tag:blogger.com,1999:blog-3449433527135568372.post7739606745393367147..comments2023-07-07T00:32:17.629-07:00Comments on BendBubble2: SOLD OUT! Well... sort of. Not really. OK, none actually sold...Unknownnoreply@blogger.comBlogger17125tag:blogger.com,1999:blog-3449433527135568372.post-2807309868275432352007-02-27T10:24:00.000-08:002007-02-27T10:24:00.000-08:00Yes. It shows.Yes. It shows.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-58206378149016078442007-02-27T09:35:00.000-08:002007-02-27T09:35:00.000-08:00BEM didn't seem this quick to resort to the histri...<B>BEM didn't seem this quick to resort to the histrionics when he/she ran the site, at any rate.</B><BR/><BR/><B>BEM said</B><BR/><I>I guess even I, cynic though I am, never imagined that the sold-out schtick was all bullshit. But it was, apparently. Nothing was sold out. A lie, reported as fact in the local newspaper.</I><BR/><BR/>Oy! Sorry to respond to these personal vendetta comments, but if you'll <B>READ</B> something, you'll see BEM isn't exactly The Raging Bull you claim! And uh... he refers to the Bulletin piece as:<BR/><BR/><B>the sold-out schtick was all bullshit.</B><BR/><BR/>And in case you aren't able to figure it out, BEM ran <I>another</I> blog, not this one. This was started fresh when he shut his down.<BR/><BR/>Keep those barely coherent personal vendetta attacks coming! They're much of the reason I soldier on!IHateToBurstYourBubblehttps://www.blogger.com/profile/01660687201024720176noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-48508210949518587322007-02-27T08:41:00.000-08:002007-02-27T08:41:00.000-08:00Anyway, surely this site would be more useful if i...<B>Anyway, surely this site would be more useful if it wasn't so quick to turn on a firehose of bile . Particular when it's not even attached to a fact.<BR/><BR/>BEM didn't seem this quick to resort to the histrionics when he/she ran the site, at any rate.</B><BR/><BR/>What's next?<BR/><BR/><I>"I served with Bend Economy Man. I knew Bend Economy Man. Bend Economy Man was a friend of mine. IHTBYB, you are no Bend Economy Man!"</I><BR/><BR/>Actually, if you READ a little, you see it's all facts. The word SALE is used. Again, if you don't like the blog, you're welcome to go elsewhere. But you won't. YOU'LL BE BACK! I appreciate your comments, but if you read the thing, you'll see I merely want honest reporting. Do you?<BR/><BR/><B>Do you people even read these stories before you tune up your Bill O'Reilly-esque rants on the local media?</B><BR/><BR/>Local media? Rants? Tune up? Bill O'Reilly? This is just a weird sentence. There's almost none of it that makes sense. The question should be, Do you read any of the post before you "tune up your Bill O'Reilly-esque rants"? "Local media"? Get a clue. This is a lowly blog, in which YOU are it's most loyal follower.<BR/><BR/>Believe me, nothing would make me happier than BEM firing up his old blog so I could shut this one down! Well... maybe a few things would make me happier. But not many! I prefer to vent my "histrionics" in comment form. But BEM is starting to whale on RE harder than I do!<BR/><BR/>CACB: When you going to cover?IHateToBurstYourBubblehttps://www.blogger.com/profile/01660687201024720176noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-6993421782910671422007-02-27T05:00:00.000-08:002007-02-27T05:00:00.000-08:00Interesting new shareholder presentation document ...Interesting new shareholder presentation document posted on the CACB site. See the link here:<BR/><BR/>http://www.snl.com/irweblinkx/ShowFile.aspx?KeyFile=3471795<BR/><BR/>What it contains:<BR/>-old stuff about the great growth markets of Oregon and Idaho, and the wonderfully low median prices of homes in Bend<BR/>-contradictory future business strategies in the future for CACB: gain market share, but increase discipline in pricing (but don't you need to cut prices to gain market share?)<BR/>-self-serving comparisons to peer banks<BR/>-a chart showing declining net interest margins which claims that margins are stable<BR/>-AND a very interesting chart which shows that CACB has lost deposits in its core Deschutes County market in 3 of the last 4 quarters. That has not happened before. Quite a dramatic shift. This is on the chart entitled “real estate returning to a more sustainable level.” Read that chart carefully.<BR/><BR/>If I were a professional investor I would be unimpressed with the presentation, and I would focus on that dramatic shift to shrinking deposits. This is no growth stock anymore.<BR/><BR/>-CACB ShorterAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-29481145672038411202007-02-26T22:19:00.000-08:002007-02-26T22:19:00.000-08:00"The dozen condos that have sold in Breeze's build..."The dozen condos that have sold in Breeze's building in the Old Mill are under contract and in escrow, since their papers have gone through their initial vetting by the state." <BR/><BR/>Also gotta get your terminology straight now that you've corrected IHTBYB. These are still not SOLD. They are not even platted, completed or have a CO. There's still only a deposit in the way of these buyers walking(which is pretty easy to get back).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-85756266248219731182007-02-26T20:17:00.000-08:002007-02-26T20:17:00.000-08:00Gotta look at that August article, rather than Apr...Gotta look at that <A HREF="http://www.bendbulletin.com/apps/pbcs.dll/article?AID=/20060816/BIZ0102/608160326&SearchID=73273232301907" REL="nofollow">August article</A>, rather than April:<BR/><BR/><I>"The eight condominiums <B>sold</B> from $481 per square foot to $636 per square foot, Oliver said. One-bedroom units facing east averaged $525 per square foot and two-bedroom units facing west and south averaged $625 per square foot. Condo sizes ranged from 1,100 square feet to 2,350 square feet. That means <B>sale</B> prices ranged from about $529,100 to $1.5 million."</I><BR/><BR/>It says they were sold, not reserved.Bend Economy Manhttps://www.blogger.com/profile/06444426668314688251noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-42697946826263627672007-02-26T16:33:00.000-08:002007-02-26T16:33:00.000-08:00You make a good point. I went and read the whole a...You make a good point. I went and read the whole article.<BR/><BR/>It did say "sales" near the end of the article, but otherwise, you're right, it was pretty vague about the terms.<BR/><BR/>"The strength of sales, and the prices, will likely encourage more mixed-use developments to rise from downtown streets, Bankofier said, as long as demand remains strong and building costs don't price developers out of the market."<BR/><BR/>The article was pretty breathless up front, though the end of the article did mention that upper-end sales had slowed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-22504809508661951752007-02-26T16:24:00.000-08:002007-02-26T16:24:00.000-08:00RE, Ihatetoburstyourbubble:OK, I've whaled on the ...RE, Ihatetoburstyourbubble:<BR/>OK, I've whaled on the Bulletin, and they might be wondering (probably not), "What terms should we use?". Here you go:<BR/><BR/>"RESERVED": OK, this is a virtually meaningless term, as reserved means someone has signed a completely non-binding, legally unenforceable piece of paper saying that they are really really hoping to go under contract. I've signed one of these in the past 90 days, they are totally meaningless ... ya-da-ya-da<BR/><BR/><BR/>I looked up the Bulletin's April story myself to check the accuracy of YOUR rants ... turns out, the article refers only to "reservations" and "bids" ... no "sale" or "sold" terminology in sight.<BR/><BR/>Do you people even read these stories before you tune up your Bill O'Reilly-esque rants on the local media? Or is it just more convenient to attack the strawmen you set up -- or the messanger -- in lieu of making a real point?<BR/><BR/>In Oregon, binding contracts can be written on condos only after the condo papers (agreements, terms, etc.) gain preliminary approval from the state. After that, they can go into escrow with earnest money, but can't close until the unit is certified for occupancy.<BR/><BR/>So "bids" and "reserves" were the correct terms to use in April 06, and the competetive bidding was quite indicative of Bend real estate at the time ... as was the subsequent melting away of the reservations which, as you accurately note, are pretty meaningless as anything other than an indication of market interest at the time. That's why not all condo sellers opt to use them.<BR/><BR/>The dozen condos that have sold in Breeze's building in the Old Mill are under contract and in escrow, since their papers have gone through their initial vetting by the state. As I understand it, the sales agreements were signed in the last few months, after the overall bubble had pretty much burst.<BR/><BR/>Anyway, surely this site would be more useful if it wasn't so quick to turn on a firehose of bile . Particular when it's not even attached to a fact.<BR/><BR/>BEM didn't seem this quick to resort to the histrionics when he/she ran the site, at any rate.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-38139254179159756072007-02-26T15:40:00.000-08:002007-02-26T15:40:00.000-08:00How'd you like to be one of the two people who act...How'd you like to be one of the two people who actually went through with the buy, only to find out that the other 6 bailed? Probably means your neighbors will get theirs for cheaper.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-35065179757159213922007-02-26T12:55:00.000-08:002007-02-26T12:55:00.000-08:00It was actually used as payment to one of the prin...It was actually used as payment to one of the principal commercial brokers for Franklin Crossing rather than paying their fees, so wouldn't even call it a "sale".<BR/><BR/>The funny part, is that the supposed flurry of activity when these were released was used in the design decisions for the other projects downtown. Basically, they all screwed themselves on this one.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-30873846190772510862007-02-25T22:33:00.000-08:002007-02-25T22:33:00.000-08:00Rumor has it that one of the 3 units that was actu...Rumor has it that one of the 3 units that was <I>actually</I> sold was immediately put back on the market. Sounds like pump-priming to me.Bend Economy Manhttps://www.blogger.com/profile/06444426668314688251noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-70322102676801093992007-02-25T14:47:00.000-08:002007-02-25T14:47:00.000-08:00I have my doubts that even the units that have SOL...I have my doubts that even the units that have SOLD have sold for full price. <BR/><BR/>The real question is: How many units have sold for full price to real customers?<BR/><BR/>There are just too many ways they can fudge this to ever know the truth.<BR/><BR/>But I suspect -- I assume -- that at least some of the sold units were in 'trade' or were 'sweet heart' deals in order the prime the pump.<BR/><BR/>So it may even be worse....Duncan McGearyhttps://www.blogger.com/profile/02857388833850939721noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-37940017940088233562007-02-25T10:49:00.000-08:002007-02-25T10:49:00.000-08:00I remember seeing that April article about Frankli...I remember seeing that April article about Franklin Crossing and thinking, "well, maybe I'm wrong if Franklin Crossing is sold out already - there must be a huge demand out there."<BR/><BR/>I guess even I, cynic though I am, never imagined that the sold-out schtick was all bullshit. But it was, apparently. Nothing was sold out. A lie, reported as fact in the local newspaper.Bend Economy Manhttps://www.blogger.com/profile/06444426668314688251noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-45204702703726698742007-02-25T09:36:00.000-08:002007-02-25T09:36:00.000-08:00OK, I've whaled on the Bulletin, and they might be...OK, I've whaled on the Bulletin, and they might be wondering (probably not), "What terms should we use?". Here you go:<BR/><BR/>"<B>RESERVED</B>": OK, this is a virtually meaningless term, as reserved means someone has signed a completely non-binding, legally unenforceable piece of paper saying that they are really really hoping to go under contract. I've signed one of these in the past 90 days, they are totally meaningless.<BR/><BR/>"<B>UNDER CONTRACT</B>": Slightly more meaningful, usually accompanied by some small payment that Realtors try like hell to increase at every instance to increase your "commitment". But this thing, penned correctly, can be bailed out on by both parties at almost any time. Not quite meaningless, but close.<BR/><BR/>"<B>CLOSED</B>": Title has transferred. The deal is done, and there ain't no undoing it.<BR/><BR/>OK? <B>Reserved, Under Contract, and Sold</B> are the terms that SHOULD BE used when describing where a deal is in the pipeline. The first 2 are almost meaningless, the last is a done deal. Bend media does not care about using the term "Sold" interchangeably with the other two, giving the distinct impression that projects are SOLD OUT, when they are nothing of the sort.IHateToBurstYourBubblehttps://www.blogger.com/profile/01660687201024720176noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-6808687142246320722007-02-25T09:23:00.000-08:002007-02-25T09:23:00.000-08:00I wonder where the truth liesThe TRUTH LIES all ov...<B>I wonder where the truth lies</B><BR/><BR/>The TRUTH LIES all over the place at The Plaza (yes, that is the Inspired name of that monstrosity). The Realtor lies as well, using Bend media as a trained dog, because you see from todays Bulletin:<BR/><BR/><B>A few blocks away above the Old Mill’s retail district, The Plaza, a purely residential condominium project, has moved 12 of its 42 units so far, owner and Realtor Becky Breeze said, at prices ranging from around $600,000 to nearly $2 million, although the building won’t be move-in ready until June.</B><BR/><BR/>They've <B>moved</B> these 12 units. MOVED. Sounds like they're SOLD. Who knows. Kinda sorta pending? Maybe. Under contract? Could be. SOLD? Hey, flip a coin. With Bend media relentlessly digging for the real facts, we're sure to get... something. Not facts, though. Luckily we're all too stupid to demand stringent editorial standards.IHateToBurstYourBubblehttps://www.blogger.com/profile/01660687201024720176noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-36197402484293951732007-02-25T09:15:00.000-08:002007-02-25T09:15:00.000-08:00More from that August article:Roughly 65 percent o...More from that August article:<BR/><BR/><B>Roughly 65 percent of the office space is taken, and 45 percent of the retail space is reserved, with more proposals pending, Oliver said.</B><BR/><BR/>"Taken"?<BR/><BR/>"Reserved"?<BR/><BR/>It's almost impossible to figure out what that means, given that <B>SOLD</B> means nothing of the sort.<BR/><BR/><B>Oliver could not name tenants that have outstanding leases with Franklin Crossing but provided an idea of what's to come:<BR/><BR/>* Cascade Capital Group, a merchant banking company, third floor.<BR/><BR/>* A new athletic club occupying 8,000 square feet on the third floor, including a full locker room, sauna, massage room, aerobics center and free-weight area.<BR/><BR/>* Morgan Stanley, an investment banker, fourth floor.</B><BR/><BR/>"OK, I can't name names, because nothing is final. But here are some names..."<BR/><BR/>Just what is a "<B>finalized lease</B>"? Is it the same as a <B>SOLD</B> condo? Can we really extract any meaning whatsoever from these Trained Dog Media RE Puff Pieces?IHateToBurstYourBubblehttps://www.blogger.com/profile/01660687201024720176noreply@blogger.comtag:blogger.com,1999:blog-3449433527135568372.post-63540068481408439232007-02-25T09:07:00.000-08:002007-02-25T09:07:00.000-08:00Anyone know how well that monstrosity overlooking ...Anyone know how well that monstrosity overlooking the old mill is selling.It is owned by a certain high profile real estate agent and her husband. Last I heard, they were all spoken for. In light of the above article ,I wonder where the truth lies. It looks more like another Ameritel than a condo project. Supposedly many were sold before construction even started.Anonymousnoreply@blogger.com