Tradition Tower

[F-L-A]

Orlando needs this project. I just got back from Tampa. Their DT is so massive the way its structured.

Tampa... Florida?

[ryanthegreat]

Apparently, there are an obscene number of people who make obscene amounts of money.

What gets me is that someone who presumably has enough business sense to have 500k cash to burn would buy a 1 bedroom condo. In Orlando. This seems out of place in the market. I understand image and luxury, but if you're looking for uber-luxury, you're not buying a 1 or 2 bedroom condo. Unless it's a weekend place, I suppose.

[Hisma]

What gets me is that someone who presumably has enough business sense to have 500k cash to burn would buy a 1 bedroom condo. In Orlando. This seems out of place in the market. I understand image and luxury, but if you're looking for uber-luxury, you're not buying a 1 or 2 bedroom condo. Unless it's a weekend place, I suppose.

you're right on the 2nd home part. I'm pretty sure the 1br is for people who want a secondary home in downtown to crash and enjoy the views. Otherwise I wouldn't see it making any sense at all either. Should be interesting to see how this building pans out in sales.

[bulldogger]

you're right on the 2nd home part. I'm pretty sure the 1br is for people who want a secondary home in downtown to crash and enjoy the views. Otherwise I wouldn't see it making any sense at all either. Should be interesting to see how this building pans out in sales.

and if you've got the money and don't want your wife to know about your girlfriend that's living in your downtown apartment, it's a good buy

[JRS1]

Tampa... Florida?

yeah... if you go there near Channelside, there's 4 or 5 or more projects U/C with their CBD as a backdrop several blocks away. I studied the visual impact of these projects compared to ORL's. THeir CBD can become really massive based on how it is laid out. ORL's is spread out and can also achieve a similar look. The key for ORL is Tradition's mass along with other high profile towers U/C or planned. ORL also needs to develop Parramore to further extend DT's visual boundaries, the same way Channelside is extending Tampa's CBD's visual boundary.

Tradition is a key to getting the density in the center while this other development happens over the next 5 years.

[macrocosim144]

You may have a point; however you should consider the particular market that will buy in the city. They have an urban progressive makeup and most if not all are transplants from much larger/more expensive metropolitan areas, perhaps where they felt lacking in decent economic opportunities.

Orlando is more viable for success when compared to the rest of the region, we have the most jobs some of the best schools and a diverse culture. Orlando is one of the most progressive areas of the state and has a decent quality of life; add that to the impressive economic opportunities of growing a city and you have a recipe for success.

This market doesn

[JRS1]

well said.

[Hisma]

well said except for the schools part. Schools are extremely overcrowded, and unless you're in one of the "rich pockets" of central florida, you will be stuck in a sub par school.

[bulldogger]

I saw a sign on Rosalind stating that the Sales Center is now open.

[Chemmie]

well said except for the schools part. Schools are extremely overcrowded, and unless you're in one of the "rich pockets" of central florida, you will be stuck in a sub par school.

Schools are only as good as the administration, teachers, kids and parents make them.

My wife is a teacher at Lee Middle in college park and it's amazing that the school has received a 'B' score from the state. These kids come from some of the worst neighborhoods in Orlando, mixed in with higher class College Park kids. The school is run down and substandard, overcrowded and understaffed. With all of that, the school still puts up descent grades.

I'm just saying this because schools are a very tricky thing and there are many different variables besides just income levels or teachers or parents or kids or administration or funding or races or.....

[facilities man]

The school debate gets old. If you want a good education and have parents or a parent who cares you can get a good education. Newsweek just listed the top 1,200 high schools in the country out of 28,000. You know what? Almost 100 of the top 1,200 were Florida high schools. That means 8% of the top high schools in the country are in Florida. Every high school in Seminole County was in the top 500. Edgewater was the last one to make the list at 1,200, but that means it is in the top 5% of all high schools. There were many other Orange County schools listed, but I don't remeber tham all.

[tennis32801]

dont know if this have been posted, but the weblink has been updated....www.traditiontowers.com

[JRS1]

Here's something to chew on.

A while back I mentioned I knew a realtor representing an entity who had a good number of units to purchase at TT...

The guy is a Turkish billionaire with a finger in casinos, and a whole host of other industries in the US and abroad. Currently, he is looking to buy 100 units. THis answers the question as to just who would buy these units at $1/2M a pop. No update as to if and when he does it. But I do know he will pay in CASH.

[sunshine]

Is he going to change the entire 100 units into 1 unit?

[JRS1]

Is he going to change the entire 100 units into 1 unit?

LOL. he's going to create an estate within TT.

[jack]

He did the same with the Solaire. He his a walking realestate business

[Dale]

Here's something to chew on.

A while back I mentioned I knew a realtor representing an entity who had a good number of units to purchase at TT...

The guy is a Turkish billionaire with a finger in casinos, and a whole host of other industries in the US and abroad. Currently, he is looking to buy 100 units. THis answers the question as to just who would buy these units at $1/2M a pop. No update as to if and when he does it. But I do know he will pay in CASH.

So he wouldn't have a problem breaking this fifty I've been carrying around in my wallet ?

[Tim3167]

As reported earlier, Sales Center open for business....

[gumpking1]

As reported earlier, Sales Center open for business....

Anyone know how many units they have sold thus far?

[That Crazy Guy]

Did anyone catch the half-page ad TT had in USA Today on Friday? If their advertising in a national paper, that might mean that thier having trouble selling units. Maybe I'm wrong and they advertise that way all the time. Speaking of ads, does anyone have an idea of how much money it would cost to use half a page in USA Today?

[mrh3]

I wouldn't consider advertising in a national paper to be a sign of difficulty selling units as much as I would view the owner seeking a different type of buyer than the usual local suspects. Sotheby's and Christie's have significant international residential real estate listings. Also, this could explain why the units are above average in cost. BTW a half page for full/national circulation is about $100K for color and $65K for B&W. It is significantly lower for regional coverage.

[Magicfan95]

Firsthand,

I know this one has had trouble selling units. Most of the downtown condo interest has peaked and is actually oversold in many areas. There are not enough people/interest to currently sell to individuals. When condos start advertising in mass, usually they are targeting brokers...never a good sign.

[Dale]

Firsthand,

I know this one has had trouble selling units. Most of the downtown condo interest has peaked and is actually oversold in many areas. There are not enough people/interest to currently sell to individuals. When condos start advertising in mass, usually they are targeting brokers...never a good sign.

I doubt that TT is struggling. I suspect that mrh3 is closer to the mark on this one. And neither is targeting brokers necessarily a sign of trouble. Finally, I'm hearing that, overall, downtown Orlando is in good shape.

[Magicfan95]

Downtown is in great shape, probably the BEST it has ever been. The addition of the PAC and new Arena will do wonders. As will the new condos and office towers.

Orlando Place and TT are not getting much interest from anyone...and I wasn't basing that on the ad in USA Today. I'm basing that on interest they are getting.

Don't forget this thing was supossed to be under construction last year and ready to be moved into by Oct/Nov/Dec. Not saying that isn't common, but look at the prices.

[Dale]

Downtown is in great shape, probably the BEST it has ever been. The addition of the PAC and new Arena will do wonders. As will the new condos and office towers.

Orlando Place and TT are not getting much interest from anyone...and I wasn't basing that on the ad in USA Today. I'm basing that on interest they are getting.

Don't forget this thing was supossed to be under construction last year and ready to be moved into by Oct/Nov/Dec. Not saying that isn't common, but look at the prices.

I can assure you that I'm not trying to be a pain, but I'm just skeptical about 'talk on the street' about this or that project 'struggling'. I mean, it wasn't too terribly long ago that we had insiders speculating that 55W had lost its financing and wouldn't get built.

We've also heard rumors that TT is close to meeting its financing requirements due to en masse reservations.

Finally, I get as frustrated as anyone about timelines. But is memory serves, VUE is the only project that adhered to anything close to its orignally projected timeline, and it was several months off.

So, to review, these days, I take with a grain of salt:

(1) Word on the street.

(2) Delays.

(3) Adverts in antional periodicals.

(4) Broker-directed adverts.

For that matter, we have only just begun to see VUE's most spectacular ads and its halfway up.