Comments on: Eola Place Folds

By: Tradition Towers: Back on track? at The Condo Metropolis Blog

Tradition Towers: Back on track? at The Condo Metropolis Blog — Tue, 02 Oct 2007 17:19:20 +0000

[...] Like all the current downtown Orlando condo projects, Tradition Towers has been in trouble for a while now. In fact, rising construction costs and low demand have caused over two thirds of the downtown condo projects to be either put on “developer hold” or scrapped altogether. [...]

By: Monarch Regroups at The Condo Metropolis Blog

Monarch Regroups at The Condo Metropolis Blog — Sun, 19 Aug 2007 21:46:23 +0000

[...] January, Eola Place folded, and it may not be the last, so rethinking could turn out to be a smart move, since it [...]

By: Nymad

Nymad — Thu, 08 Feb 2007 02:04:25 +0000

I am so glad to hear that! It’s a lovely project, and though a bit overpriced, it is very well planned. Can’t wait to see it up and running.

By: Adam

Adam — Mon, 05 Feb 2007 15:18:15 +0000

Nymad

The Trevi already has it’s funding in place and is now starting to go forward with the construction. The plumbing is in the ground and the lake is being dug up as we speak. Unlike other projects with 50%-80% pre-sale requirements the Trevi’s developer has decided to “do it himself” to prove to all of the skeptical people that he is willing to take a chance and put everyones hesitation about losing their money out of their heads.

The funding is not a problem.

By: M.B.

M.B. — Mon, 05 Feb 2007 14:54:23 +0000

Thanks for the comment Nymad.

I don’t want to speak for Adam – I’m sure he will have his own response but here’s mine.

I have no idea what they have or haven’t sold but my understanding is that there are no true presale requirements at the Trevi. By that, I mean that every developer would obviously prefer to have solid presales to secure external funding, however, I believe that this particular developer is financially secure enough to build this thing regardless. I don’t often stick my neck out on a subject like this because there are no guarantees in life, but if I had to pick one project in the greater Orlando area that I felt sure would go up, it’s the Trevi. Remember, we’re not talking about 300 units here but a total of 59. Presale is probably around 20. Even in today’s market that’s not going to take forever. The developer could probably buy them himself if he had to!

By: Nymad

Nymad — Mon, 05 Feb 2007 08:11:19 +0000

Adam,

What makes you think The Trevi is “guaranteed” to go up? Their sales office has been open since November, and they have only sold 1 unit and are still looking for financing.

By: Zwei

Zwei — Thu, 25 Jan 2007 04:53:28 +0000

Not good news. Even though I think that it’s time to thinn out some of the overcrowded downtown market, but right now this kind of news is just going to play into the ‘real estate crisis- end of day’ crowd.

By: Roundup: Real Estate and Mortgages 1-24-2007

Roundup: Real Estate and Mortgages 1-24-2007 — Thu, 25 Jan 2007 02:01:37 +0000

[...] more roundupHub Tagshome real estate roundup mortgages email this pagedigg this pagereddit!bookmark this pagelink to this pageWhat do these do?dur = newSampleDuration(10087); [...]

By: Orlando Sees Condo Sales Slump at condoDomain

Orlando Sees Condo Sales Slump at condoDomain — Wed, 24 Jan 2007 17:34:12 +0000

[...] Still, in the short term, there are likely to be more casualties. The CondoMetropolis.com blog broke news this evening of the latest condo casualty. Eola Place, a downtown high rise condo development that began preparations for ground breaking only a month ago, appears to have been abandoned by developers in the eleventh hour. The 16 story project was due for completion in 2008. Unfortunately, Eola Place is unlikely to be the last proposed development to suffer this fate before the market begins to improve. [...]

By: Adam

Adam — Wed, 24 Jan 2007 15:24:28 +0000

I believe there are going to be quite a few downtown developments not able to financially support construction. Few places are even able to start construction without an extremely high pre-sale requirements. Tip for all if you are looking for new construction guaranteed to go up – check out TheTrevi.com.

Signed,
A.N.