Comments on: Auction Suspended at Lake Conway Condos After 2 Sales http://www.condometropolis.com/blog/2008/06/10/auction-suspended-at-lake-conway-condos-after-2-sales/ Orlando's Condo Pulse... Fri, 03 Sep 2010 20:02:30 +0000 http://wordpress.org/?v=2.9 hourly 1 By: john cadden http://www.condometropolis.com/blog/2008/06/10/auction-suspended-at-lake-conway-condos-after-2-sales/comment-page-1/#comment-2543 john cadden Mon, 08 Dec 2008 19:24:10 +0000 http://www.condometropolis.com/blog/?p=331#comment-2543 Is this the deal you just sent me? Is this the deal you just sent me?

]]> By: Randy Everatt http://www.condometropolis.com/blog/2008/06/10/auction-suspended-at-lake-conway-condos-after-2-sales/comment-page-1/#comment-2315 Randy Everatt Mon, 23 Jun 2008 17:39:58 +0000 http://www.condometropolis.com/blog/?p=331#comment-2315 I would not want to live in any condo that cost what craig believes they should be built for on the water. The land and construction of this condo are real. the price paid for construction was increasing during the prime building period. Do build the condos for the prices that Craig states would not be safe or to the standards they are now. I would not want to live in any condo that cost what craig believes they should be built for on the water. The land and construction of this condo are real. the price paid for construction was increasing during the prime building period. Do build the condos for the prices that Craig states would not be safe or to the standards they are now.

]]> By: Craigg http://www.condometropolis.com/blog/2008/06/10/auction-suspended-at-lake-conway-condos-after-2-sales/comment-page-1/#comment-2311 Craigg Fri, 13 Jun 2008 04:59:43 +0000 http://www.condometropolis.com/blog/?p=331#comment-2311 It's all a matter of economics. There will always be someone willing to purchase any house/townhouse/condo despite it's age, condition, location, or amenities...it all comes down to finding the market price. Once the median house price falls back to a reasonable 2.5 times the Orlando median income, homes will start selling again. In the case of Conway Crest, the developers need to realize this. It's Conway, not Beverly Hills, CA. It's an okay, but not ultra upscale, area bordered on the east and west with some pretty rough, old, run-down, high crime areas. While Conway is centrally located, it's also really close to the airport (and the flight paths right overhead). There is no way those units at Conway Crest cost the developer $239K to build unless they grossly overpaid for the land. I think a more reasonable price (and I'm not talking fire sale nor distress sale) would be about $80/sq ft for the condos and $100/sq ft for the townhouse units. It’s all a matter of economics. There will always be someone willing to purchase any house/townhouse/condo despite it’s age, condition, location, or amenities…it all comes down to finding the market price. Once the median house price falls back to a reasonable 2.5 times the Orlando median income, homes will start selling again.

In the case of Conway Crest, the developers need to realize this. It’s Conway, not Beverly Hills, CA. It’s an okay, but not ultra upscale, area bordered on the east and west with some pretty rough, old, run-down, high crime areas. While Conway is centrally located, it’s also really close to the airport (and the flight paths right overhead). There is no way those units at Conway Crest cost the developer $239K to build unless they grossly overpaid for the land. I think a more reasonable price (and I’m not talking fire sale nor distress sale) would be about $80/sq ft for the condos and $100/sq ft for the townhouse units.

]]> By: Marcus Burke http://www.condometropolis.com/blog/2008/06/10/auction-suspended-at-lake-conway-condos-after-2-sales/comment-page-1/#comment-2309 Marcus Burke Thu, 12 Jun 2008 13:47:03 +0000 http://www.condometropolis.com/blog/?p=331#comment-2309 You're right Rob. Part of the problem is that these 'auctions' are more like marketing events - they're not liquidations scenarios or 'firesales' - which is what people are thinking they are - and so they come with false expectations and are disappointed. The danger is that once buyers stop coming altogether then developers will have no place else to go. You’re right Rob. Part of the problem is that these ‘auctions’ are more like marketing events – they’re not liquidations scenarios or ‘firesales’ – which is what people are thinking they are – and so they come with false expectations and are disappointed. The danger is that once buyers stop coming altogether then developers will have no place else to go.

]]> By: Rob Crawford http://www.condometropolis.com/blog/2008/06/10/auction-suspended-at-lake-conway-condos-after-2-sales/comment-page-1/#comment-2307 Rob Crawford Thu, 12 Jun 2008 02:28:28 +0000 http://www.condometropolis.com/blog/?p=331#comment-2307 You know, at some point people might have to realize that it is not the prospective buyers that have the unrealistic expectations... You know, at some point people might have to realize that it is not the prospective buyers that have the unrealistic expectations…

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