R.E.D.(Real Estate Diversion) Alert. When you need to take a break from politics, give your mind a rest in Real Estate.
Real estate booms and real estate busts are cyclical in nature. All indications are in that we now have a bubbly bursting of real estate. Bold construction projects like high rise buildings and high density towers are seriously struggling in Irvine, the Inland Empire and various other boom-town real estate areas. Real estate busts happen all over the world and some take many years to resolve.
#1 Broadway Plaza is currently on hold because Michael Harrah cannot secure a 50% occupancy rate going forward – a target rate which would allow construction to begin on his dream towers. Is this contingency necessary? Why not just let the guy build in the middle of Santa Ana and take the natural consequences of probable unsustainable low occupancy and lack of rent receipts? Would it even matter if the place was left completely unoccupied? A lot of action in Santa Ana seems to come in a few days late and about 10 bucks short, so why can’t the guy just power through the bureaucracy and build his dream?
Well, you’ve GOT to see this video clip of what happens to new construction that gets neglected ( I swiped it from the Irvine Housing Blog IHB ). Neglect? Hmmmm……
–> Video of abandoned high rise condo projects in Thailand from the Asian financial crisis of 1998
Some people are going to question the fairness of showing busted up and abandoned third-world high rise projects when discussing the proposed tower projects in Santa Ana, California, USA. Backwoods, faulty thinking got those poverty stricken high rises into such a terrible mess. Santa Ana, by comparison has ethical, full-range planners leading the city’s real estate and development decisions.
Developer Mikey would never neglect a real estate project, you say? Wait! Well, except for that little promised project of the wrecked-up Twist-Basler House which continues to rot on the land that Mikey needs for his towers project. Anyone else think that Mikey’s broke and that’s why he’s not kept his promise to Santa Ana’s citizens to relocate the historic home so that it can be restored properly?
If the Twist Basler project is any indication of Mr. Harrah’s commitment to getting things smartly done, then maybe this real estate downturn has a silver lining for Santa Ana because the city will be spared the huge footprint that Harrah had planned for it. The Twist-Basler project seemed pretty simple and straight forward compared to Harrah’s proposed towers project which seemed quite complex and even a bit Pie-in-the Sky. Poor Mike is overwhelmed by what needs to be done here. I think one unsightly and unfinished project at a time by Mike Harrah is more than enough this year.
his tower is nothing but a monument to himself i hope it never gets buiilt.
Art –
I jump off & on this site, but recall your disclaimer that the OJ Blog Team could not post anonymously. Either Red Vixen appears to be violating your guidelines or you’ve changed your mind about primary bloggers posting their legal names. Which is it?
#2,
We changed our policy when we redesigned our blog. If you are interested in coming on board as an anon blogger let me know. My email is apedroza@earthlink.net.
anon 10:48, brush up on your censorship if you want to be a blogger here.
Readers,
Jose is upset because I am not allowing him to hijack our posts. He likes to change the subject to fit his whims. And here he is doing it again.
Word of warning Jose – keep this up and we will mark all your comments as spam. Then you and Fiala can commiserate together.
We do not censor our comments. We do however reserve the right to delete posts with curse words and any posts from Fiala. And I am no longer going to put up with hijackers on this blog. Stick to the point or be deleted.
truly a legend in your own mind art.
Anon #2,
I pretty much stick to real estate related issues. You know how emotional some folks can get over real estate, so I just prefer to post new threads under a pseudonome. Did something in this post bother you?
#7
Nothing in your post bothered me. Thanks for asking.
Perhaps I was not clear in my original post — I jump in & out of the OJ and at one time Mr. Pedroza made it very clear that team bloggers could not post anonymously. I was just asking if that policy had changed. I hope you were not offended by the query.
Art answered my question and I am satisfied. After all, it’s his ship and he does a fine job providing this public service.
I hope you were not offended by the query.
Not at all 😉
I hope that folks enjoy the RE threads.
his properties are monuments to himself.