Just for the fun of it, I’d thought we’d evaluate an ad, whoops, I mean a newspaper’s write-up of a condominium development in Los Angeles.
It’s all about one of those new residential/commercial combos everyone seems to be raving about, depending upon to whom you are speaking.
The title is “Living at Americana. Life Above the Cheesecake Factory”
Okay…
The writer that I like to refer to as a condo critic, spent a night in an ultra-neat, cool condo over the famed restaurant chain, more famous for its desserts than its regular menu items.
(In other words this real estate investor/landlord doesn’t think the food’s all that good.)
Funny, but the condo critic doesn’t have a whole lot to say about the experience.
Hmmmm…
Except-
“It’s hard to be too critical of this wager on a more interesting congenial L.A. lifestyle”.
Well, let’s give it a try.
So do we really want tenants above the Cheesecake Factory?
What about those noise calls?
You know the ones about trash pickup at 6 AM when your tenant complains rather loudly to you because you’re supposed to do something about it?
My point being a way of life has to get practical at some point, especially when people are spending a lot of money to have that way of life.
As usual, it’s the readers’ comments where the real gold is. Boy, howdy, these readers have filled in the condo critic’s gaps on the info.
Check out what Puckhead had to say. “Worth the visit, but to pay premium rent $ to live in a mall????? I don't know……………….”
Or how about Uncle Billy Went to Washington’s comments…
“Risk… how much risk did they assume in building this thing? How much downside will they have when it goes kerplooie in the downturn? Was it *our* money again somehow that built this puppy? Let's look at the financing. Pete? Any way to find out where all the money came from?”
Priceless, the comments, I mean.
Or E’s point… “Only s——- buy condos.
Only bigger s—— buy shared commercial/residential condos.”
Amen, E, Puckhead and Uncle Billy Went to Washington.
We invest in real estate because the numbers crunch.
We don’t invest because it looks good, might be good, or some newspaper tells us it’s a good investment.
We do our due diligence first. Thankfully, all of that is getting a whole lot easier and quicker because of The Internet.
Read Living at the Americana. Life above the Cheesecake Factory.
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