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John Moores's JMI Realty has reduced the size of a planned Austin, Texas building, Hotel Van Zandt, to 16 stories from 29, according to the Austin Business Journal. JMI has scrapped plans for 55 condos in the building that were to be priced from $500,000 to $2 million. JMI Senior Vice President Greg Clay explained that there are too many condo projects in Austin. "One reason we were so convinced to not do condos when things look crowded is because of what we watched happen in San Diego," Clay told the business paper. "They're already converting condos for sale to rental." In the ballpark district and other areas downtown, older condo projects, and particularly new ones coming online, are going rental because the market for condos is so dismal.

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Comments

JohnnyVegas Aug. 1, 2008 @ 4:21 p.m.

Unless the developers of the Down Town ballpark condos have a large equity stake in the projects, which 99% do not, all those condos will be bank owned by the middle of next year.

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Don Bauder Aug. 1, 2008 @ 9:34 p.m.

Response to post #1: There are already individual foreclosures down there. Best, Don Bauder

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Fred Williams Aug. 2, 2008 @ 7:07 a.m.

Moores mentions "what we watched happen in San Diego".

So now even he admits it's a boondoggle.

Can we get our money back, Mr. Moores?

We kinda need it, ya know? Sorry about your wife divorcing you and all, but even after she's taken you to the cleaners, you've got a few hundred million laying around that we sure do need to fix our pension mess and infrastructure neglect.

After all, we gave the money to you in the first place. It's ours.

Thank you,

Fred

(Does John read this blog?)

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Don Bauder Aug. 2, 2008 @ 12:17 p.m.

Response to post #3: Moores read this blog? I don't think he is even in town. The sports writers mention every now and then that he hasn't been going to Padres games this year. Is he around? Dunno. Best, Don Bauder

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Fred Williams Aug. 2, 2008 @ 12:48 p.m.

Maybe Moores or one of his many highly-paid advisors like Steve Peace have heard of this new-fangled things the kids are using called the "internets".

I hear word down on the streets from the homeless people that got kicked out of the day center that you can use it to look at stuff from all over the world, from girly pictures to this thing called a "blog".

Or maybe he's in such prolonged proceedings over his divorce that he's not got the time for such trifles as how the public perceives him in the town that made him hyper-rich.

In that case, maybe Becky or her friends and lawyers have a look at the Bauder Blog now and then for a chuckle, and amunition to use in the division of assets.

In any event, if any John Moores loyalists are reading, we really, really, really need our money back here in San Diego. Perhaps you've forgoten us, but we're that city you shamelessly ripped-off.

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Don Bauder Aug. 2, 2008 @ 3:28 p.m.

Response to post #5: We are better off without Moores, if he is indeed out of town. He not only has amassed money in extremely dubious ways (ballpark and surrounding real estate, dumping Peregrine stock before the collapse), but law enforcement and the judiciary have tainted San Diego's reputation in getting him off. Best, Don Bauder

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Burwell Aug. 3, 2008 @ 11:28 p.m.

Many of those who purchased Downtown condos, particulary those who had lived in detached residences for many years, did not understand that these high rise condos are filled with cigarette and tobacco smoke. The smokes travels throughout these buildings, through spaces between the walls, heating and air conditioning ducts, and cannot be avoided. People who live in downtown condos reek of tobacco smoke, as the smoke infests their clothing, shoes, etc. Many purchasers have lost a bundle, as their expensive furnishings, artwork, etc. has been destroyed by cigarette smoke. Smoke is a major factor affecting the resale value of donwtown condos. Also, many purchasers cannot sleep at nite due to noise from sewage and water traveling at high velocity through pipes in the walls. Elevator noise is a major issue as well. Another problem is that the condo builings are being infested by drug dealers. The drug dealers allow customers to enter the building by buzzing them in, and the dealer can sell his wares without having to worry about the police.

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Don Bauder Aug. 4, 2008 @ 6:41 a.m.

Response to post #7: You are the first one to tell me about this alleged cigarette smoke problem. I confess I don't understand why it should be true. We need some explication. Best, Don Bauder

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Fred Williams Aug. 4, 2008 @ 9:28 a.m.

Re: #7,

Burwell, if the construction is so shoddy as to allow smoke between units and flushing toilet accoustics all night, that would be cause for a construction defect lawsuit.

Please correct or expand this theory, you lawyers.

As to drug dealers living and working downtown...that sure makes sense to me..!!

So long as they warn all their customers to look "normal" when they enter and leave, it's a great way to do business. Underground garages to unload the product away from prying eyes, private security guards in the building you can bribe and befriend, so they'll ensure the police stay away.

Congratulations to CCDC for making downtown an attractive place for our alternative economy to do business.

I wouldn't wonder if other alternative professions haven't taken up residence in our city center.

Seems that an athletic female who wanted to use her talented body to make some tax-free cash could set up a web site, get a cell phone, rent a downtown condo in a secured building, and have a very successful, safe business.

Were I a business advisor, I'd recommend the wonderful tax-payer assisted structure called the Smart Corner. It's got trolley access and is convenient to the 5 and 163. With stunning views of downtown and the harbor, it's the perfect place for a night of dealing, or a cozy moment with new friends. The San Diego Housing Commission can advise those with little documented income on how to rent a stunning new condo with all the comforts of home.

Restless young dealers or inquisitive providers of intimate massage can take advantage of the many wonderful San Diego City College courses right across the street. It's a great place to make friends, and even find new customers.

I propose that CCDC promote this alternative economic activity in an effort to aid our local economy through its tough times. The Convention Center can get in the act by letting our out of town visitors where to safely and conveniently find warmth and solace, or a pleasant buzz to compliment their stay in America's Finest City.

It's long past time to take advantage of San Diego's reputation, and be open...no, downright proud of our world-class amenities. It's only fair after all.

We subsidize a huge downtown facility for athletic young guys using their handsome strong bodies to entertain men by playing a game. By promoting our athletic young women who also entertain men with their bodies in the same manner, we can work our way out of bad times.

Yes!

We'll get visitors from around the world to see America's Finest. I know we've got them. Just have a stroll at our many colleges and universities. We have enough talent to take on any place in the world. And our famous San Diego hostpitality cannot be beat.

We're gonna have to pay back all that money somehow, people.

It's time for us all to unite together and show the world how our city really works. Applaud our economic future..!!

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Don Bauder Aug. 4, 2008 @ 10:32 a.m.

Response to post # 9: Every tourist destination has such a flourishing industry. San Diego is no exception. Maybe San Diego can set a national standard by taxing those who make profits from this trade. Remember that the ballpark district was supposed to be economically neutral; transient occupancy tax revenues from the hotels were supposed to be sufficient to service the ballpark bonds. But an insufficient number of hotels were built. Then the idea was that property tax revenue from condos would fatten the city's purse. Alas, the condos are empty. Now, if the lay-for-pay commerce you allude to would occupy those empty condos, there is no reason the entrepreneurs could not pay taxes and help pay off the ballpark bonds. Best, Don Bauder

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Fred Williams Aug. 4, 2008 @ 10:52 a.m.

Hmmm. Don, that's a good business oportunity if I ever heard one.

Get the city to recognize, tax and regulate "lay for pay" in designated downtown buildings.

City get's revenue from local and international visitors. Street prostitution is driven out of business. Police can focus on other crimes. Local employment is increased, especially for women and minorities.

In addition, certain buildings can be designated as recognized recreational drug centers, taxed and regulated.

Stays of a minimum of 24 hours required, where you cannot leave the safe confines of the building (no DUI or disorderly behavior problems).

While in the building, a range of stimulants, halucinogens, euphorics, neurotheologics and other well-known recreational substances will be provided in measured dosages with trained medical staff and "trip consultants" on hand to provide any assistance required.

After a pleasant 12 hour detox regimine and rest, visitors are free to leave. They may return up to five times a month and use all the intoxicants nature and science provides in a safe and sane manner, with the building hosting dinner-show restaurants, movies, discos, video parlors and games, as well as superior accomodations for sleeping anything off.

All major credit cards accepted. A portion of the procedes goes to rehab programs, while the tax revenues ought to pull our city out of recession, leading the country to economic prosperity once again.

Investors get your fat wallets ready. Famous Freddie's Lay and Play Fun Centers is looking for start-up capital. Huge returns on investment, plus you'll rid the streets of drugs and prostitution.

The future is now..!!

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Don Bauder Aug. 4, 2008 @ 12:15 p.m.

Response to post #11: It's the only way San Diego can compete with Las Vegas, better known as Sin City. San Diego is now known as Spin City. This would merit a name change to Skin City. Best, Don Bauder

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