{"id":1963,"date":"2008-03-22T16:30:06","date_gmt":"2008-03-22T20:30:06","guid":{"rendered":"http:\/\/chimeraobscura.com\/vm\/mondo-condo\/"},"modified":"2008-03-22T16:32:33","modified_gmt":"2008-03-22T20:32:33","slug":"mondo-condo","status":"publish","type":"post","link":"http:\/\/chimeraobscura.com\/vm\/mondo-condo","title":{"rendered":"Mondo Condo"},"content":{"rendered":"

There’s a neat article in the weekend Wall Street Journal about the impending flood in the condo market<\/a>. It looks like one of those “perfect storm” problems: developers got financing to build a bazillion dream-condos in hip locales a few years ago, but they’re all nearing completion just as the mortgage market is collapsing, real estate prices are dropping and no one knows how much these properties are really “worth.”<\/p>\n

The article describes some interesting aspects of the economics of condo-developers, where the money comes from, how much is self-financed, and why it makes little sense for them to convert the units into apartments. But most importantly, it explains why the condo boom couldn’t be stopped:<\/p>\n

The rising supply is a reflection of the picture in 2004 through 2006 — a time of huge demand for condos. Speculation was rampant as investors believed empty nesters and young professionals seeking an urban experience akin to what they watched on “Friends”<\/u> would prop up the condo market for years.<\/p><\/blockquote>\n

And you wonder why I read all these business and finance articles.<\/p>\n","protected":false},"excerpt":{"rendered":"

There’s a neat article in the weekend Wall Street Journal about the impending flood in the condo market. It looks like one of those “perfect storm” problems: developers got financing to build a bazillion dream-condos in hip locales a few years ago, but they’re all nearing completion just as the mortgage market is collapsing, real … <\/p>\n

Continue reading “Mondo Condo”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[27],"tags":[],"class_list":["post-1963","post","type-post","status-publish","format-standard","hentry","category-big-business"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p4C7K-vF","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":4325,"url":"http:\/\/chimeraobscura.com\/vm\/f-you-you-whining-f-hipster-edition","url_meta":{"origin":1963,"position":0},"title":"F*** You, You Whining F***: Hipster Edition","author":"Gil","date":"August 12, 2009","format":false,"excerpt":"Hipsters with Condo Shame: \"I\u00e2\u20ac\u2122ll just have to pull down the brim on my Pabst Blue Ribbon trucker cap hat as I go in and out every day.\"","rel":"","context":"In "F*** You, You Whining F***"","block_context":{"text":"F*** You, You Whining F***","link":"http:\/\/chimeraobscura.com\/vm\/category\/f-you-you-whining-f"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3773,"url":"http:\/\/chimeraobscura.com\/vm\/building-perspective","url_meta":{"origin":1963,"position":1},"title":"Building Perspective","author":"Gil","date":"April 9, 2009","format":false,"excerpt":"Nicolai Ouroussoff seems to be celebrating restraint in his review of the Standard, a new hotel on 13th St. in NYC: These are simple but powerful moves. And they are a reminder that enveloping a structure in a flamboyant wrapper is not always the most effective way to create lasting\u2026","rel":"","context":"In "Architecture"","block_context":{"text":"Architecture","link":"http:\/\/chimeraobscura.com\/vm\/category\/architecture"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3823,"url":"http:\/\/chimeraobscura.com\/vm\/notes-from-vegas-white-stripes","url_meta":{"origin":1963,"position":2},"title":"Notes from Vegas: White Stripes","author":"Gil","date":"April 21, 2009","format":false,"excerpt":"Last night, I took my car out to the In-N-Out Burger on Tropicana Blvd. Rather than return via I-15, I decided to drive down the strip, starting around Circus Circus and the MGM Grand. My hotel is at the far end of the strip, near the Space Needle building, the\u2026","rel":"","context":"In "Architecture"","block_context":{"text":"Architecture","link":"http:\/\/chimeraobscura.com\/vm\/category\/architecture"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4084,"url":"http:\/\/chimeraobscura.com\/vm\/you-could-call-it-viral","url_meta":{"origin":1963,"position":3},"title":"You COULD call it viral. . .","author":"Gil","date":"June 16, 2009","format":false,"excerpt":"Last week, I posted about the Leroy Smith viral marketing campaign, which I thought was a hoot. At that time, I mentioned that I frequent the basketball website realgm.com. One of my other regular destinations is Page 6, the gossip section of the New York Post. It's one of the\u2026","rel":"","context":"In \"Denise Richards\"","block_context":{"text":"Denise Richards","link":"http:\/\/chimeraobscura.com\/vm\/tag\/denise-richards"},"img":{"alt_text":"funbag","src":"https:\/\/i0.wp.com\/chimeraobscura.com\/vm\/wp-content\/uploads\/funbag.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":789,"url":"http:\/\/chimeraobscura.com\/vm\/year-zero","url_meta":{"origin":1963,"position":4},"title":"Year Zero?","author":"Gil","date":"January 6, 2006","format":false,"excerpt":"A week or so ago, I mentioned a whole lot of reading that I'm doing as part of my attempt to understand what can be done to help New Orleans recover from the devastation of last August's hurricane. The fact that I'm starting with Virginia Postrel and Jane Jacobs probably\u2026","rel":"","context":"In "New Orleans"","block_context":{"text":"New Orleans","link":"http:\/\/chimeraobscura.com\/vm\/category\/travel\/new-orleans"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":963,"url":"http:\/\/chimeraobscura.com\/vm\/market-down","url_meta":{"origin":1963,"position":5},"title":"Market Down","author":"Gil","date":"May 23, 2006","format":false,"excerpt":"Rachel Donadio at the NYTimes has an article about why literary fiction sucks. Okay, it's not really about why literary fiction sucks; it's really about why the market for literary fiction sucks. It has the dumbest concluding paragraph I've read in a while (soon to be topped by the conclusion\u2026","rel":"","context":"In "literature"","block_context":{"text":"literature","link":"http:\/\/chimeraobscura.com\/vm\/category\/literature"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/posts\/1963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/comments?post=1963"}],"version-history":[{"count":0,"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/posts\/1963\/revisions"}],"wp:attachment":[{"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/media?parent=1963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/categories?post=1963"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/chimeraobscura.com\/vm\/wp-json\/wp\/v2\/tags?post=1963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}