Lessons Learned As Berkman 2 Dream Goes Up In Smoke

Started by thelakelander, April 18, 2019, 08:26:04 AM

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Kerry

#45
January 14, 2020, 03:56:51 PM
Quote from: sanmarcomatt on January 14, 2020, 03:49:34 PM
Quote from: MusicMan on January 14, 2020, 11:21:17 AM
So Berkman II has been condemned by COJ.  Can you imagine living in Berkman I and looking at that POS for the last decade? SMH

And having paid the original asking prices? Ouch. Probably followed the guidance of some shifty real estate agent who sung a tune about the amazing potential :)

Read in the voice of the GEICO Pinocchio:
When I look around Jax I see nothing but potential.  Lot J has potential, The Landing has potential, The Shipyards has potential, The District has potential.....
Third Place

fieldafm

#46
January 14, 2020, 04:06:48 PM
Quote from: sanmarcomatt on January 14, 2020, 03:49:34 PM
Quote from: MusicMan on January 14, 2020, 11:21:17 AM
So Berkman II has been condemned by COJ.  Can you imagine living in Berkman I and looking at that POS for the last decade? SMH

And having paid the original asking prices? Ouch. Probably followed the guidance of some shifty real estate agent who sung a tune about the amazing potential :)

You mean to tell me, that someone that was either a) sitting at home doing nothing b) was perhaps teaching a few Pilates classes or c) sat at a desk processing paperwork for minimal money, and one day decided to take a weekend crash course to become a real estate agent... who has a 90% chance of leaving the 'profession' within two years... ISN'T a keen expert on real estate investments? 

Weird  ;)

Florida Power And Light

#47
January 14, 2020, 09:02:23 PM Last Edit: January 14, 2020, 09:09:07 PM by Florida Power And Light
Potential

For some reason, POTENTIAL never/ not  Energized, Realized, Accommodated, Nurtured, Properly Shelved,Nuanced,Guarded.
For Starters.

Captain Zissou

#48
January 15, 2020, 09:23:35 AM
Quote from: fieldafm on January 14, 2020, 04:06:48 PM
You mean to tell me, that someone that was either a) sitting at home doing nothing b) was perhaps teaching a few Pilates classes or c) sat at a desk processing paperwork for minimal money, and one day decided to take a weekend crash course to become a real estate agent... who has a 90% chance of leaving the 'profession' within two years... ISN'T a keen expert on real estate investments? 

Weird  ;)

Come on Mike....  You can't just do it over a weekend.  You have to take an online course AND THEN the weekend crash course.  It's not for everyone.

MusicMan

#49
January 15, 2020, 11:55:08 AM
I'm not sure the point you are making. You are blaming Realtors for a Developers failure to make good on his promise? That's like blaming the residents of San Marco for Regency's inability to get something off the ground at their site on Atlantic and Hendricks.

You should take it up with Bill Watson, Chairman of Watson Realty Corp. That charlatan and his employees ONLY closed $3,444,000,000 in sales last year.  Evidently there are a few people out there who think they are doing a good job.

vicupstate

#50
January 15, 2020, 12:58:19 PM
Exactly how were the Berkman buyer's deceived ?
"The problem with quotes on the internet is you can never be certain they're authentic." - Abraham Lincoln

Snaketoz

#51
January 15, 2020, 01:29:52 PM
Bill Watson never missed an opportunity to exploit his employees or his customers.
"No amount of evidence will ever persuade an idiot."

Kerry

#52
January 15, 2020, 02:06:34 PM
Is it any worse than the average subdivision sales pitch?
Third Place

jaxlongtimer

#53
January 15, 2020, 07:21:55 PM Last Edit: January 15, 2020, 07:26:40 PM by jaxlongtimer
Berkman I was completed at the top of the market before it crashed.  In fairness, pretty much all real estate crashed along with it so why single it out.  Such cycles are normal and buyers should always be prepared.  It's an inherent risk to real estate and most any other type of investment.

As to looking at Berkman II, what was holding the City back from condemning it years ago?  Maybe Berkman I residents pushed for that and the City failed to go along.  I know it has been discussed for years.

Also, City Hall gets both credit and blame for overstating the prospects for Downtown.  It's done so for decades as discussed regularly on the Jaxson.  Pity the poor Jax newbie that buys into such hype thinking Jax will revitalize Downtown on the same timeline as the rest of America.

By the way, the Realtors I have dealt with have been surprisingly candid about properties I have had interest in.  Sometimes, the Buyers don't want to hear it or lack a curiosity for factual information and a Realtor may back off.  And, like any profession, I am sure there are some bad Realtors but that is a given when there are tens of thousands in the profession.  In the end, whether it is a Realtor, lawyer, doctor, engineer, CPA, consultant, etc., the client should always be doing their own due diligence with respect to the information they are presented with and, thanks to the Internet, its easier than ever.

thelakelander

#54
January 15, 2020, 07:30:53 PM
I wonder what's the financial gap between incentivizing Berkman 2 into apartments vs demo? The hotel, mini amusement park was a bit over-the-top gimmick. For a fraction of the money we're prepared to give Khan for a Jax Landing-lite, it seems a long vacant waterfront site like Berkman could have been figured out years ago.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life." - Muhammad Ali

thelakelander

#55
January 15, 2020, 07:53:06 PM
^Yes, I'd have to do some digging to confirm but I thought the incentives request around that time was closer to $5 million than the $36 million discussed for last year's failed hotel/mini amusement park plan.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life." - Muhammad Ali

vicupstate

#56
January 16, 2020, 08:41:59 AM
That wou
Quote from: thelakelander on January 15, 2020, 07:53:06 PM
^Yes, I'd have to do some digging to confirm but I thought the incentives request around that time was closer to $5 million than the $36 million discussed for last year's failed hotel/mini amusement park plan.

That would explain why the city didn't go for it. A project that only needs $5 million in incentives, is never going to be a game changer.
"The problem with quotes on the internet is you can never be certain they're authentic." - Abraham Lincoln

MusicMan

#57
January 16, 2020, 08:44:25 AM
"I think Mikes point ( I may be speaking out of turn)was that just because some one has managed to pass the "rigorous" qualification to become a real estate agent, it does not make them an expert on real estate. I happen to agree but could say the same for many "professionals"."

Have you seen Blake Bortles throw a football.....? Dude walked outta here with over $17,000,000........


"By the way, the Realtors I have dealt with have been surprisingly candid about properties I have had interest in.  Sometimes, the Buyers don't want to hear it or lack a curiosity for factual information and a Realtor may back off.  And, like any profession, I am sure there are some bad Realtors but that is a given when there are tens of thousands in the profession.  In the end, whether it is a Realtor, lawyer, doctor, engineer, CPA, consultant, etc., the client should always be doing their own due diligence with respect to the information they are presented with and, thanks to the Internet, its easier than ever."

Sounds about right. The fact remains, NO ONE EVER was forced to use a Realtor. People choose to. And they have a lot of choices. Or they can go FSBO.  As an industry, real estate sales is under constant pressure from many sources, and if you suck at it you probably won't make it. Like many industries, it's word of mouth and repeat customers (like a restaurant) that brings success.


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