Petoskey News Review vs. Traverse City Record Eagle
"Groundwork to start soon" - Front Page Headline,
Petoskey News Review, July 6-8, 2007 Weekender Edition
"Work on project halted while financing is sought" - Headline, Traverse City Record Eagle, July 11, 2007 Web Edition
So who are we to believe? The News Review, citing the developer as its source, or the Record Eagle, which cites both the general contractor, JM Olson Corp., and construction liens filed with the Emmet County Register of Deeds?
According to the News Review article, the developer "dismissed recent rumors suggesting that Petoskey Pointe wouldn't come together as planned."
According to the Record Eagle article by Brian McGillivary, Petoskey Pointe Construction is on hold because the developers haven't paid bills totaling more than $2.1 million. Additionally, the article notes that three firms, including the general contractor, have filed liens on 13 parcels owned by the project developers. When contacted by the Record Eagle, Petoskey Pointe development partner Martin Jankowski indicated that "we actually have our loan now, a gap loan, and we've got everything straightened out.”
Stay tuned. . .
Petoskey News Review, July 6-8, 2007 Weekender Edition
"Work on project halted while financing is sought" - Headline, Traverse City Record Eagle, July 11, 2007 Web Edition
So who are we to believe? The News Review, citing the developer as its source, or the Record Eagle, which cites both the general contractor, JM Olson Corp., and construction liens filed with the Emmet County Register of Deeds?
According to the News Review article, the developer "dismissed recent rumors suggesting that Petoskey Pointe wouldn't come together as planned."
According to the Record Eagle article by Brian McGillivary, Petoskey Pointe Construction is on hold because the developers haven't paid bills totaling more than $2.1 million. Additionally, the article notes that three firms, including the general contractor, have filed liens on 13 parcels owned by the project developers. When contacted by the Record Eagle, Petoskey Pointe development partner Martin Jankowski indicated that "we actually have our loan now, a gap loan, and we've got everything straightened out.”
Stay tuned. . .
Labels: Petoskey Pointe
posted by Stefan J. Scholl, J.D. - Exclusive Buyer Agent at 7/12/2007 05:45:00 PM
3 Comments:
I have been telling every one for the last year that something was fishy in denmark.
You do not have a 60 million dollar porject and only have a hole in the ground for 2 years.
I believe that presales are not generating enough interest and bakcers are gettin nervous.
With michigans economy on the down hill run, and only getting worse, why would anyone invest in a dog like this?
There has always been an attitude in petoskey that we are better then other places, and a rival with TC and harbor springs.
So many will have a bias on not being able to run with the big dogs.
I was sad to see the apt. above the design shop next to the old theater, with the blue and gold it had a NOLA feel to it.
I think petoskey is getting ahead of its self.
There is nothing on the horizion to turn michigan around, with 3$ a gallon gas and the unions not working with the auto industry and it falling off the end of the earth, what is going to turn MI around?
Nothing I can see.
If you have an income other than working in MI it is a good place and time to buy.
But many people are moving to where there are economys such as south carolina, Missouri,north carolina and the like, Yes these places are showing slow downs but nothing like michigan.
We have surpassed the late seventys and early eightys when the arabs turned off the oil and we went from 30cents a gallon to 90 cents a gallon over night.
When you would come home and every night the news on national tv was dan rather saying GM laied off 40,000 workers and slated destruction of another plant.
Michigan swore it would never again put all its eggs in the auto basket, but it did and here we are.
I have lived in michigan all my life and had to move because of the job market.
I visited to get the last of my things a month ago and talked to people I knew.
I asked how the winter was and to the man I was told it was painfuly slow.
And most are planning on moving as soon as their homes sell.
I have been in construction for years and have seen many many people who used to work for town and country and the like move out for lack of work.
Homes are dropping like rocks on value.
I have talked to many realestate agents and used to have a lic. myself. I was told that the value on homes lost 10 to 15% this past year alone. and it looks like the next year is not going to turn around.
ptown has been going through some very slow times, I know personaly that corporate title was banking on the pointes project to keep things going.
With the economy slipping in michigan and all over the us, but more so in michigan because of the high unmemployment rates, I do not think that the realestate market will be jumping back any time soon.
Many people are moving out of state to find work, the big place is south carolina, north carolina,florida, but florida is now slowing again after a small bounce back.
The realestate boom is over for now.
I fear for michigan as we were dependant on the auto industry. and with gas sky high and the big three unwilling to deal with making small high mpg cars, I do not think we are going to be seeing a trun around soon.
Great Site. Was added to mybookmarks. Greetings From USA.
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