On December 28, I noted that as of that date, there was no word from Metro Homes LLC and those who had deposits on units at The Esperanza at Asbury Park.
However, while this writer has not heard from Metro (not that they have to tell me...), they have communicated with several of those who asked about the status of their deposits.
There is GOOD news. Metro Homes LLC has offered to return deposits to those that request it regardless. That is, Metro is still looking to complete this project and arrange financing to do so. They are still considering this a "temporary" work stoppage - and therefore not legally obligated to return those deposits. This is what I have heard from several of those who placed deposits and were real concerned that their deposit money would disappear.
We're awaiting some official word on what will happen with The Esperanza at Asbury Park. There is lots of talk on how it will be completed - and by whom.
Stay tuned.
After All, THIS is Asbury Park.
Join the fun, the excitement and challenge of this City by the Sea.
Showing posts with label The Esperanza. Show all posts
Showing posts with label The Esperanza. Show all posts
Friday, January 04, 2008
Saturday, December 29, 2007
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
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
Thursday, August 23, 2007
Hall and Oates to Play Asbury Park
August 22, 2007 - Speaking at the Asbury Park Chamber of Commerce meeting today, Metro Home's Dean Geibel, said that Hall and Oates will play the Paramount Theatre in Asbury Park, probably December 7, 2007.
Further information will be published when available.
"This is the beginning of names people know... " said Geibel. His reference to the restored Paramount Theater drawing top name entertainment. The Paramount, since it's reopening in July, has been an excellent draw for the boardwalk and the City of Asbury Park.
For upcoming events in Convention Hall, The Paramount, The Boardwalk and the rest of Asbury Park, see the events page at http://www.asburyboardwalk.com/events.htm
Summary by:
David Dorfman
Further information will be published when available.
"This is the beginning of names people know... " said Geibel. His reference to the restored Paramount Theater drawing top name entertainment. The Paramount, since it's reopening in July, has been an excellent draw for the boardwalk and the City of Asbury Park.
For upcoming events in Convention Hall, The Paramount, The Boardwalk and the rest of Asbury Park, see the events page at http://www.asburyboardwalk.com/events.htm
Summary by:
David Dorfman
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