Tuesday, March 18, 2008

The problem with Eastlake

The problem with Eastlake isn't a glut of condos or CRE.  It's that this glut is about to be buried by yet another glut.  The existing residents are jumping ship trying to escape the area, before all of this comes online:

Another very large project.  IIRC, this one takes up most of a full city block.  Make no small plans!

Meanwhile, the amenities that actually made Eastlake once a fun neighborhood are disappearing.  Here's the old Daly's, once a great place to get a burger and a tasty shake.  In a world of IO/ARMs, all real businesses and places of high and low culture must make way for debt-leveraged RE ventures.

So what's the problem with Eastlake?  

I think I found it.

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