So Far NO Refunds for The Esperanza Buyers

As of December 28, 2007, those who have placed a deposit on The Esperanza in Asbury Park do not know the fate of the those deposits.

On December 9, 2007, Dean Geibel, President of Metro Homes LLC, the developer closed the sales office and stopped construction on the two-building complex of 224 units. Citing market conditions, he called it a "temporary" situation.

According to published reports, up to 70 contracts were placed on units. What disturbs some is that a day or two before the announcement, Mr. Geibel announced "the largest sale or a single family residence in Asbury Park...$2.6 million..". Prior to that announcement, he announced that musician John Oates purchased a unit for over $600,000. The musical team of Hall & Oates were so happy, they even snuck in a concert at the partially restored (thanks to Madison Marquette) Paramount Theatre on December 7, 2007. Then, jsut TWO days later - the sudden shift.

So there you have it, contractors, sales staff, the city and those who believe in the the new Asbury Park - were all left wondering - now what?

As for those who put down around 10% deposit for their unit, Mr. Geibel was kind enough to make this statement, "Geibel said the money people put down on their units is being held in escrow. "It's too early to decide how they'll be impacted," he said.

Now, what the &)$% does that mean? Is the Esperanza going to be built - 2008, 2009, 2010? Will Metro Homes be the builder? Have some of these "deposits" been spent (one attorney noted that their (Metro) contracts permitted this - smart attorneys protected their client's deposits - to some degree.

Mr. Geibel delivered a wonderful dream to the City of Asbury Park and to, according to Mr. Geibel, "almost 70.." buyers. Now the City has asked him for further details on the stalled project.

Those with deposits on the units are asking as well. Metro Homes LLC did not, as of this date, communicate with any of those with deposits.

Asbury Park has seen it all. Asbury Park will continue on with or without The Esperanza, Metro Homes or Mr. Geibel.

The City of Asbury Park is filled with opportunities - single family homes, lots of existing and new condos, apartments, businesses and good people who were here BEFORE the Esperanza was announced.

The Berkeley Hotel has been renovated and is open. Madison Marquette took over cleaning up the boardwalk buildings. And more importantly - lots of "little" people have done the rest.

Mr. Geibel, return those deposits to those that have asked for it back. These people have a vision as well - and that vision is their spot in Asbury Park.

You have moved on. Let those with deposits move in.

In Asbury Park.

By David Dorfman
Licensced NJ Real Estate Agent
email:apboardwalk@yahoo.com
See asburyboardwalk.com/asburyparkrealestate.htm for more info on Real Estate in Asbury Park.

Publisher of asburyboardwalk.com
*no affiliation with the City of Asbury Park nor Asbury Partners

Developer of Esperanza at Asbury Park Halts Project

December 10, 2007:

Dean Geibel, president of Metro Homes, said the company recently informed the city that it was halting construction and sales "until such time market conditions allow us to move forward and successfully complete this important luxury beachfront development.

Geibel said there are sales contracts on about 70 of the 224 condominium units in the two-tower building, which was originally scheduled to be completed end of 2007. The revised schedule would of been,in our opinion, 2009.

Geibel said the money people put down on their units is being held in escrow. "It's too early to decide how they'll be impacted," he said.

Metro Homes paid the master developer $17 million plus for the rights to build on the site of the former failed project started in the 80's known as Ocean Mile.

While this is not the best thing to happen at this time in the redevelopment effort, the rest of the town continues to reinvent itself.

The Paramount Theatre, Convention Hall and the Casino are all undergoing major renovations to bring them back to life.

Hopefully, The Esperanza project will resume.

Hopefully, they will change their sales approach.

Asbury Park Pop Warner National Champs

On December 7, 2007 The Asbury Park Pop Warner Pee Wees won the National Chanmpionship in the Pee Wee Division. The championship game was played in Lake Beuna Vista, Florida where the Blue Bishops beat Capital City Steelers from North Carolina by a score of 20-0.

The team pulled through with their second win in Florida. The team was full of energy and spirit which pulled them through.

Congratulations to the team, the families, the coaches and everyone else who made their dream a reality.

An extra thank you to the sponsors who helped fund the trip to Florida. A celebration is planned.