“Some quick math… 7.68 acres = 334,541 SF. Amegy loan = $10,742,000 = 32.11 PSF. Wedge loan = $3,000,000 = 8.97 PSF. Total loans = $41.08 PSF. It seems to me that the dirt should be worth a lot more than $41 PSF. . . . Amegy doesn’t appear to have a lot of risk of loss in the deal. . . . It’s clear they’ve decided to force the owners hand rather than sit back and let the owners try to sell for max $$$, which ain’t easy in this market. A BK by the owner will only delay the process for so long. Amegy obviously wants their cash back. Even without a foreclosure, it seems that this parcel is going to trade hands soon. Somebody needs to round up some cash real quick and buy this prime piece of dirt and turn it [into a] sweet ass park.” [Bernard, commenting on Surprise! Wilshire Village Facing Foreclosure]
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6 Comments
well, well, well…now that the former residents are gone, it’s nice to see at least a ‘little karma’ come back on these two jerks. and it doesn’t surprise me at all. this thing stunk from the get-go.
still remembering how the neighbors hated our eyesore residence, i’m hoping like hell the city puts in a sewage treatment plant there. the sweet smell of success. Ahhhhhhhh.
…hmmm don’t know about a waste water plant, I just like the MATH presented by Bernard.
Luckily Sludger and his former WV pals apparently have no pull with the city… I live nearby and had no problem with the place - don’t see why you’d have ill will towards former neighbors. Surely you knew you would have to move out eventually. Blame Dilick for how it was handled
13,000,000 to pay off the loans and donate the parcel for a park?!? Really ? 334,000 sq/ft at 25% coverage is 83,500 sq/ft. With a cost of finished construction at approx. $12,500,000 for 83,500 sq/ft = $25,000,000 total price, plus the holding costs. The deal doesnt pencil. Looks like Amegy is going to own this parcel.
How do you bozos know Amegy still even has their loan and Wedge didn’t buy it from them?
There is a story here somewhere - a real one. This whole saga stank from day one with regard to how the city “suddenly” became concerned with “violations” and just went and condemned the place. No warnings, no tickets, no municipal court hearings, no fines. No nothing. Just condemnation.
It doesn’t happen that quickly in Houston. This has the same stench that “Stop Ashby” has.