Adesso

[Spartan]

I think "steadily" might be a slight over-statement, from what I've heard from other sources. But they are selling... slowly, but surely.

[waccamatt]

I'm not surprised, seeing as though there's no relief in sight from ever-increasing gas prices. Prioreschi might want to consider putting Vsion on hold instead of cancelling the project altogether.

[johnpro318]

"Steadily" is real estate talk for "we've sold a few, but they aren't going as fast as we'd like."

[Captain Worley]

Yeah, I bet they are desperate. I hear they are 10-15% sold which is really bad. Shoot, the Gates at WB are at 75%, which surprised me. I think they'd be better of renting the units as apartments.

The condo market will be interesting to watch. I've heard lenders are requiring 50% pre-sold like the did in the late nineties, early naughts (what the heck do we call that) which killed a number of projects back then, notably the tower on the Cayceland side of the Blossom Street Bridge.

[Spartan]

It sucks that this project was completed in such a horrible housing market period.

[CorgiMatt]

But it's great that it's sitting there with gas prices going higher and higher and higher with no end in sight.

[krazeeboi]

^I agree; that is an up side. Another is the other partners being brought in to help with Innovista who have a track record of delivering both buildings and tenants. Adesso's success is directly related to Innovista's.

[waccamatt]

Holder doesn't seem to be too concerned about the slow sales, with Assembly Station going full steam ahead and construction about to start on the TMG. I think they know the units will sell when the economy improves. It isn't just at Adesso that real estate sales are slow and at least median home prices are still growing in Columbia. Imagine how the market is in most of Florida. Ugh!

Edit: sorry about the poor punctuation and run-on sentences originally; it was late when I made the original post, lol.

[Spartan]

Good points^

[Captain Worley]

I thought they changed Assembly Station to apartments, not condos. Apartments will always rent in that area.

[waccamatt]

I thought they changed Assembly Station to apartments, not condos. Apartments will always rent in that area.

[Captain Worley]

Went by this place last night and saw light in ONE (uno) apartment!! Seriously. That place has got to be kind of eerie at night.

[CorgiMatt]

Went by this place last night and saw light in ONE (uno) apartment!! Seriously. That place has got to be kind of eerie at night.