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
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