Comments on: Major Local Commercial Real Estate Developer Struggling http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/ News & discussion about real estate & the housing bubble in the Seattle area. Sat, 21 Nov 2009 10:02:55 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: Northshore Townhomes: A Case Study in Bubble Mania Development | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area. http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-78802 Northshore Townhomes: A Case Study in Bubble Mania Development | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area. Thu, 23 Jul 2009 16:47:46 +0000 http://seattlebubble.com/blog/?p=6299#comment-78802 [...] recently posted a link to a Puget Sound Business Journal story about Mike Mastro’s mounting financial troubles. [...]<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('78802','Northshore Townhomes: A Case Study in Bubble Mania Development | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('78802','Northshore Townhomes: A Case Study in Bubble Mania Development | Seattle Bubble — News & discussion about real estate & the housing bubble in the Seattle area.','[...] recently posted a link to a Puget Sound Business Journal story about Mike Mastro’s mounting financial troubles. [...]',''); return false;">Quote</a></div> [...] recently posted a link to a Puget Sound Business Journal story about Mike Mastro’s mounting financial troubles. [...]
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]]> By: wreckingbull http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-77920 wreckingbull Sat, 11 Jul 2009 03:08:16 +0000 http://seattlebubble.com/blog/?p=6299#comment-77920 <b>RE:</b> <a href='#comment-77912' rel="nofollow">Racket @ 5</a> - <i>why not buy property tear down the houses and plant trees in their place</i> That is precisely what is starting to happen in the rust belt cities. It will be interesting to see if this technique spreads west. We do, after all, have 20 million vacant homes in this country.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('77920','wreckingbull',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('77920','wreckingbull','<b>RE:<\/b> <a href=\'#comment-77912\' rel=\"nofollow\">Racket @ 5<\/a> - <i>why not buy property tear down the houses and plant trees in their place<\/i>\r\n\r\nThat is precisely what is starting to happen in the rust belt cities. It will be interesting to see if this technique spreads west. We do, after all, have 20 million vacant homes in this country.',''); return false;">Quote</a></div> RE: Racket @ 5 – why not buy property tear down the houses and plant trees in their place

That is precisely what is starting to happen in the rust belt cities. It will be interesting to see if this technique spreads west. We do, after all, have 20 million vacant homes in this country.

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]]> By: Racket http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-77913 Racket Sat, 11 Jul 2009 00:08:12 +0000 http://seattlebubble.com/blog/?p=6299#comment-77913 BTW tearing down stripmalls to build mixed use buildings != tearing down greenbelts.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('77913','Racket',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('77913','Racket','BTW tearing down stripmalls to build mixed use buildings != tearing down greenbelts.',''); return false;">Quote</a></div> BTW tearing down stripmalls to build mixed use buildings != tearing down greenbelts.
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]]> By: Racket http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-77912 Racket Sat, 11 Jul 2009 00:06:56 +0000 http://seattlebubble.com/blog/?p=6299#comment-77912 You need to get out more angry man this blog must be really upsetting to you. If you are so worried about greenbelts and trees, why not buy property tear down the houses and plant trees in their place? If there was a shortage of housing and your rent doubled because of it, youd be screaming that they should allow them to tear down trees to build more houses. Mike Mastro will be just fine, he will laugh at Softy's rants from his multimillion dollar home on the lake.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('77912','Racket',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('77912','Racket','You need to get out more angry man this blog must be really upsetting to you.\r\n\r\nIf you are so worried about greenbelts and trees, why not buy property tear down the houses and plant trees in their place?\r\n\r\nIf there was a shortage of housing and your rent doubled because of it, youd be screaming that they should allow them to tear down trees to build more houses.\r\n\r\nMike Mastro will be just fine, he will laugh at Softy\'s rants from his multimillion dollar home on the lake.',''); return false;">Quote</a></div> You need to get out more angry man this blog must be really upsetting to you.

If you are so worried about greenbelts and trees, why not buy property tear down the houses and plant trees in their place?

If there was a shortage of housing and your rent doubled because of it, youd be screaming that they should allow them to tear down trees to build more houses.

Mike Mastro will be just fine, he will laugh at Softy’s rants from his multimillion dollar home on the lake.

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]]> By: Softwarengineer http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-77890 Softwarengineer Fri, 10 Jul 2009 21:21:53 +0000 http://seattlebubble.com/blog/?p=6299#comment-77890 INCOMPLETE BELLEVUE PROJECT NOT AN UGLY GREEN-BELT REPLACEMENT? If the project won't be needed for several years, where's the assumption's proof that in several years the Seattle Depression won't be much worse? If these contractors and county buffoons were reading the Seattle Bubble a couple years ago; they would have built a nice park there instead, IMO. Its kind of like taking the blame off uneducated and lower skilled for signing subprime loan contracts, ending in default.....at what point must the government , all home buyers and the contractors start taking responsibility for their rash brainless actions against the City of Bellevue in the last couple years? To most of us Bubble Brains the doom coming was as clear as the nose on our face. Its plain common sense. I'm sure Bellevue is like any Seattle area local government today, its drowning in its own Orwellian Newspeak "Growthfriend" fiscal budget crisis, as local taxes take a hammerring from this "Growthfriend" caused depression.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('77890','Softwarengineer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('77890','Softwarengineer','INCOMPLETE BELLEVUE PROJECT NOT AN UGLY GREEN-BELT REPLACEMENT?\r\n\r\nIf the project won\'t be needed for several years, where\'s the assumption\'s proof that in several years the Seattle Depression won\'t be much worse?\r\n\r\nIf these contractors and county buffoons were reading the Seattle Bubble a couple years ago; they would have built a nice park there instead, IMO.\r\n\r\nIts kind of like taking the blame off uneducated and lower skilled for signing subprime loan contracts, ending in default.....at what point must the government , all home buyers and the contractors start taking responsibility for their rash brainless actions against the City of Bellevue in the last couple years? \r\n\r\nTo most of us Bubble Brains the doom coming was as clear as the nose on our face. Its plain common sense.\r\n\r\nI\'m sure Bellevue is like any Seattle area local government today, its drowning in its own Orwellian Newspeak \"Growthfriend\" fiscal budget crisis, as local taxes take a hammerring from this \"Growthfriend\" caused depression.',''); return false;">Quote</a></div> INCOMPLETE BELLEVUE PROJECT NOT AN UGLY GREEN-BELT REPLACEMENT?

If the project won’t be needed for several years, where’s the assumption’s proof that in several years the Seattle Depression won’t be much worse?

If these contractors and county buffoons were reading the Seattle Bubble a couple years ago; they would have built a nice park there instead, IMO.

Its kind of like taking the blame off uneducated and lower skilled for signing subprime loan contracts, ending in default…..at what point must the government , all home buyers and the contractors start taking responsibility for their rash brainless actions against the City of Bellevue in the last couple years?

To most of us Bubble Brains the doom coming was as clear as the nose on our face. Its plain common sense.

I’m sure Bellevue is like any Seattle area local government today, its drowning in its own Orwellian Newspeak “Growthfriend” fiscal budget crisis, as local taxes take a hammerring from this “Growthfriend” caused depression.

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]]> By: Kary L. Krismer http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-77886 Kary L. Krismer Fri, 10 Jul 2009 20:00:36 +0000 http://seattlebubble.com/blog/?p=6299#comment-77886 As I indicated somewhere else recently, this isn't too surprising. Back when I started practicing bankruptcy law in the early to mid-80s it was rather common for entities owning real estate to end up in financial difficulty, even bankruptcy, as a result of tightening credit at the time. I can think of at least a couple that came out the other side after having paid every allowed claim in full, with interest (not to mention hundreds of thousands in attorney fees). I remember at least one that went into bankruptcy as a result of his bank going under mid-construction. Their ability to function is highly dependent on functioning credit markets.<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('77886','Kary L. Krismer',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('77886','Kary L. Krismer','As I indicated somewhere else recently, this isn\'t too surprising. Back when I started practicing bankruptcy law in the early to mid-80s it was rather common for entities owning real estate to end up in financial difficulty, even bankruptcy, as a result of tightening credit at the time. I can think of at least a couple that came out the other side after having paid every allowed claim in full, with interest (not to mention hundreds of thousands in attorney fees). I remember at least one that went into bankruptcy as a result of his bank going under mid-construction.\r\n\r\nTheir ability to function is highly dependent on functioning credit markets.',''); return false;">Quote</a></div> As I indicated somewhere else recently, this isn’t too surprising. Back when I started practicing bankruptcy law in the early to mid-80s it was rather common for entities owning real estate to end up in financial difficulty, even bankruptcy, as a result of tightening credit at the time. I can think of at least a couple that came out the other side after having paid every allowed claim in full, with interest (not to mention hundreds of thousands in attorney fees). I remember at least one that went into bankruptcy as a result of his bank going under mid-construction.

Their ability to function is highly dependent on functioning credit markets.

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]]> By: mukoh http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-77882 mukoh Fri, 10 Jul 2009 19:42:30 +0000 http://seattlebubble.com/blog/?p=6299#comment-77882 LOL. A buddy of mine just made an offer on one of Mastro's pieces for a really good deal. :)<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('77882','mukoh',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('77882','mukoh','LOL. A buddy of mine just made an offer on one of Mastro\'s pieces for a really good deal. :)',''); return false;">Quote</a></div> LOL. A buddy of mine just made an offer on one of Mastro’s pieces for a really good deal. :)
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]]> By: Cheap South http://seattlebubble.com/blog/2009/07/10/major-local-commercial-real-estate-developer-struggling/#comment-77881 Cheap South Fri, 10 Jul 2009 19:40:51 +0000 http://seattlebubble.com/blog/?p=6299#comment-77881 NPR piece on the topic from this week. http://www.npr.org/templates/story/story.php?storyId=106376607<div class="comment-remix-meta"><a href="#" class="replyto" onclick="replyto('77881','Cheap South',''); return false;">Reply</a> - <a href="#" class="quote" onclick="quote('77881','Cheap South','NPR piece on the topic from this week.\r\n\r\nhttp:\/\/www.npr.org\/templates\/story\/story.php?storyId=106376607',''); return false;">Quote</a></div> NPR piece on the topic from this week.

http://www.npr.org/templates/story/story.php?storyId=106376607

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