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Asked by Glancer, Fri Jun 13, 2008

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Answers

5
Larry Story, Agent, Greensboro, NC
Fri Jun 13, 2008
Well if you were hangin at CT's then you were at the center of it anyway. I try to stay out of the woodpile and have never takin a shine to running round and round.
As far as your deals if your buying your driving. So you determine when and where to go.
0 votes
Larry Story, Agent, Greensboro, NC
Fri Jun 13, 2008
Then maybe you are old enough to remember Fat Harolds or am I dating myself? Yes I agree on the exposure but, why take the negative spin and make is sound like the whole picture is bad when there are just some out there causing this mess. It may come to regulations like that.
0 votes
J, Agent, Greensboro, NC
Fri Jun 13, 2008
It's not surprising that development and new constuction have slowed somewhat in Greensboro. The banks have tightened their guidelines due to frequent and ongoing regulatory changes through Freddie Mac and Fannie Mae. Gone are the days of obtaining quick and easy financing. With our shifting market, creative financing will become more and more popular and may become the rule rather than the exception to the rule.

Wow, the Myrtle Beach Pavillion! That sure brings back some great memories from days well past :). Overall, I think Greensboro is doing well and far better than other surrounding cities relating to the housing market. I work in it daily and haven't seen much of a slow down. There are some great homes on the market and buyers are getting some terrific deals! Greensboro has made some fantastic changes in its city over the past several years and will continue to grow and make more positive changes. Of course, the media will continue to report the dirt whether it be true or not, as always. Everyone's gotta make a living.
0 votes
Andrew J. Co…, , Greensboro, NC
Fri Jun 13, 2008
The housing situation is dismal in almost every sector of real estate. People naturally want to be optimistic. Especially city promoters and economic developers. The press likes good stories. The downton condo story has been blown way out of reality. The fact is that jobs, interest rates and consumer confidence drive the housing market. The rates are here, the jobs may be coming in the next 24 months and the confidence will return. A very good bellweather will be the sales rate of the old Wachovia Bank building conversion in the coming months. I am optimistic for the long term development of downtown Greensboro and the region in general.
0 votes
Larry Story, Agent, Greensboro, NC
Fri Jun 13, 2008
Glancer,
I bet you were a regular at the "Magic Attic" at the Pavillion.
As far as the banks vs the developers I believe what is happening is the fault of a few developers that have over extended themselves and are robbing Peter to pay Paul. What you see is that many developers will have a seperate LLC setup for every project. While this keeps the liability at a minimum it also allows them to shop different banks. So some developers will have loans all over town. Not always good since the banks don't talk to each other.
As far as centering around bars it is real hard for center city projects to attract retail since the parking is usually a premium. What you end up with is offices, restaurants, and bars.
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