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CD: Montgomery Plaza Condominiums


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#101 renamerusk

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Posted 15 January 2011 - 02:21 PM

This was where I was looking at a condo several years when my real estate agent constantly told me that buying a condo in Fort Worth was a really bad idea. Looks like he was right. I personally was sold on the location, as long as the condo wasn't facing that terrible sprawling asphalt parking lot in the back. But once again, the pricing was all wrong for Fort Worth. So the pricing and warnings from my realtor made me back off. I'm not interested now, but I'm definitely going to forward this article to people I know who might be interested. How long before an auction is done for Villa de Leon?


Your comment seems to suggest that Fort Worth is singularly alone as a bad condo market. Are there many more markets that have fared better than Fort Worth during this economic time?

"Keep Fort Worth folksy"

#102 jefffwd

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Posted 16 January 2011 - 08:35 AM


This was where I was looking at a condo several years when my real estate agent constantly told me that buying a condo in Fort Worth was a really bad idea. Looks like he was right. I personally was sold on the location, as long as the condo wasn't facing that terrible sprawling asphalt parking lot in the back. But once again, the pricing was all wrong for Fort Worth. So the pricing and warnings from my realtor made me back off. I'm not interested now, but I'm definitely going to forward this article to people I know who might be interested. How long before an auction is done for Villa de Leon?


Your comment seems to suggest that Fort Worth is singularly alone as a bad condo market. Are there many more markets that have fared better than Fort Worth during this economic time?

"Keep Fort Worth folksy"


Nope - our neighbor to the east is having trouble as well... a few posts from the Dallas board...

Victory Park: The House by Starck (~336 FT. / 28 ST.)

I counted 12 sold of 135 in DCAD today. Not good.


and

I would expect to see an auction in the near future. Auctioning of condos seems to work pretty well in Dallas.

^ I just had lunch at Fridays in the west end and as I was walking I noticed that some guy was promoting the Metropolitan over on Main and Griffin again... his sign said something about auction... maybe they cant sell them all?


#103 360texas

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Posted 16 January 2011 - 10:36 AM

I wonder if the residential condo's were a part of the Fort Worth City TIF ? Or are TIF's only for commercial interests that generate sales tax for the Fort Worth City coffers ?

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#104 eastfwther

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Posted 16 January 2011 - 07:21 PM



This was where I was looking at a condo several years when my real estate agent constantly told me that buying a condo in Fort Worth was a really bad idea. Looks like he was right. I personally was sold on the location, as long as the condo wasn't facing that terrible sprawling asphalt parking lot in the back. But once again, the pricing was all wrong for Fort Worth. So the pricing and warnings from my realtor made me back off. I'm not interested now, but I'm definitely going to forward this article to people I know who might be interested. How long before an auction is done for Villa de Leon?


Your comment seems to suggest that Fort Worth is singularly alone as a bad condo market. Are there many more markets that have fared better than Fort Worth during this economic time?

"Keep Fort Worth folksy"


Nope - our neighbor to the east is having trouble as well... a few posts from the Dallas board...

Victory Park: The House by Starck (~336 FT. / 28 ST.)

I counted 12 sold of 135 in DCAD today. Not good.


and

I would expect to see an auction in the near future. Auctioning of condos seems to work pretty well in Dallas.

^ I just had lunch at Fridays in the west end and as I was walking I noticed that some guy was promoting the Metropolitan over on Main and Griffin again... his sign said something about auction... maybe they cant sell them all?

Jeff, why do you constantly feel the need to go to the dallasmetropolis board and post comments from there on this one? I really think if the members of that site wanted their comments on this board, they would post them here. I find it needlessly silly and maybe even a little inappropriate.

Anyway....I don't think I said Fort Worth was alone in the bad condo market. I said I don't think it's a great city to buy a condo. I've stated the reasons why in other posts, so I won't go into it again. If you disagree, buy a condo in Fort Worth. But stating Dallas is having slow condos sales doesn't mean Fort Worth is a better condo market. Living part time in both cities, let me tell you, Dallas' condo market and Fort Worth's are too very different animals.

#105 David Love

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Posted 16 January 2011 - 09:10 PM

I think developers based their business plan on the booming market of that time. There were lots of changes in direction, historical status, etc.. everything drove costs up. Markets stalled and we can all see the net result.

I always thought the place was a good location for lower end lofts, starving artist type dwellings, I'm not a developer so my opinions don't carry much weight. The interior finish out is exceptional, very high end, yet the location is an oasis, cut off by crazy traffic on 7th trying to get to the Super Target, plus a serious trek if you want to venture downtown Fort Worth, you're left with what ever is located on the ground floor or the adjacent strip mall or braving a 7th St crossing to get to the mall across the street.

I think it's going to make a turnaround, just because it's on the auction block doesn't mean they're going to tear out the lofts, it's just a price adjustment and possibly a good investment opportunity.

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#106 cberen1

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Posted 17 January 2011 - 10:58 AM

I think it's a fascinating opportunity. There's no question that the West 7th area is hoppin' right now. Fill that building up and things just get more and more interesting. You just may not fill it up with a bunch of rich, white people in their 50's. Still going to be very interesting.

Now, if only Caliber Collision would close, sell, move or burn down. I consider it a significant impediment to Montgomery Plaza's development.

#107 Brian Luenser

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Posted 19 January 2011 - 09:51 PM

Had a business associate tell me yesterday that these condos would be sold in bulk. All or nothing. Will be some REIT out of Houston or something. I think that is more good news than bad news. (though I won't be buying any). If they sold individually I think they would take a beating going all at once by the unit. There are just so many people in this economy that have a few hundred grand in their pocket for something that will not be a sure thing. (All on the same day.) At some point in this recovery we will have a bottom. Could be the bottom was last October could be it will be in 2014. Nobody can tell without guessing. Nobody. If we have already bottomed (My guess is that in Fort Worth that was last summer) there will be some company that does very well for itself scooping them up. Many wealthy families today got wealthy buying real estate low. If a company or fund has pretty deep pockets and has the ability to wait, a profit is almost guaranteed. It could also be that a company buys them all, and then must quickly unload them, like with an auction, maybe with a reserve, like the Metropolitan condos in Dallas I was bidding on last summer. (BTW another 6 of those units are being auctioned in a few weeks.) none of my favorite units. (Up high, looking East)

I will sure be watching the Montgomery plaza action closely. Will be very interesting one way or the other. Before I bought a unit high on the east side, I would want to see if somebody has the ability to build a 7 story structure between me and my downtown view. Not that the area is not nice enough to live in without a view. I just would not want to pay for what could be a temporary view. Have done that before. (Townhouse high on a hill looking over Mountain Creek Lake and had trees, aided by roots in the lake, grow huge and quickly covering up much of my view. I sold while there was still a great view but saw the writing on the wall.)
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#108 mmiller2002

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Posted 20 January 2011 - 12:35 PM

What do you do with the extra condos you buy?

Had a business associate tell me yesterday that these condos would be sold in bulk. All or nothing. Will be some REIT out of Houston or something. I think that is more good news than bad news. (though I won't be buying any). If they sold individually I think they would take a beating going all at once by the unit. There are just so many people in this economy that have a few hundred grand in their pocket for something that will not be a sure thing. (All on the same day.) At some point in this recovery we will have a bottom. Could be the bottom was last October could be it will be in 2014. Nobody can tell without guessing. Nobody. If we have already bottomed (My guess is that in Fort Worth that was last summer) there will be some company that does very well for itself scooping them up. Many wealthy families today got wealthy buying real estate low. If a company or fund has pretty deep pockets and has the ability to wait, a profit is almost guaranteed. It could also be that a company buys them all, and then must quickly unload them, like with an auction, maybe with a reserve, like the Metropolitan condos in Dallas I was bidding on last summer. (BTW another 6 of those units are being auctioned in a few weeks.) none of my favorite units. (Up high, looking East)

I will sure be watching the Montgomery plaza action closely. Will be very interesting one way or the other. Before I bought a unit high on the east side, I would want to see if somebody has the ability to build a 7 story structure between me and my downtown view. Not that the area is not nice enough to live in without a view. I just would not want to pay for what could be a temporary view. Have done that before. (Townhouse high on a hill looking over Mountain Creek Lake and had trees, aided by roots in the lake, grow huge and quickly covering up much of my view. I sold while there was still a great view but saw the writing on the wall.)



#109 Brian Luenser

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Posted 20 January 2011 - 01:28 PM

Did not mean to sound like a real estate tycoon. I have just felt like the market was nearing the bottom this last year. Since then, I have bought and sold a single condo. (In the Tower) Bought in April sold in September. From a guy that saw a weather photo of mine on the 10pm news and looked up my name on facebook. I made great money on that one so now I think I am real estate expert. :laugh: (My wife tells her friends that she wishes I would have lost money on my first one and I would be done with it.) It is the old "make money on your first trip to Las Vegas and you will go back year after year syndrome."

A lot of my interest in purchasing real estate is making 1% on my cash. Pretty unsatisfying. If I could get a good old fashion 6% CD I would keep my focus on my Motor Trend magazine and my new AppleŽ Nano. Oh ya... I bought Apple stock with some of that cash earning 1%.
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#110 Urbndwlr

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Posted 04 February 2011 - 01:15 PM

what to do with the condos that people buy?

Lease them out. Like in New York City, where many many people lease "apartments" (we call condos) for long periods of time and often never own one at all. I think we all got a little too caught up in the idea of thinking everyone should own their condo, when in fact, it makes more sense for many people to sign leases - particularly people who plan to be in them for fewer than 3 years. So many younger people, who think they might start families, it makes a ton of sense to lease condos for a few years. Nothing wrong with that.

#111 dfwerdoc

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Posted 10 October 2013 - 07:31 PM

3/4 of a million dollars for 2 bedrooms .... 3 of them sold. can't believe what's happening with property value 

 

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