Downtown Condo Market

[Cotuit]

Because I was responding to a quote that I was "digging" for excuses, and there was no correlation to the article and Providence, and I was responding to that if you think that asking someone to google something that they didn't pick up on in the article is condescending, well then maybe you would like me to stop posting. Cotuit, Larry Kudlow says that the housing bubble is a creation of the "liberal media" I thought people were accepting of peoples opinions on this board. In the economic competitiveness thread when KRC did the same thing to Brick you did not choose sides. The only reason you think I'm being condescending is that you don't agree with me. Oh and by the way Duany's original plan called for retail and office spaces. The fact that CNU is being held in Providence this year is not material then ok. The reason I said google it, is I didn't want to add my opinions on the matter, which I refrained from posting. KRC added that, because he has taken jabs at me since my first post. He has no response to the issues. As a moderator shouldn't you try to foster the open exchange, not stifle it. This is it for me, you guys can go back to talking about things without dissenting opinions. How very proletariat of you.

Yes, Duany called for retail and offices. Allow me to be condescending for a moment and suggest you take a walk down Westminster. Notice anything new down there. I've already posted on the fact that there are office proposals, and perhaps you may have noticed that big office building being built next to Waterplace. Fidelity is coming if temporarily.

You're harping on this supposed residential only building boom, and we're telling you, A) it's not residential only (though as any of the residential projects may fail, so may the office proposals) and B) a lot of work needs to be done on the economic front to make us more attractive to business. We're all in agreement that we need more business and that we want the government to make us a friendly environment for them. Far from having a dissenting point of view, it's an issue we're all in agreement on.

If you've been reading as long as you say you have, you'll realize we don't all always agree on things, though we are all able to get along well regardless (ask eltron about being on the dissenting side of a discussion, or theAnk). I don't moderate other people when their are disagreements, because I don't have to, everyone else is able to work through their disagreements. If you're rubbing so many people the wrong way, I don't know what to say about that.

[Jenkins]

R.I needs to cut taxes in order to compete.Cut the sales tax down to 5%, cut the property tax rate, and cut the personal use taxes for businesses. We would have to run a deficit until more private investment came in.We are in the BEST location in all of New England.

The problem is, as I understand it, that the state is not allowed to run a deficit, unlike the feds.

Coming from Massachusetts, and being a unionized state employee, I have this take on RI: until the government is not dominated by unions, and the special interest groups they "serve", it will be nearly impossible for RI to make the wholesale changes needed to create a society the equal of Mass or Conn in terms of business development, quality of schools, reasonable taxes, etc. And I say this as a union member myself. But here in Massachusetts we have NO WHERE NEAR the benefits that state employees in RI have. The crushing burden that allowing people to retire in their 50's (with escalating pensions and free health care for them and their family) has on the budget will either be dealt with, or RI is more or less destined to remain medicore at best. Also keep in mind that NO state employee in RI is subjected to a yearly review process of their job. That means their work is never evaluated, goals are not set, official job evaluation is not done. If you wonder why services in RI seem so lacking, that is a large part of it.

Again, I am not union bashing, I am a union member. But union contracts must be reasonable and fair, because it is better for everyone in the long run. I truly hope that these things can be dealt with and soon, because I have really come to like RI a lot, but also realize that some day I might need to move back over the border if things do not change ...

[runawayjim]

The problem is, as I understand it, that the state is not allowed to run a deficit, unlike the feds.

Coming from Massachusetts, and being a unionized state employee, I have this take on RI: until the government is not dominated by unions, and the special interest groups they "serve", it will be nearly impossible for RI to make the wholesale changes needed to create a society the equal of Mass or Conn in terms of business development, quality of schools, reasonable taxes, etc. And I say this as a union member myself. But here in Massachusetts we have NO WHERE NEAR the benefits that state employees in RI have. The crushing burden that allowing people to retire in their 50's (with escalating pensions and free health care for them and their family) has on the budget will either be dealt with, or RI is more or less destined to remain medicore at best. Also keep in mind that NO state employee in RI is subjected to a yearly review process of their job. That means their work is never evaluated, goals are not set, official job evaluation is not done. If you wonder why services in RI seem so lacking, that is a large part of it.

Again, I am not union bashing, I am a union member. But union contracts must be reasonable and fair, because it is better for everyone in the long run. I truly hope that these things can be dealt with and soon, because I have really come to like RI a lot, but also realize that some day I might need to move back over the border if things do not change ...

this is why i'm proud of ciccilline for standing his ground with the firemen who keep hanging signs for their ciccillinelies.com website.

i think either everyone or no one should have free healthcare.

[basachs]

Pete, dont leave because we are all not congratulating you for opening our eyes and seeing it your way. As Cotuit mentioned, these topics have ocme up before and there are plenty of points you raise that have been discussed and need more discussion. Most people on here understand the challenges Prov faces and talk freely about them.

You are adding good discussion fodder. But as a forum, we are not going to always agree. Thats the way it is. Dissenting is certainly fine.

Providence right now has more of a sense of itself and what it can do right now than perhaps ever before. It requires discussion like this to keep it honest.

Hopefully you will continue to join in. Take what others have said as constructive, not restrictive.

[Recchia]

But here in Massachusetts we have NO WHERE NEAR the benefits that state employees in RI have.

I just recently became a Massachusetts State employee. The most ridiculous thing is the Mass State Employees Retirement deduction, 9.5% for my income bracket. A little steep if you ask me. How much of that will I ever see?

RI state employees have it extremely good....

[PVDJack]

And why does everyone want to be PVDJack, I heard he was a big geek!

Careful what you say about the nerdy among you -- judging by the turnout at the Geek Dinner the other night there are *a lot* of us in this town.

[markOne]

Careful what you say about the nerdy among you -- judging by the turnout at the Geek Dinner the other night there are *a lot* of us in this town.

Indeed true...

I regret not making the dinner! I could not break free from coding (work) in time to make the dinner and still get work done at home which could not be avoided.

[Frankie811]

http://www.projo.com/business/content/proj...x.15a556a7.html

[PVDJack]

Indeed true...

I regret not making the dinner! I could not break free from coding (work) in time to make the dinner and still get work done at home which could not be avoided.

Well, at least, coding is one of the few acceptable reasons for which to miss a Geek Dinner.

If you like, MarkOne, PM me with your email address and I'll add you to our mailing list--we'd love to have you there.

Alright, enough, geek talk in the Condo Market thread...

PVDJack

[Frankie811]

http://www.pbn.com/contentmgr/showdetails.php/id/120421

[r c nelson]

Yes, Duany called for retail and offices. Allow me to be condescending for a moment and suggest you take a walk down Westminster. Notice anything new down there. I've already posted on the fact that there are office proposals, and perhaps you may have noticed that big office building being built next to Waterplace. Fidelity is coming if temporarily.

You're harping on this supposed residential only building boom, and we're telling you, A) it's not residential only (though as any of the residential projects may fail, so may the office proposals) and B) a lot of work needs to be done on the economic front to make us more attractive to business. We're all in agreement that we need more business and that we want the government to make us a friendly environment for them. Far from having a dissenting point of view, it's an issue we're all in agreement on.

If you've been reading as long as you say you have, you'll realize we don't all always agree on things, though we are all able to get along well regardless (ask eltron about being on the dissenting side of a discussion, or theAnk). I don't moderate other people when their are disagreements, because I don't have to, everyone else is able to work through their disagreements. If you're rubbing so many people the wrong way, I don't know what to say about that.

[r c nelson]

I live in Florida and plan on moving back to Providence in a couple of years once there is a place to live in city. Where is this large office building being built near waterplace? I have not read anything about it.

[Recchia]

I live in Florida and plan on moving back to Providence in a couple of years once there is a place to live in city. Where is this large office building being built near waterplace? I have not read anything about it.

GTECH

[r c nelson]

GTECH

What was I thinking? Of course GTECH. I was thinking that there was a new proposal I didn't know about. Re GTECH I saw the latest photo of the building.Looks better with the glass than just the steel frame.

[runawayjim]

What was I thinking? Of course GTECH. I was thinking that there was a new proposal I didn't know about. Re GTECH I saw the latest photo of the building.Looks better with the glass than just the steel frame.

you gotta get to providence and actually look at the building. personally, i think it's quite nice. and though it's just a glass and steel building, it does fit in quite nicely where it is, reflecting everything around it. i can't wait for waterfire to see the flames reflecting in it.

[Frankie811]

http://providence.condodomain.com/user/user_home.php

[Frankie811]

Condo sales fall

http://www.projo.com/business/content/proj...03.1b26be0.html

[Garris]

Condo sales fall

http://www.projo.com/business/content/proj...03.1b26be0.html

This pretty much mirrors what is happening in Boston too... Sales down, prices flat.

Certainly, this article reflects what I'm seeing around the East Side. Some condos have been on the market a while, and prices are finally starting to come down a bit, which is probably a good thing (overall, not necessarily for me, owning a condo here as I do...). There are actually some great developments around that are being listed at some really, um, optimistic prices.

That said, I think the East Side will be OK, as it's seen as a hugely desirable places to live, and supply was previously an issue until very, very recently. When I was looking about 2 and 1/2 years ago, you had to jump on a good condo to hit the market or it was gone within a week, because there were never more than 2 condos with garages on the market at a time. Now, there might be 10 or 15. This is more natural, and prices will start to come down as everyone seems to want.

The market is working here... I mean, really, how much longer could prices have continued to go up unchecked?

- Garris

[Frankie811]

Builders of luxury condos still confident

http://www.projo.com/ri/providence/content...31.2ecabff.html

[Frankie811]

Builders of luxury condos still confident

http://www.projo.com/ri/providence/content...31.2ecabff.html

I have to say that I'm a little shocked over the low sale numbers that some of the developers have stated. I thought a previous projo article had painted a much more rosey picture. Well, as long as their not worried I guess all will be well. If only I had the money......................

[Frankie811]

Condo developers unfazed by market

http://www.pbn.com/contentmgr/showdetails.php/id/122764

[kinematix]

The condo developers may still be unfazed at the downturn of condo sales but I certainly am not. While not exactly downtown, I've been trying to sell my college hill condo (with parking for 2 and a view) for over 8 months now.... not even an offer after dropping the price 40k

Believe me, I'm all for the development of downtown - it's actually where I'd like to move - but damn I wish them luck.

On a somewhat related note, does anyone know what the rules are regarding disclosure of "sold" units in the new condos? To better explain, I was in the Waterplace condo office for a while this weekend and they have blue dots indicating those units which have deposits down on them. Can they legally add in false sales to make demand appear stronger? It sure seems like they did this with the condos at the corners of Benefit and Angel. I now question the reality of these claims in general as Waterplace seemed to be near the 50% mark...

[runawayjim]

The condo developers may still be unfazed at the downturn of condo sales but I certainly am not. While not exactly downtown, I've been trying to sell my college hill condo (with parking for 2 and a view) for over 8 months now.... not even an offer after dropping the price 40k

Believe me, I'm all for the development of downtown - it's actually where I'd like to move - but damn I wish them luck.

On a somewhat related note, does anyone know what the rules are regarding disclosure of "sold" units in the new condos? To better explain, I was in the Waterplace condo office for a while this weekend and they have blue dots indicating those units which have deposits down on them. Can they legally add in false sales to make demand appear stronger? It sure seems like they did this with the condos at the corners of Benefit and Angel. I now question the reality of these claims in general as Waterplace seemed to be near the 50% mark...

since they can't more than 1 deposit for the same unit, why would they lie about it?

[GRDadof3]

On a somewhat related note, does anyone know what the rules are regarding disclosure of "sold" units in the new condos? To better explain, I was in the Waterplace condo office for a while this weekend and they have blue dots indicating those units which have deposits down on them. Can they legally add in false sales to make demand appear stronger? It sure seems like they did this with the condos at the corners of Benefit and Angel. I now question the reality of these claims in general as Waterplace seemed to be near the 50% mark...

Don't mean to intrude into the discussion, but this post caught my attention. A lot of salespeople will show fake sales to show "momentum", or a decreasing supply. It's illegal to show a fake sale on the Real Estate MLS, but it's hard to enforce what companies show in their sales offices or on their websites. They may even have friends or business associates give them a deposit check to show more sold then what really are, just to keep themselves out of trouble. Then as sales take off or their inventory REALLY starts to dwindle, they'll take the sold off of the fake sales and offer them up to buyers.

BTW: Not all salespeople do this. The ethical ones (which there are many) do not.

[edgarmousha]

Don't mean to intrude on the discussion, but can anyone tell me about the area immediately around the "903 condos." I'm interested in possibly buying (and living) in the building. It seems to sort of be in a weird area that is surrounded by the highway, the river, the mall and an old industrial area. Is it safe around there? The short walk to downcity and the train station is nice and convienient.

Has anyone heard any firm plans to revamp the "Shops at the Farmers Market" which is immediately across the street?

Thanks