[quote author="graphrix"]
[quote author="gld42"]
Possible [/quote]
Maybe, or maybe they have PE money to answer to? [/quote]
I've been digging around to see who might be the money in this project or have a stake in Shea in general but haven't been able to come up with a shot caller yet.
Personally I'd like to see some private or even public "vulture" groups come online to take inventory like this off of the market and resell or redevelop it at reduced prices. Investors would benefit, Shea gets the crap off of its books, and consumers would benefit from getting access to affordable new construction, either in an ownership or rental role.
This has the possibility of beating the current strategy of having GSE's buying everything and holding it forever, until someday inflation magically catches up with the price and evens everything out, or suddenly a new crop of high income earners, who just happen to like undersized living spaces, sprout out of nowhere. People talked alot last year about "money on the sidelines," well I get the feeling there is tons of money on the sidelines that would go into housing, but since income still doesn't meet purchase price, nor does free cash flow rental investment make any sense, it just sits there waiting, just like this Vantis project.
This project just seems to fit in the category as the $1200 HOA towers all over Orange County that just sit there accumulating dust.
