Thanks Rob for the follw-up story. I will sleep better tonight knowing The Esplanade has 1 closure this Friday.

I assume everyone else is waiting for the 5.5% rate again? 21 Buyers in pending status? Are the units done? Are these "contingent" buyers? Lord I hope not!!

Maybe Judy can elaborate........

An apology to Gig Harbor Undressed aka Matt.

A partner in our company sent me various posts that I have written and after viewing them I must agree I was way out of line. To suggest anyone change a career (that they may enjoy) is inexcusable.

I went to Matt's website and it appears he loves the Harbor even more then I. My "tone" was very poor and I sincerely wish Matt the best in his endeavors.

Again, I'm sorry.

Ray Pepper

~ "Mayfield says she’s expecting at least one closure this Friday."
~~kinda sounds like "the check is in the mail"

Maybe my math is wrong but 21 buyers who have stepped forward but not completed a deal is still only 13% of the project when those transactions close. I'm not sure what success is considered in the condo market but 13% filled means 87% vacant with no one "stepping forward".

~~Just one number crunchers way of looking at the situation... again, I am not really sure what the margin of success should be considered in this situation. But it seems pretty dismal to me.

“The story had a tone to it that this has been a big failure here, and that is just not the case.”

Oh, that damn media again!

by arnoldjm-"Maybe my math is wrong but 21 buyers who have stepped forward but not completed a deal is still only 13% of the project when those transactions close. I'm not sure what success is considered in the condo market but 13% filled means 87% vacant with no one "stepping forward"."
What the deluded condo builders are now resorting to with the bad economy is to rent out vacant units to Section 8 people.This is turning "designed crime free building" condos into crime infested public projects with condo owners having high risk renter neighbors that are undesirable.

Ray- I don't know Matt well but I do know he's a good, smart and diligent agent. Therefore I doubt he puts too much stock in your opinions. Heck, being attacked and ridiculed by you is kind of an honor!

Remember, "You're Hopeless Mike_T"? Aah, good times!

I apologize to you as well Mike. But, there you go again......"I don't know Matt well....then you go onto say he is good, smart, and diligent. If you don't know someone how do you infer this? From reading his blogs and looking at his website? Have you done a deal with him?

Tell us how you know he is good, smart, and diligent? What facts do you have? Or is it just more statements not backed by facts>?

No apology required.

Well Ray what agents typically do instead of slamming others on the interweb is they share information about listings with each other in hopes that the other may have a buyer who might be interested or a seller who fits what a buyer is looking for. In doing his we benefit our clients and learn a little bit about our competition. We call this "marketing". In talking with colleagues or others whose opinions I trust I found that they consider Matt to be a good agent. That dovetailed with my impression of him. This despite the fact he's a competitor.

When I issued the disclaimer "I don't know Matt well" I did so to diffuse any concern I had a vested interest in his well being. I didn't want people to think we were business partners or spent time together under the grandstands at the fair giving away shirts. Heck, I've never even shook his hand.

"share information about listings with each other"

Well that is the MLS. What specific "other" information do you share about your listings with other agents thats NOT listed in the NWMLS? Describe to me how you "market" another property for a "competitor".

Matt is a "good" agent from your discussions with colleagues. What have you been told about Matt that classified him as "good". If colleagues told me someone was "good" I would never infer he was also smart and diligent. Did they also tell you that?

Once again. No substance. No facts. Nothing. Btw I never view the 30k Agents remaining in the NWMLS as competitors. I view each and everyone as business partners. I have 30k agents that will assist me in finding your Buyer. I would never classify them as competition.

Ray Pepper
www.500Realty.net

m9078jk3: Is this really true? Do building owners just go ahead and rent out to section 8 renters? I'd think that would be the final nail in the coffin for the development. How many years can a building like that just sit empty? - well ok- 87% empty to be more precise. Does anyone know how much of a profit they'd need to just break even and get it over with? You'd think they would be having half price sales like Macys.
Jill

Still looking- To roll a project over into a rental property requires that the backers or lenders allow the debt to be refinanced into long term financing from short term construction money. This is not easy, nor is it cheap. You're right, it would signal the inability to sell for years. Condo rentals in Seattle right now are very popoular (KOMO did a story on this a couple weeks ago) I would imagine the same might be true of Tacoma.

Ray- When there are 5 listings in a single neighborhood & I have 1 of them, the other agents are competition. When I have a buyer in a multiple offer situation, the other agents are competition. When I and 3 other agents are interviewing to list a property, they are competition. A listing agent's goal is to sell a home while maximizing the sellers return, the goal of the buyer's agent is to secure the home for their buyer while minimizing their expenditure. Thus the agents in a negotiation are competitors. However once the principals reach mutual agreement on terms then the agents become collaborative in making sure the goal is acheived.

We all know there are many facets to a home that concern buyers that the MLS doesn't cover, major streets to cross walking to schools, greenbelts, wetlands, how long vacant, etc.

Re the rest of your post, well it's just ridiculous.

Mike and Ray if I have to pull this car over...

Aw Dad......

now thats funny!.........................

Rob Carson apparently is a new reporter for the Tacoma News Tribune aka The Tacoma Enquirer.
First of all, his report last Saturday was inaccurate, full of negativity (yes, the market is difficult in todays market but lets report the truth so that you readers of the Tacoma Enquirer at least get the facts)and really ticked myself and many others off.
To top it off, he now has blogged an outright lie and since I am not running for president and don't give a darn if you like what I have to say I am calling him on it. I did not call him, he called me, after, from what I understand, numerous calls from many other sources complaining about his inaccuracies in the initial article. In fact, the Tribune Enquirer has called me three times this week (once from Rob Carson)looking for more story "this time in a positive light" in an attempt to make nice. For those of you who enjoy wallowing in the negativity, keep reading your Tacoma Enquirer. For myself, I have cancelled my subscription.

so Judy whats the truth? You never told us...........Did one close today? Whats the status of the pendings? Why are there so many pending?

Judy,
Was the report truly inaccurate or just "full of negativity"? If there are inaccuracies in his article could you please clarify exactly what these inaccuracies are? I drive by that building every day and always think it's a shame it's sitting vacant.

21 legal binding contracts to purchase a condominium under construction. "under construction" is a key point here. Big building, looks done on the outside but it's like a cake, still gooey on the inside.
How about coming down to see for yourself...

"truely inaccurate"? Yes and unacceptable
"full of negativity" Yes typical but unexpected for that particular weekend when the Tribune was promoting the Urban Tour (payback for us not buying an ad that weekend? I wonder...)

Those first 21 condos went on the MLS almost TWO years ago!

http://www.exit133.com/1472/the-esplanade-condos-now-on-mls

Judy, why the delay in development?

Judy I will come look at them. Your problems with the News Tribune have not gone unnoticed. The persistent denial that editorial has nothing to do with advertising is sickening.

We have been in business in Tacoma for over 17 months now. Never once have they written an article on 500 Realty and how to Buy Real Estate going forward in 2008 and beyond. We continue to offer the Best Deal in the Nation yet all our transactions and Pre-Approved Buyers come from Seattle. Its a shame for Pierce County needs this money more then ever now. Yet, we still get hit up for advertising by the News Tribune.

As I told Chris Christensen and another nice gentlemen I will never spend one dime on the News Tribune until they at least do one story on 500 Realty (not a compilation). I don't mean blog stories either. Just one story on how to buy and sell that is far different then it used to be. The Seattle Times consistently writes about Red Fin and both 60 Minutes and John Stossel did shows on what we do. Yet, not one article that is truly news worthy about real estate and ways to Buy and sell that will save the customers more in Pierce County then anywhere in the Nation. ...........

To this date I'm told advertising has nothing to do with Editorial. Please Trib give me a break. Writing stories on 500 Realty and interviewing our clients will definitely effect your Real Estate advertising revenues. I understand your a business first but every customer that has used us in Tacoma reiterates why won't the News Tribune do a story and educate the public We all know the answer.

Judy maybe you should have bought that ad.


Ray Pepper
Broker
www.500Realty.net

Ray~ Which is Better... the ability to blog to your little hearts content, educating the masses online regarding real estate options for FREE or having an article written about the same options on an ink and paper format (the paper) that no one really buys anymore. I think you have gotten a far better deal on the blog... it allows people to get to know you and if they want they want to do business with you in a far more honest light of your business model, real estate savviness, and your relationship with the community.

Judy~ I stick to my Math... I applaud your efforts in securing contracts on the project... But contracts can be backed out of, and it doesn't sound like your close happened on Friday based on your above posting...

If this was a project I had been working on for up to two years and counting I would no longer be employed due to the inability to acheive set goals. When I was an educator, a student who earned 13% clearly indicted to me that they were (1) unprepared (2) not supported at home for success and (3) not motivated for success. If the failure continued then a learning plan was put in place to help the student become more successful. As a parent if my son (4th grade) performed this poorly I would take a more active role in his education to ensure that he was meeting the goal, have him rework assignments when possible and limit activities so he can focus on the task.

I am in no way comparing selling condo's to educating our children; I am talking about measure of success and failure in a business world. It seems to me that this project has to have some kind of issues (gooey cake in your words) behind the inability to be completed, poor market timing as this is now a less competitive sales market with a more difficult lending situation and the overall Credit crisis which has lowered the net value of perspective buyers which again dampens lending oppertunities. As I stated before I dont know the margin of success on condo projects, the timeline that was agreed to for building completion by the contractors or the discussed timeline for needed sales to be finalized.
~~ I know the following hasnt happened in this project

But nothing good could come out of sales to lease options... and section 8 rentals... I cant think about it. I will say this; If I had a sales contract pending and I found out the project was being opened up to leases and section 8, I would find any way to break the contract even if it meant losing a little earnest money due to the fact that the demographic of the community would be different than of a 100% owner occupied condo.

The Esplanade closed on 6 condos so far this week.