Additional Info on the Optima Purchase of Orchid Tree

My previous post on the topic stated the purchase price as being $15M.  The actual amount was closer to $16M.  Optima reportedly purchased the 278 unit apartment complex with the intent to tear it down and build upscale luxury condominiums on the 8.54 acre site.  I am very curious to know what the proposed time frame is.  It is my guess that we are years (maybe even five years) away from enjoying a real estate market strong enough to support new construction of mid-rise luxury condominiums.  We will see…..

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7 Comments so far (Add 1 more)

  1. nice info…

    1. Harley Accessories on August 5th, 2009 at 10:07 pm

  2. Hi,

    Real estate market is really Low at the moment .. it’s probably time to invest and forget for some years .

    2. Food coupons on August 5th, 2009 at 10:50 am

  3. Real estate has always, and will always be, a great long term investment. This recession is just a little blip in the scheme of things. Thanks for the info!

    3. Iron Fist on August 4th, 2009 at 8:46 pm

  4. The recession must have hit a toll on the US market, but still the real estate is surviving the hard blows. :)

    4. Mortgage Loan Modification on August 3rd, 2009 at 10:00 am

  5. Being patient ist THE trick anytime in this buisness. Mostly…

    5. Pawel on August 3rd, 2009 at 4:15 am

  6. It’s hard to run real estate business in recent recession. But if you are patient, you will succeed

    6. Tyra on July 31st, 2009 at 1:19 pm

  7. real estate market is not strong in recent recession. You should be patient to get good price for 5 years next

    7. Rick Gores on July 30th, 2009 at 3:15 pm

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