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Signature Tower


NewTowner

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what happened to the dates of these posts? somethings not right.... i posted th above posts the day before yesterday, on the 10th and 11th of feb. whats the deal?
The wiki posts are still there but turned invisible. We are deciding to create another topic specific to the wiki or not. We don't want to use this topic as an editing session for the wiki. Most likely when we figure it out, we will restore those posts there. Please don't use this topic to discuss the mechanics of the sig tower wiki. If you have any further questions on the matter please feel free to PM me.
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Well this is a bit of good news I suppose. I guess not all hope is lost!

http://www.bizjournals.com/nashville/stori.../24/story2.html

The fact that he has made absolutely zero progress on sales in months and months is anything but good news. I've heard 105-120 sales now for a year. This so-called marketing push should have happened two years ago. This reminds me of a school kid who waited until the night before his book report was due to begin reading the book.

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It's going to be a tough sell I think. We got an announcement in Charlotte that 4 projects have been put "on hold" and two of these places had already poured concrete. It includes a 50 story condo tower, Trump's plans to build the tallest residential tower in the SE, and two other projects above 30 stories. This has all come to light since the first of the year.

This market is getting bad and anyone that is purchasing a property such as this is really rolling the dice these days. I am thinking the fad to invest in high rise condos in cities is like the dot com fad of the early 2000s. Not sustainable.

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monsoon I agree with you that it will be tough to sell. However, in reference to the projects in Charlotte that were "put on hold", let's remember that "on hold" means delayed, not cancelled.

I blame the economy and credit crunch for Signature Tower's delay, as well as some of the Charlotte projects and projects around the country. America has seen recessions before, hopefully we can regroup and have the economy strengthened during this one.

Once the economy is strong again, that's when I expect Signature 2 have more life

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monsoon I agree with you that it will be tough to sell. However, in reference to the projects in Charlotte that were "put on hold", let's remember that "on hold" means delayed, not cancelled.

I blame the economy and credit crunch for Signature Tower's delay, as well as some of the Charlotte projects and projects around the country. America has seen recessions before, hopefully we can regroup and have the economy strengthened during this one.

Once the economy is strong again, that's when I expect Signature 2 have more life

Unless the economy booms in the next couple of months my understanding is he will lose the 103 sales he has. From other people on here he has to break ground by June or lose the contracts. I'm still stunned by the fact he hasn't sold a single unit in a year and in fact seems to have lost some.

The only bright spot could be if the units he sold are the million plus dollar ones. THis will allow him to sell fewer units and still meet the 50% dollar requirement.

If we haven't heard any good news (including no news) by June look for a dissapointing announcement.

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I guess one good thing for TG is that his market is a differnt crowd than standard Condo developments. While the economy is slowing down and the average person is tightening up their spending, Tony's market still has the disposable income to purchase if they want.

This doesn't mean they will, because even those individuals will be holding onto a little more because it's human nature to play it safe in tough times. Persaonlly I'd rather dump a large sum of money into the market when it's low rather than into a condo, but I don't have that kind of money to toss around.

I expect Tony to hold out till the market starts to swing up again. He's already done all the leg work, spent the money on design, engineering, metro approval, and all the other requirements for a project, and he owns the property so he can afford to wait if he wants. I don't think Tony will give up on the project, but it may get put on hold if his push doesn't work.

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if this new ad campaign doesnt include a national or international approach or really I should say if it's just more of the same, then expect it to fall flat on its face. They have long needed to change their approach and now I fear it might be too late. I expect it to be put on hold until the market recovers. I guess he'll have to start over with contracts if that's the case but maybe they'll have learned from their mistakes next time around and get it done.

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if this new ad campaign doesnt include a national or international approach or really I should say if it's just more of the same, then expect it to fall flat on its face. They have long needed to change their approach and now I fear it might be too late. I expect it to be put on hold until the market recovers. I guess he'll have to start over with contracts if that's the case but maybe they'll have learned from their mistakes next time around and get it done.

If this does end up being put on hold for a year or two, I hope he comes back and tries again. I love this design and would love to see it in the Nashville skyline.

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I really hope the push works. I have my doubts as far as a sales effort gaining another 100 reservations. I am trying to remain optimistic. I think if it does not happen, then I see the project on hold until the market recovers. Tony has spent too much money to see the project and I think I can safely say his vision for DT die. Many of the folks who have reserved units have the money to spend and would not be overly affected by current market conditions. One ray of sunshine is that the Nashville housing market is still doing decent as far as equity. It has not lost a lot of value, only 1 and half percent if that. At least that was close to the last number I heard.

Interesting note in the full NBJ article is that out of 1178 under construction in DT Nashville including the Gulch, 82 % or 966 are sold. Those are good numbers, thus Tony's optimistic outlook. Nashville is still behind Knoxville, Charlotte and Louisville, the article said. Those cities have about 1 in 7 DT residents working DT and Nashville has 1 in 14. DT is still under built as far as housing units go.

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I really hope the push works. I have my doubts as far as a sales effort gaining another 100 reservations. I am trying to remain optimistic. I think if it does not happen, then I see the project on hold until the market recovers. Tony has spent too much money to see the project and I think I can safely say his vision for DT die. Many of the folks who have reserved units have the money to spend and would not be overly affected by current market conditions. One ray of sunshine is that the Nashville housing market is still doing decent as far as equity. It has not lost a lot of value, only 1 and half percent if that. At least that was close to the last number I heard.

Interesting note in the full NBJ article is that out of 1178 under construction in DT Nashville including the Gulch, 82 % or 966 are sold. Those are good numbers, thus Tony's optimistic outlook. Nashville is still behind Knoxville, Charlotte and Louisville, the article said. Those cities have about 1 in 7 DT residents working DT and Nashville has 1 in 14. DT is still under built as far as housing units go.

One thing to also note is although the entire country suffers in this difficult economic times, different cities and regions will have different levels of economic distress based upon that areas leading industries. Charlotte for example is heavily based in the banking industry which is having a very difficult time while Nashville's leading industry is health care which is not in as much of an economic downturn. That is probably why Nashville seems to be weathering the storm a bit better and as Monsoon reported, Charlotte is putting several projects on hold.

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^Banking is responsible for about 10% of CLT's jobs mostly due to BofA and Wachovia, (metro about 5%) so these failures are not unique due to this. I believe there has been a fad in high rise condo building spurred on by lax lending and people believing they can buy one of these units then flip them for thousands of profits. This fad is dying off now which is why you are seeing these kinds of projects being canceled. I was in Myrtle Beach a few weeks ago and saw there 4 projects, two of them almost complete, where the work had just stopped and the sites abandoned.

The issue is becoming so bad that NBC's Nightly News is going to do a story on the Monday night news. I don't expect much from it, but it is an admission even from the pro-business media that we have here, there is definitely a national problem.

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You actually deleted my post from The NY papers that talked about the sale of high end condos in the city? Why? I did not say anything negative at all, I simply posted a link to a story that differed from your thoughts.
Read the rules. Newspaper links with no explanations are not allowed. Aside from that I would have thought that it would have been understood that, NYC, Chicago and possibly a couple of other places that have true lack of space, where these things would be warranted, is not the same situation. An article about condos on Manhattan Island has nothing to do with a 70+ story building being constructed in Nashville.
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Edit- monsoon answered while I was typing. Post deleted.

I would think Chicago could build outward if they wanted whereas manhattan is an island. I've read in a book somewhere that the only reason New York has the skyline that it does is because they had no choice but to build upwards. I guess the city govt. in Chicago emphasizes building up.

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Read the rules. Newspaper links with no explanations are not allowed. Aside from that I would have thought that it would have been understood that, NYC, Chicago and possibly a couple of other places that have true lack of space, where these things would be warranted, is not the same situation. An article about condos on Manhattan Island has nothing to do with a 70+ story building being constructed in Nashville.

Sorry I did not post/explain it properly. My point (which I realize I did not make) was more about high end condos which the article discussed. I would think that would speak more to the Signature Tower as it is a high end building. Also there is an article in the Tennessean today that talks about how Nashville has so far eascaped the National downturn in the housing market. I will post the link if I may http://www.tennessean.com/apps/pbcs.dll/ar...3/1003/BUSINESS Asking a man to read the rules is like asking us to stop for directions, rarely happens!

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^I don't disagree that some of the South has escaped, so far, most of the housing crisis. I also note that most newspapers really don't understand the issue. However, this isn't the market that I am speaking of. High end high rise condos have become a fad, a fad that is ending. The fact the Signature tower has 100 reservations now, when it had as many as 142 more than a year ago isn't a trend that is heading in the right direction and trend that confirms the highrise trend is dying off.

BTW, this topic will be 2 years old this week and it seems less likely now the tower will be built than throughout most of this topic's history. We have had endless predictions of groundbreaking dates, the developer is a genius and it has to happen, this is a "different" market and so forth. Yet, where is not only any signs this thing is going up, but any detailed building permits, an engineering firm, or anything that would indicate that people are signing contracts to purchase one of these units?

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^I don't disagree that some of the South has escaped, so far, most of the housing crisis. I also note that most newspapers really don't understand the issue. However, this isn't the market that I am speaking of. High end high rise condos have become a fad, a fad that is ending. The fact the Signature tower has 100 reservations now, when it had as many as 142 more than a year ago isn't a trend that is heading in the right direction and trend that confirms the highrise trend is dying off.

BTW, this topic will be 2 years old this week and it seems less likely now the tower will be built than throughout most of this topic's history. We have had endless predictions of groundbreaking dates, the developer is a genius and it has to happen, this is a "different" market and so forth. Yet, where is not only any signs this thing is going up, but any detailed building permits, an engineering firm, or anything that would indicate that people are signing contracts to purchase one of these units?

I agree but I do believe the 103 are actual contracts and not reservations. But regardless he is still well short and that number shows absolutely no progress in over a year. The marketing push should have happened from the get go. I just cannot understand a groundbreaking, world class project and then to have a used car type marketing effort (my opinion) is so stunning. It's like opening a Rolls Royce Dealership in a Kmart....the wrong crowd.

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  • 1 month later...

I'm glad to see that Gioarratana still is planning to go forwards, but it sounds like the delay will last for many months more. My concern is how many contracts of the 105 he has obtained can he hold onto with such a delay. Will it be like starting out all over again once the market for condos turns back around? I, for one, remain optimistic that the project will finally be built. However, I wouldn't be surprised if the completion date isn't something like 2012 or even 2013.

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I blame the economy. If the economy strengthens, Signature Tower will have much more life. I agree that a lot of possible buyers will buy if construction starts; Nashville has the market to support a Signature Tower. Keep up the hard work Tony Giarratana!!!

I honestly beleive that Tony will have to do the following to make Signature Tower happen. This is because I don't see it likely that he can get to 200 sales contracts and obtain financing before excavating the project, even if the condo market improves. I beleive this because of the difficulty he had getting past about 140 reservations even before the condo market soured.

1. Make a determination that the condo market has turned around.

2. Go ahead and excavate the project with his own money.

3. Sell the necessary number of condos to get financing during the excavation phase taking advantage of the media attention and momentum that would created.

4. Obtain financing and complete the project.

I know these all significant hurdles, but I think Tony Giarratana has the ability and will power to see this thing through.

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