Housing Doom Housing Bubble Blog

A nation that forgets its past is doomed to repeat it. - Churchill

October 21st, 2006

Flash: Chandler Elevation Project Coming Down

Jeff Cline, the developer for the Chandler Elevation project, is facing more problems.  According to the Arizona Republic:

A crane was operating and men were working Friday on the long-idle Elevation Chandler high-rise, giving the appearance that construction had resumed on the stalled hotel project.

But instead of adding to the building shell, workers were actually removing pieces - taking down scaffolding and dismantling wooden frames on the seventh and eighth floors that had been awaiting a concrete pour since spring.

The work was prompted by a letter Chandler sent to developer Jeff Cline expressing concern about the safety and security of the site, which has been idle since April.

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October 21st, 2006

What Should A Property Owner Do?

I received the following email from a Las Vegas reader, and as this is a question that is on a lot of people’s minds, I thought it would be a great topic for today.

I’m pretty new to all the bubble- and housing- head stuff.  It’s only because  I was thinking of downsizing - selling my primary residence, and moving back into one of the rentals- that I starting surfing around to do my research, and fell upon your site.

Anyhow, I am starting to get rather concerned considering most of my (such as they are) holdings are in RE. The thing I keep hearing around Vegas is "If you can sit on it for 5 yrs,  you’ll be ok."  In the meantime I’ve been checking zillow.com (since 10/1) and seeing my property values eroding. Scare-wee.

So the point of all my rambling is this:

I haven’t read all (or anywhere nearly all) of your blog, is there anywhere there that suggests what a property -owner should do? Bite the bullet and dump ‘em on the market with  rest of the investor dumpers before they really tank? Ride it out? Or do you know of a reputable site that does offer some wisdom?

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