Your common sense is plain idiocy. When 99% of america buys a home they use "OPM". When people make a big purchase they pull out a credit card and use "OPM". When most people buy a car they use "OPM". You are speaking like a welfare recipient who thinks they are intelligent because they read the USA Today at McDonalds every morning.

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olympics rule

First of all, your personal attack is unwarranted. I have never called you names. I suggest you show the same respect.

Second, READ MY POSTS and stop twisting my words. I made it clear -- twice -- that many big developers have no risk. When I buy a home, I temporarily use OPM, but I am fully responsible for its repayment. A big developer can have no responsibility if a project fails. Only the investors/bank take a loss.

Same thing with homebuyers. People can and are just walking
away. The investor of MBS takes the financial hit.

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~Lets cut taxes and pensions out of Philadelphia.
http://www.philadelphiaforward.org

I suggest you show some respect to an industry you know nothing about. For you to keep asserting that developers in Philadelphia have no risk plainly shows your inexperience with real estate, your desire to denigrate markets you know nothing about, and an overall propensity to discuss financial issues you have obviously never experienced.

I love how people talk about businesses and business people with unwarranted attacks and equally uneducated opinions, then cry foul when they're spoken to with equivalent distain.

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olympics rule

This trifecta of Nimby Mania shows why nothing has been done with the area for years. The great part is that this is all about ready to come to an end, because the powers-that-be are quite sick of Society Hill's shenanigans.[/quote]


Ohh interesting...what juicy info do you have regarding this? Do tell...

Ohh interesting...what juicy info do you have regarding this? Do tell...[/quote]

I'll PM you.

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olympics rule

It's not the same thing with all homebuyers -- only a small percentage. Only people who put 0% down and paid no closing costs are on equal footing (risk-free!) with a developer who has no skin in the game. Anyone who put money into the purchase of a home has something real to lose when they default.

Amazing. You can't even acknowledge your personal attacks on me, yet you now accuse me of not respecting an industry?

I fully respect the RE industry, for it is the RE industry that built every building that we live and dine and work in! We're just going to have to disagree on the issue of some developers having no risk. I assure you that this is true in many cases. And I am not denigrating anyone by saying so. It's actually a great business decision by a developer to find a way to have no financial risk.

Weren't you the one who just quoted the following:
Sounds like an acknowledgment of giving back your own medicine.

If the c- wharton student snippet inflamed you-get better grades.
If the welfare recipient at mcdonald's upset you-get a job and better food choices.

Either way, know what you're talking about before you turn speculation, bar conversation, and half-truths into perceived fact. Even if your incorrect assumptions are true-by saying that a developer has no financial risk because he/she put no money into the project merely accentuates your general ignorance towards the business and those who participate in it.

The current developer who is proposing Stamper's Square? I don't know much about him, and obviously neither do you. If you want to tell me that the previous developers didn't spend any of their own money projects that didn't go anywhere, you can add one more wrong assertion to your list.

You can't even make an accurate assessment of generalities in this thread, whose mistakes were already noted-
Your point is moot in this thread, as this development isn't even a CC property, its a Society Hill property. If you want to play couch quarterback Merlin with CC predictions, there's plenty of other threads.

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olympics rule

Seven years is not a long time. When it can take an average of two to three years just to get in the ground in this kafkesque town, it actually makes a lot of sense to try to get ahead of the curve if you are optimistic about philly in general.

The newmarket site is a good example. With all the wrangling that's gone on since the day the first recent project was proposed for that site up through the present controversy, how long do you actually think it will be before anything is even approved for that site?

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– Brigadier General Julius C. Holmes
Allied Forces Headquarters
4 March 1943