River House Condominiums

[einsteinrig]

Well considering this is his first residential project, I'm wondering from where you're getting this. Also, just wanted to be sure that you're disparaging all of the construction teams that worked on this as well, just to be clear.

sorry, grdad, inappropriate comment there. deleting...

[GRDadof3]

sorry, grdad, inappropriate comment there. deleting...

Hey, I'm not saying we all have to parse our comments here. I'm just saying that generalities tend to not be fair to the recipients.

[francishsu]

Looks like Wood TV did update their original article and added some info/interviews.

http://www.woodtv.com/dpp/news/River_House...tential_tenants

It appears that the earnest deposit was 3% (ouch!), which the people interviewed want to forfeit to walk away. The interesting piece of news is a GR attorney who is trying to get the defendants to band together.

[John E]

ANOTHER RAPPELLING EVENT, OVER THE EDGE:

http://www.miblood.org/news_events/edge/ed...and_rapids.html

~John

[rocknsixth]

Does this mean some of GR's big hitters are talking about jumping in?

The recent negative stories also hit the Chicago Tribune. Should be interesting.

http://www.woodtv.com/dpp/news/New_investors_for_River_House

[RegalTDP]

It is my impression that this is generally the case. However, I imagine it depends on what text is in the purchase agreement.

As fotoman says, it depends on the wording of the contract.

Way to call it! The judge ruled that a technicality in the purchase agreement made it void, thereby allowing 14 of the tenants to back out of their contracts (MLive article here)

Ok, so maybe the issue wasn't the spirit and intent of the contract's wording, but it was still the wording nonetheless.

He said the next issue to resolve is whether the developer must pay back the security deposits while the appeal is pending.

Wow, this story keeps getting better. :rolleyes:I know there were more than 14 lawsuits - I wonder if the others were worked out before going to court?

[GRDadof3]

Not exactly sure when this happened, but River House has sold out of condos. You can find some resales in the buildings (like any neighborhood of 206 or so homes), but officially the developer has sold out.

 

Does anyone think the market has rebounded enough to support additional condos? The demand for apartments seems to be off the charts...

[Jippy]

Condos are starting to come back in a lot of markets. I wouldn't be surprised to see a proposal in GR in the next 12 months. I don't think we are quite there yet, but with tightening housing inventory, a stablized economy, and growing desire for downtown living, it probably will happen sooner than later. I wouldn't be surprised though, if the first proposal is a primarily apartment project with a couple of top floors containing condos  -- a dabble of the toe in the market before swinging. I have heard the condo financing for buyers is still tougher than single-family purchasing. 

[GRDadof3]

Condos are starting to come back in a lot of markets. I wouldn't be surprised to see a proposal in GR in the next 12 months. I don't think we are quite there yet, but with tightening housing inventory, a stablized economy, and growing desire for downtown living, it probably will happen sooner than later. I wouldn't be surprised though, if the first proposal is a primarily apartment project with a couple of top floors containing condos  -- a dabble of the toe in the market before swinging. I have heard the condo financing for buyers is still tougher than single-family purchasing. 

 

It looks like the new Clark Place conversion project is doing really well:

 

http://www.clarkplacegr.com/floor-plans-and-pricing/

 

Looks like they only have 5 left!!??

[joeDowntown]

The website links to a Facebook post that says only 3 are available. And that is a bit off the beaten path. Would love to see some more condos right in the heart of the city. 

 

Joe

 

It looks like the new Clark Place conversion project is doing really well:

 

http://www.clarkplacegr.com/floor-plans-and-pricing/

 

Looks like they only have 5 left!!??

[arcturus]

Developers remain cautious about condo's and single family homes with good reason - half of them purchased last year and into 2013 were all cash.  

 

http://blogs.wsj.com/developments/2013/08/15/report-half-of-all-homes-are-being-purchased-with-cash/?mod=e2tw

 

Apartment construction remains strong and I don't see this post recession trend changing anytime soon.  A continuation of tighter lending standards and an anemic recovery will seal it.

[GRDadof3]

Developers remain cautious about condo's and single family homes with good reason - half of them purchased last year and into 2013 were all cash.  

 

http://blogs.wsj.com/developments/2013/08/15/report-half-of-all-homes-are-being-purchased-with-cash/?mod=e2tw

 

Apartment construction remains strong and I don't see this post recession trend changing anytime soon.  A continuation of tighter lending standards and an anemic recovery will seal it.

 

 

I don't know why developers would be cautious about cash sales. Locally, the cash sales I've heard about are primarily retirees.

 

There are several "local" lenders who have gotten quite a bit back into construction loans, and are very good at it. The big banks like 5/3, etc still suck. But for condo sales, they may be a bit more complicated, especially if buyers are doing FHA, but traditional condo loans are back on the upswing and are not as hard to get closed.

 

I think the time is ripe to jump into a small to mid-sized condo project. Banks are still going to require a lot of pre-sales before construction starts, so the market will determine if it will work or not.

[arcturus]

I don't know why developers would be cautious about cash sales. Locally, the cash sales I've heard about are primarily retirees.

 

There are several "local" lenders who have gotten quite a bit back into construction loans, and are very good at it. The big banks like 5/3, etc still suck. But for condo sales, they may be a bit more complicated, especially if buyers are doing FHA, but traditional condo loans are back on the upswing and are not as hard to get closed.

 

I think the time is ripe to jump into a small to mid-sized condo project. Banks are still going to require a lot of pre-sales before construction starts, so the market will determine if it will work or not.

 

The caution comes from skepticism as to whether there's a sufficient pool of all cash condo buyers out there to supplement traditional financing means.  I suspect there's also lingering stigma over condo's in general in light of how hard they were it during the real estate implosion.  Developers have long memories and Icon on Bond and River House weren't exactly profitable ventures.  Then again, I see where The Fitzgerald has just 2 remaining.

[SupercityGR]

You also have to look back to when Icon and Riverhouse were built. Not the best of times

[GRDadof3]

You also have to look back to when Icon and Riverhouse were built. Not the best of times

 

I was going to say the same. They were the worst of times. The worst recession in WM, Michigan and national history.

 

Plus, you'll know in a year whether your project will fly or not based on pre-sales. The biggest out of pockets are for the land option, a sales trailer, architectural designs, and sales and marketing people/expenses.

[joeDowntown]

Actually, I just read that the Fitzgerald is officially sold out too. There could be some condos on the market from private parties, but CWD's units are all gone.

 

Joe

 

The caution comes from skepticism as to whether there's a sufficient pool of all cash condo buyers out there to supplement traditional financing means.  I suspect there's also lingering stigma over condo's in general in light of how hard they were it during the real estate implosion.  Developers have long memories and Icon on Bond and River House weren't exactly profitable ventures.  Then again, I see where The Fitzgerald has just 2 remaining.

[InSecurity]

River House is also sold out. Anything available now are resales and there has been over 50 resales.