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Mises Economics Blog

War Eagle Condo Bust

July 3, 2009 8:57 AM by Douglas French (Archive)

Back in the middle of this decade, building anything seemed like a good idea. With the housing boom in full bloom, developers had the imagination, lenders had the construction money, and buyers had swarms of mortgage lenders panting to lend them the entire purchase price of anything their hearts desired. FULL ARTICLE

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Comments (9)

  • BioTube

    Condos have to be the biggest housing scam there is - they should try turning the remaining units into apartments.

    Published: July 3, 2009 9:14 AM

  • matt

    Luxury Condos for folks that roll their own campus when they win and can't even decide what their mascot is? Come on:
    War Eagle, Fly down the field,
    Ever to build condos, at negative yields,
    War eagle, fearless and true,
    fight on you sellers so blue.........

    Published: July 3, 2009 9:36 AM

  • prettyskin

    Knock them down! The patch of land can be used more constructively. Red dirt, is that good for a community vegetable garden?

    Condos are great when they're ideally located, away from the deep south.

    Published: July 3, 2009 9:50 AM

  • Artisan

    It reminds me of East German sell out in the nineties. My family was decided to buy the large old remains of a 1930 "castle" lost in the woods 2 hours from Berlin in a really dead neighborhood (more a farm really) remodeled by the communists as a rehabilitation center for disabled soldiers... in terrible shape.

    The (Western German) State put up an auction where we were the only bidder. They just canceled the whole thing... as they were convinced they new better what the REAL price was.

    Published: July 3, 2009 10:00 AM

  • N. Joseph Potts

    I hope the Mises Institute has, or will, cash in on this glut by acquiring units in which to house visiting dignitaries of one kind or another! Makes sense to avoid paying high(er) hotel prices AND leaving hotel space available for attendees.

    Of course, possibly this space will be bought by others who will throw the units onto the lodging market and have an effect similar to the one I describe. I once attended a Mises function in Auburn in which I had to stay at an "outlying" motel, and I REALLY didn't enjoy having to stay so far from the Institute.

    I won't do that again. Since I hope to attend Mises events in the future, maybe *I* should buy one of these units!

    Published: July 3, 2009 12:00 PM

  • Bruce Koerber

    Education and Ethics
    Friday, July 3, 2009

    Auburn, Alabama Attracts Classical Liberals.

    Auburn has a much-loved spot in my heart but it is not because of the climate, the football, the college crowd, the majestic mountains!, the beautiful shoreline!, the red clay soils, or the southern hospitality!

    It is dear because it had the good fortune (and I was fortunate to have been in Auburn from 1983-1986) to be selected as the location of the Ludwig von Mises Institute in 1982. Few realize how great the contribution to civilization has been the works and the life of Ludwig von Mises. Those who do have ties to Auburn!

    Gaudy football suites built by 'developers' oblivious of the noise of trains or the house of cards built by the counterfeit operation of the unConstitutional coup are like ill-mannered children trying to disrupt an important and well-prepared educational lesson!

    Unbeknown to US News and World Report the irresistable draw to Auburn has nothing to do with the playthings of the distracted! From Auburn, but more specifically from the Ludwig von Mises Institute, the beauty of classical liberalism and the prosperity of Austrian economics flows like a spring of fresh and vital water. Wakeful people are attracted to its source, which explains the magnetism of Auburn.

    Published: July 3, 2009 12:13 PM

  • jc butte

    So the spread eagle is dead?

    I could move to Auburn. I might even like it. However after the classic otherwise known as Auburn vs Miss State last year, I could never love Auburn football.

    Go (the mostly privately funded) Ducks baby!

    Published: July 3, 2009 4:47 PM

  • 煤气发生炉

    I agree with the first floor.

    Published: July 3, 2009 9:02 PM

  • Mac

    Mr. Potts, I like the idea.

    But I think Hotels will always be cheaper than condos. The maintenance fees? Yikes!

    Cheers

    Published: July 5, 2009 1:35 AM

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