Comments on: The City Forces Developers to Sell Cheap Condos. But Can You Find Them?

By: Christmas ornaments

Christmas ornaments — Fri, 30 Dec 2011 02:27:02 +0000

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By: Miscellanea « City Block

Miscellanea « City Block — Sun, 20 Feb 2011 21:34:58 +0000

[...] For Sale. CHEAP. If you can find it. [...]

By: Inclusionary Zoning Finally Takes Effect - Housing Complex - Washington City Paper

Mon, 17 Aug 2009 17:10:51 +0000

[...] inclusionary zoning, which went into effect on Friday, there was no clear framework about how to market those “inexpensive” units. Under the new rules, there should be more [...]

By: Top Posts of THE PAST YEAR - Housing Complex - Washington City Paper

Top Posts of THE PAST YEAR - Housing Complex - Washington City Paper — Mon, 03 Aug 2009 16:06:47 +0000

[...] (9) “The City Forces Developers to Sell Cheap Condos. But Can You Find Them?” “Don’t bet on it,” is the correct answer here. [...]

By: Fred

Fred — Sat, 18 Jul 2009 14:05:56 +0000

Did anyone else feel that breeze?

By: I heart Bob

I heart Bob — Fri, 17 Jul 2009 21:02:51 +0000

Well, thank you Fred, "half of the overall cost" is still not free. The City stinks of cronyism, favoritism, and outright illegal dealings, but for the most part, however it transpires, there is a payment. The problem is that because certain developers gets priority over others, a truly competitive marketplace does not exist. So, a developer charging $300k for a loft, is making a lot more profit than if he had had to compete on the open market for the unit. The ones who pay the price, always, are the buyers...

By: Fred

Fred — Fri, 17 Jul 2009 01:09:53 +0000

You're right Bob.

"To get things going, Mayor Adrian Fenty's economic development team heavily subsidized each of the projects with property and cash, sometimes for more than half of the overall cost."

Regarding the 5 land deals the city was doling out recently. They were pulled from the Council's agenda till the fall.

Biz Journal

By: I heart Bob

I heart Bob — Thu, 16 Jul 2009 14:32:19 +0000

I guess if that's freakin simple, then why isn't even Tom, Dick, and Harry doing it. Why don't we do an experient, go ahead, form a development corporation, $70. Then stroll into a CM's office and get that vacant school building that you will convert into $300k lofts. Let's see how that works out for you. I agree with Long Time, because cronyism is rampant and will continue in all walks of politics, especially in DC, but it really isn't as simply as the CM's drinking buddy getting a $30 million development because the CM says so. It's way more complicated than it seems...

By: Fred

Fred — Thu, 16 Jul 2009 10:41:55 +0000

Again Bob. You're just plain wrong. Look at the giveaways in the past. But excuse me, yes, there was money exchanged, but it was very very little, which in my mind, if I was paying for it, would indeed qualify as a giveaway. Schools turned into lofts on capitol hill sold for less than half a mil, and then the individual lofts sold for 300K. I could go on and on, but I think you just prefer to launch your invective. Something is making you extremely angry. Perhaps it is the truth.

By: Long Time Rez

Long Time Rez — Thu, 16 Jul 2009 01:52:59 +0000

"When the legislation comes out, read the fine print. It should detail the requirements, the restrictions, the return." IHB- You may work in the "field" but I'm in agreement with Fred on this, having lived and worked in DC for 30 years and been intimately involved with community affairs for the last 10 years. It IS as simple as a developer--especially if he or she is a big contributor--strolling into a CM's office and coming to an understanding. Sometimes it's even easier, especially if no one is paying attention. The cronyism and sleaze is knee deep at Wilson.