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Wednesday, June 11, 2008

Another Homer Williams condo flop

2121 Belmont. How many can he rack up? Next come the lawsuits, then the poor farm.

Comments (8)

It couldn't have happened to a nicer parasite.

Hey, Homer's already gone bankrupt at least once already (Broken Top in Bend.)

However, he did learn - How to last longer by getting Vera to anoint him.

Anybody moving into these designed-to-be-marketed-as-condos, converted to rental units should do so with their eyes wide open. Units developed as condos are built to a higher standard and more costly for developers. They won't feel they got their money's worth until the condo market strengthens and they can evict the renters and sell them as condos. I've heard this scenario described repeatedly as a current game plan. In at least one case, the developer plans to construct a recently approved building to condo standards, then rent the units with an eye to turfing out the renters and marketing the place as condos as soon as economically feasible. Maybe he hopes that by the time the condo market strengthens again his renters will have become so enamored of their apartments that they will want to buy them and take on condo fees as well. And maybe pigs will fly.

At least there's a methadone clinic handy.

If Homer was the developing genius that the City Council proclaimed him to be, then he would be successful even in a housing market decline.

"I've heard this scenario described repeatedly as a current game plan."

Don't know if it makes a diff, but it is a lot harder to do condo conversions in CoP. Now you have to give 6 months notice and of course honor any leases and give the tenant first shot at buying the units.

Having said that, if they only offer month-to-month leases then I could see it. Of course, how they will pay for an expensive condo with market rents is another story.

^^Steve, not necessarily - HB 3186, 'Relating to Condo Conversions,' makes it a 120 day notice period, not 6 months. And anyway 3186 has a loophole, it seems: I know of at least one instance where title was run through another company before intent to convert to condos was declared. If you don't declare intent to convert you can still boot out the tenants with "no cause" and virtually no warning. The June Manor condo conversion on SE 39th and Taylor involved some variation of this move.

DJC seems to be seriously behind the times. The Oregonian reported on this weeks ago, mentioning that not a single condo unit had been sold since they opened the office last summer.

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