be able to get rid of the second car...hmmm.

I just don't see how the developer is going to win this one. Usually, if I recall correctly, it is pretty tough to explain inflation as an "unforeseen circumstance." Especially when most of the delay leading to those costs is due to the developer's own slowness. Of course there might be some more specific language in the contract. Even then, the developer might win the battle but lose the war if their reputation gets trashed. I can just see the newspaper headlines about all the buyers being victimized. No one would ever buy anything from them again.

My guess is that it all boils down to the language in the contract, perhaps there is something in there about cost overruns. My guess is that they're going to have a pretty big fight on their hands either way.

I'm curious about the wording of that letter. Wonder what they'd do if the purchaser refused to sign?

Maybe it is just accounting for the grade that makes it tough to have it open and street-level accessible on all sides? As long as its accessible and attractive at least along college, I'll be pretty happy.

Okay, I'm putting my prediction in writing. Feel free to call me on it later. Epicentre will be wildly successful. Not perhaps from the standpoint of it being what we want it to be as far as particular tenants, but from a business and profitability standpoint.

You'd have to pay for drinks and food also. The point here is that I think something akin to a Ritz Carlton version of the movie experience with more limited sized audiences and table or booth seating would do much better than a mega-multiplex. You could couple it with valet parking serviced to the Epicentre parking lot. It would be cool. No fighting for seats, eating cheap popcorn and drinking watered-down sodas in five gallon sweating cups. I mean, has anyone ever considered how lousy your choices of food and beverage are at the movie theatre? It's all hyper-processed SYSCO crap and stale candy marked up to outrageous prices. It makes McDonalds look like health food. I'd gladly pay more for a glass of wine and a real appetizer. And to be able to sit at a table or in a booth without some sweaty fat guy's love handles billowing over the armrests and taking up all my personal space...priceless. It's no wonder the regular movie theater can't compete with a 50 inch HD home theater with surround sound. You can sit in your jammies and watch in the comfort of your own home. No reason to go out unless it is a real event, something more...

I figure that a lot of people would go after work on Friday. Note also that a significant portion of the people have reserved parking Uptown already. When I commuted, I would just park at my usual space and walk from there. Throw in light rail, busses, etc., there are lots of venues. Again too, it would probably be part of dinner at the movie then night on the town. People seem to find a way to park and go out partying.

Sure, you'd have to show movies that are the most popular and/or appeal to an upscale crowd (e.g., Sideways). knowing your fiscally prudent lifestyle, I think you're applying your own common sense to this option. Most people are looking for a reason to throw their money away on this stuff. Really. Someone making a $6,000 a month mortgage payment in Dilworth isn't going to bat an eyelash at paying double ticket price if they get to eat and drink and make an experience out of this. Not to mention saving 45 minutes in driving time, and being able to hit the town right after the show. Partying folks easily drop $160-$200 on a Friday night at the bar. This would probably end up being cheaper and more entertaining. Look around at all the $50K, $70K and more cars in this town. People here have a lot of money.

It would be nice, but I think it would be cost prohibitive compared to plunking down a big-box style theatre past the outer beltway.

If you get a truly upscale experience it would stick. I'm not talking about your usual high-volume, cattle call movie theater.

What they need to do is make it a high-end theater, serve food and drinks and charge $20 per head to get in. Tons of people would still pay for the experience. I would.

You would think he would have put some on the market right on the heels of the success of Courtside and before all those other announcements. What he's doing is not without business risk. Without much available land to develop, attention could shift elsewhere and potential profits on the sale or development of the land could stagnate or even fall for years. Eventually it would come back, but a sale at one peak with subsequent reinvestment is superior to a ten year hold with no gains. A lack of a gain each year is a lost opportunity. If I were him, I'd sell off a few parcels a year and shift to other more-diversified investments.

Zero chance. That holding is nowhere near as broad as most people think it is. The press just likes to promote hysteria and sell papers.

There are the Iveys, 230 South Tryon and the Ratcliffe...

I hate to say this because I'm dropping doo doo on someone's dream, but I kind of concur with this statement. I'm curious as to why you convinced yourself that you should give your assumed 6% a year to the builder? It is like you took on all the development risk and gave all the gains from that risk to the builder. Yikes. That's not really how it is supposed to work or I would be selling people condos to build about 20 years from now so that I could get all the appreciation and they would take all of the risk. Remember, they've now control over a large amount of your money. Put it this way, I was really serious about putting money down on that project and they quoted me similar prices. I didn't even have to think about it, I knew it was overpriced by at least $100 per square foot. I do think this project could be a winner, but everything is going to have to go perfectly, including retail buildout, low speculation in existing projects and strong resales in the same. Then, even if everything goes perfectly, you'll break even. IF you're really only interested in a place to live and you plan on staying more than 5 years, then I wouldn't be worried per se. Take out at least a 7 year ARM if you can to ensure you don't get caught up in a big interest rate hike. I'd also look into a two-year rate lock if you can as insurance against rate hikes between now and then.

Is that in the Terrace or the loft building?

Although I think they're overpriced, I hope they have great success. Selfishly, that only makes it that much easier to sell my place some day when I need to. I can just hear it now. "Sure the MetMidtown's got some nice amenities, but it is still way out there away from Trade and Tryon AND it is 20% more expensive than what I'm asking."

I think the lottery was just a sham. I don't know of anyone who "lost" and didn't get an opportunity to buy something. Also, considering the small size of the project, it's only about 1/3 sold, which is surprising. Again, they're being greedy. Fine, I'll buy one later if the bubble pops.

Segways are cool, but it would take about 30 of them to make up the price difference of just going with 210 Trade. This stuff's got me trending toward a SFH someday.

And it still has limiting factors compared to walking. You can't just get up and go at any time, you've got to be within the time of service and at the stop time. Demanding, non-hourly jobs don't work very well with that type of a scheme.

Still, weighing that with having to go back to car commuting. Might as well buy a nice pre-war style house in Elizabeth at half that per square foot and get my own yard to boot. But, I guess if you're a NYC transplant that place will look like the bomb and a bargain.

Well, it looks like they're really reaching to me on this one. They want $450 or more per square foot for things with a skyline view in the Terraces. On the opposite side it is "only" $350 per square foot with NO view. Greedy, greedy. Although I can see this project being worth that in two years when it finishes IF it is successful from a retail standpoint, there's really no room for error. Shame. If they'd been more reasonable, I'd be writing a check.