Housing Doom

“He who defends everything defends nothing.” - Frederick the Great

September 4th, 2008

And A Car While You Are At It

 

On Tuesday Britain announced it’s own bailout plan for their battered housing market- exempting homes under 175,000 pounds [311,000 USD] from first year property taxes.

In response the Daily Mash [Similar to "The Onion" ] proposed it’s own bailout program- the government can throw in a car with the housing bailout:

FIRST-time buyers across Britain are hoping the government can see its way clear to stumping up for a motor as well.

They said that while buying them a house is really nice and everything, it will look a bit daft without a car sitting outside it.

Wayne Hayes, a sales executive from Lincoln, said: "What’s the point of buying me a nice, new house with a garage and then not buying me a car? Are you trying to hurt me?"

He added: "Go on, get us a car. All my mates have got cars. I’ll vote for you. Promise."

The Society of Motor Manufacturers has also urged the government to buy lots of cars, particularly 4×4s and large petrol estates.

A spokesman said: "If you’re buying people stuff then yeah, a car would be good. It’ll totally reinvigorate the car market and all that."

Read the rest of this entry »

September 4th, 2008

Tucson Developer Not Desperate, Just Needs “Lots Of Cash”

 

Another Arizona condominium project seems to be coming up a little short: [Hat tip MR!]

Developers are planning to put the partially completed condominium complex 44 East Broadway on the market in hopes of finding a buyer or investor with deep enough pockets to finish the job.
“It’s not a panicky situation,” said James LeBeau, managing partner in the project. But “we can’t let it limp along anymore.”
LeBeau and other partners, including Mesa construction company president John Dunn, were attempting to convert the former federal courthouse annex into luxury condominiums, including several high-end penthouses.

Now, LeBeau said, they are planning to list the entire building for about $6 million.
Despite the difficulties in the real estate market — and problems plaguing other Downtown loft and condominium projects — LeBeau said 44 East Broadway is not in danger of failure. Rather, he said, the business partners are simply hoping to find someone with “a lot of cash” to expedite the redevelopment.
 

Read the rest of this entry »

|