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Hey inside:
you may be right and if that is the case, then many people will get a "deal" on an upscale oceanfront condo. I know there are more than 10% closing, though. However,there will not be a 90% closure rate in the next 2 months as we thought. BTW, what inside info do you have? It is bold to have that as your moniker.
1st, who is telling you that they will close more than 10%? The developer and/or realtor? All want you to close so they make money. 2nd, who ever thought they would close 90% in 2 months. 10% may be a little low, but it is not out of the question. 8 out of 340 in the 1st week isn't exactly setting a great pace.
Ahh...the ultimate question that is on everyone's mind. I wonder if all these so called "glass half full" buyers would be that way if they could get there money back. how many would close then? I actually have an answer for this question, or at least some info that would raise and awful lot of eyebrows, say 340 of them....must tread lightly on this subject right now though...
You are correct in that no one has all the facts except the banks (I do not think the developer even has all the facts now!). It is apparant from the public records BOA is calling all shots for NBT. They are also loaning up to 80% on ALL units for those who can qualify. Having some experience in development, if the banks wanted to foreclose on this property they would have done it in March when all the meetings were taking place and more importantly before any of the units closed. The developer is still on the hook for HOA fees for units not sold (i.e. through the banks since Winchester has lost all he can loose on this project!). If the banks do foreclose in the future, they will step into the shoes of the developer and retain the obiligation to pay all HOA fees on unsold units. And Banks do not foreclose on themselves, they just sell off the liabilities or hold them on their books for a future return. To use your numbers ($200,000/month) $2.4 million/yr is nothing to BOA to keep NBT's in first class marketable condition. They have too many magnitudes $ currently invested to see it ever fail.
I feel very badly for those who signed contracts in 2006 thinking that the rental market could substain their cost until they could retire and move in full time. I do not feel bad for those flippers who could never afford the units to start with and are now stuck!
Since units are closing and banks are giving 80% loans on the units, I am very confident that NBT will be sold out in the next couple of years. Further, I am very excited about closing and moving in myself.
This is my last posting on this blog, because all is now good with NBT's! I wish all of you the best and hope to see all the positive and excited new homeowners at the pool bar this fall. Finally. since my wife and I will call NBT's our primary residence, I look forward to starting up (or participating in) a full time residence only club.
Best to all of you NBT-HOME signing off for good.
You said BOA "is calling all shots for NBT".
Well, they are having their own big problems. Closing 10% of their branches (over 600!). Trouble here! Don't think this project won't be cast aside as they are treading water themselves:
Do you think BOA is your white knight?
Reuters reporting this morning they are cutting 10% of their branches.
"The Charlotte, North Carolina-based bank faces rising losses from credit card and mortgage loans. Chief Executive Kenneth Lewis on July 17 said it will be "much tougher" to make money in the year's second half, after a $7.47 billion first-half profit bolstered by several one-time items."
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