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Vistas On The James

wrldcoupe4

By wrldcoupe4
in Richmond

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  • 2 weeks later...
burt Megalopolis

burt

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I tried watching Toads Place opening on Vista's cam but I'm not sure where the entrance is to the music hall. I thought it would be along the canal. There were clumps of people around 8 o'clock but not large numbers. I hope it was well-attended.

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burt Megalopolis

burt

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I used Vista's live web cam tonight. Was there a terrible lightening storm in Richmond? There were lots of flashes in the sky. And the cam lens needs cleaning, unless it's my new computer.

Thatguy, read the story I posted this morning in the business/real estate thread which claims that Richmond is #1 in the USA among cities having the fewest foreclosures. Seems to me that should encourage sales at Vistas as well as condo builders such as Goodstein who is planning Centennial Towers.

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thatguy Whistle-Stop

thatguy

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I agree, especially knowing homes in Richmond sell quicker than anywhere else in the state. However, each development is unique within itself. Unless Goodstein has already secured the complete loan package, with the collapse in the "home loan" market, a lender is less likely to go into a "condo" project. So, if Goodstein is still shopping the deal, my guess the deal will be forced to a big change..fewer or no condos. With the home market goes to the crapper, the apartment industry booms.

It has been mentioned before, that Vistas was having trouble selling particular views. My guess is that those views are all that is left, which would account for a "no-sale" period of 90 days. Let's face it, this current market (today) is freaking a lot of money-lenders out. Sales will slow and development that was in preplanning for condos will stop...for now. Big lenders do not look at Richmond under the microscope, but the entire nation. They have to explain why they are dumping money in Richmond when the entire nation's home sales are falling. It is a risk, in their eyes, that even the up market here can not overcome.

*edit: added additional comment.

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Downtowner Burg

Downtowner

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Do you all think we will go under another Depression with all of this Mortage stuff and the Interest Rates. Cause Im beginning to think we are gonna have another depression and people losing everything. I was listening to Glen Beck on some channel on TV and he was saying are we going through Hoover years or Carter years? The guy said its gonna be worse than Carter years but not as bad as Hoover years? So im really starting to think another depression is gonna hit our country and then hopefully knock some sense into some people.

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ric75 Hamlet

ric75

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Do you all think we will go under another Depression with all of this Mortage stuff and the Interest Rates. Cause Im beginning to think we are gonna have another depression and people losing everything. I was listening to Glen Beck on some channel on TV and he was saying are we going through Hoover years or Carter years? The guy said its gonna be worse than Carter years but not as bad as Hoover years? So im really starting to think another depression is gonna hit our country and then hopefully knock some sense into some people.
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burt Megalopolis

burt

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Do you all think we will go under another Depression with all of this Mortage stuff and the Interest Rates. Cause Im beginning to think we are gonna have another depression and people losing everything. I was listening to Glen Beck on some channel on TV and he was saying are we going through Hoover years or Carter years? The guy said its gonna be worse than Carter years but not as bad as Hoover years? So im really starting to think another depression is gonna hit our country and then hopefully knock some sense into some people.
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thatguy Whistle-Stop

thatguy

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I was referring to Centennial towers, when I mentioned Goodstein. Those projects that are being built now, all had lenders approval before the downfall in the mortgage market. Those that are still on the table or are still in concept are the ones that are going to be held up, if they are using the word condo. The underwriters are not forwarding any projects with the word condo in it, cause they now it will not pass the mustard with how flaky the investment review is towards the market. Richmond's up trend or not, there are no Richmond local lenders that have the pockets that do not reach into the national market. Because of the national trend, they will pass. They can not stand alone while everyone is backing off, their shareholders would sh*t.

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burt Megalopolis

burt

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I was referring to Centennial towers, when I mentioned Goodstein. Those projects that are being built now, all had lenders approval before the downfall in the mortgage market. Those that are still on the table or are still in concept are the ones that are going to be held up, if they are using the word condo. The underwriters are not forwarding any projects with the word condo in it, cause they now it will not pass the mustard with how flaky the investment review is towards the market. Richmond's up trend or not, there are no Richmond local lenders that have the pockets that do not reach into the national market. Because of the national trend, they will pass. They can not stand alone while everyone is backing off, their shareholders would sh*t.
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thatguy Whistle-Stop

thatguy

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I think, if they do not currently have signed term sheets, then they will most likely be forced to reconsider the quantity of condo units or if they have condos at all. I use to be on the supply side of the multi family housing industry, we were always excited at home ownership down trends. It always led to a boost in business. Let's not forget, quite a few buildings (condos) came on line in the past year and could not sell, so they started to rent them. There are pockets in Richmond that were showing us more than we thought. It will not be an isolated occurrence anymore...I hope I am wrong, but I do not see the Richmond market being able to buck the national trends.

Oh, I do not know anything about the "courts", except that they are incredibly behind schedule.

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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Terrible lightning storm is probably an understatement. It was as if we were under siege during the blitz. It was like the firebombing of Dresden, only with lighting. The craziest part is that the damn thing lasted about 8 hours, with only minor lulls for the duration of the storm. My room 2nd floor story bedroom was practically flooded by a very leaky ceiling, trees were down everywhere, and lightning struck so close to (or maybe hit) the house that the shock waves set off the security alarm. Sorry, I know... :offtopic: I'll discuss last night's weather further in the off topic thread.
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Cadeho City

Cadeho

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I used Vista's live web cam tonight. Was there a terrible lightening storm in Richmond? There were lots of flashes in the sky. And the cam lens needs cleaning, unless it's my new computer.

Thatguy, read the story I posted this morning in the business/real estate thread which claims that Richmond is #1 in the USA among cities having the fewest foreclosures. Seems to me that should encourage sales at Vistas as well as condo builders such as Goodstein who is planning Centennial Towers.

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journiyin Hamlet

journiyin

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Oh yes Burt was there ever! There were 38,500 lightning strikes from that train of storms according to the T-D. I know at work, it got nightime dark before the sun set and then the sky started flashing like the Freeling house before it was sucked into another dimension! It was blinding on my way home and once home, the thunder really made the house tremor. Oh and the power went out for 3 hours. Anyway back on topic...
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