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A Developer Says It Can’t Pay Its Debt

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  1. From the first 2:12 video:

    Homes For Sale In Chevron Lekki with 8 months Payment Plan interest free | Lagos Nigeria | Duplex
    Lekki Lagos Property – Realtor Osas Adetuberu
    Feb 10, 2023 LEKKI CONSERVATION CENTRE
    Home Ownership made flexible and Affordable in Chevron Lekki😳

    Luxury and affordable duplexes available for sale📍

    Location: Chevron toll, Lekki Lagos

    Benefits: fully furnished homes with smart features, cctv surveillance, swimming pool, ample packing, fitted kitchen, distributed audio, water heaters, quality drainage, treated water, serviced estate with constant power etc

    3 bedroom duplex – N60m

    4 bedroom duplex – N65m

    4 bedroom semidetached with bq – N90m

    4 bedroom fully detached with bq – N100m

    40% initial deposit, and spread balance across 8 months interest free ✅

    Connection fee ( electricity and water) – N1.8m

    The second 2 minute video:

    Vancouver developer seeking bailout over $700M debt
    CityNews
    Feb 9, 2023
    A Vancouver developer is going to the courts for a bailout. As Kier Junos reports, Coromandel Properties says it can’t pay its more than $700 million debt, and that’s put 16 housing projects in jeopardy.

    The third 15 minute video:

    What You Need To Know About Private Mortgages – Finance Friday
    Team Sessa Real Estate
    Feb 10, 2023 CANADA

    Anthony Venuto
    InTouch Mortgage Solutions

  2. Cooling buyer demand takes a toll on Q4 title profits
    HousingWire|8 hours ago
    High mortgage rates and cooling demand made things tough for Stewart and First American in Q4 2022, but both title firms still turned profits.

    Fed’s Waller to crypto buyers: Don’t be surprised if the price goes to zero
    Investing.com on MSN.com|16 hours ago
    U.S. regulators’ rhetoric against cryptocurrencies reached new heights Friday when Federal Reserve Governor Christopher Waller warned that digital coins could lose all their value someday and buyers

    Lyft Plummets As Price Cuts Hammer Profit Outlook, Widen Gap With Uber
    TheStreet.com|20 hours ago
    White said that while the price cuts will improve rider conversion rates, just as its overall supply of drivers is starting to improve, the move will “flow through directly to the bottom line and causes a significant re-set of our 2023 EBITDA forecasts.”

    Crypto Market Sheds $40B as Bitcoin, Ethereum Prices Sink
    Yahoo|23 hours ago
    The drop comes just a day after the leading cryptocurrency slipped … these levels was on January 20 amid the New Lunar Year bull run that eventually took the price of BTC over $24,000. Ethereum (ETH), the industry’s second-largest cryptocurrency …

    Charleston-area home sales plunge to lowest level in 8 years
    Post and Courier|15 hours ago
    Owen Tyler, a former president of the Charleston Realtors Association, attributed the slump in sales directly to economic conditions that are shutting out many first-time buyers. “People just can’t afford to buy in a price-increasing market with increasing …

    Yahoo to cut 1,000 jobs in latest tech layoff; Deliveroo to axe 350 staff
    The Straits Times|23 hours ago
    Tech firms have shed more than 150,000 workers globally as they rein in costs to ride out a global downturn.

    Is the Distress Here Yet?
    GlobeSt.com|23 hours ago
    “I think there are definitely going to be challenges during 2023 and there will be properties that you would see as distressed,” Cydney Gurgens, executive vice president and director of commercial real estate at UMB Bank, says. Many will find …

    Schrager, Scheetz throw Chetrit’s Bossert Hotel a lifeline
    The Real Deal|13 hours ago
    Hoteliers Ian Schrager and Ed Scheetz have stepped in as the Chetrit Group’s Bossert Hotel in Brooklyn Heights faces foreclosure.

    Everything you need to know about buying a distressed property in SA
    Moneyweb|13 hours ago
    The bondholder gives the bank a mandate to sell the property, who in turn appoints an estate agent to effect … involved when it comes to securing a real bargain. This holds especially true when it comes to distressed properties, where the pitfalls …

  3. Thanks a lot, Bill!

    Mayor Eric Adams is blaming the city’s current budget woes, including the whopping $4 billion the spiraling migrant crisis is estimated to cost, on predecessor Bill de Blasio — saying he budgeted for long-term investments using “temporary money.”

    Hizzoner on Friday slammed his predecessor for putting in place “permanent things with temporary money” — aka federal stimulus funds — that are now quickly drying up.

    “There are several things that are looming that really keeps me up at night. Number one, the fiscal cliff we’re about to hit,” Adams said in an interview with Caribbean Power Jam’s “The Reset Show.”

    “The previous administration put in place permanent things with temporary money. The stimulus from the federal government is running out in [2025]. It’s gone,” Adams continued, adding that he now needs to reexamine the books to avoid a budget shortfall.

    “You look at the asylum seeker crisis, 1.4 billion this fiscal year, 2.8 billion next fiscal year is just not possible,” the mayor said. “It’s not sustainable.”

    https://nypost.com/2023/02/10/eric-adams-blames-bill-de-blasio-for-nyc-migrant-budget-pinch/

    1. “You look at the asylum seeker crisis, 1.4 billion this fiscal year, 2.8 billion next fiscal year is just not possible,” the mayor said. “It’s not sustainable.”

      And yet the border remains wide open.

  4. Anti-police progressives have “hijacked” the Democratic Party — and their ranks include City Council members who are trying to push the chamber further to the left on public safety issues, Mayor Adams claimed Thursday.

    Adams leveled the blistering charge at his fellow New York Democrats in an early morning appearance on CNN after being asked who he was referencing when he said a day earlier that “woke” activists have taken control of the party.

    “Right here in this city, we have a group that is calling for removing members of their own caucus if they don’t sign a pledge to defund the police,” Adams replied. “That is not who we are as Democrats, and I’m going to continue to stand and state that we are pro-public safety, and we’re pro-proper policing.”

    The moderate mayor was referring to the Council’s Progressive Caucus, which is undergoing a contentious reorganization effort.

    https://www.yahoo.com/news/mayor-adams-rips-woke-nyc-163300113.html

  5. Angry Google employees ridiculed CEO Sundar Pichai on internal message boards over the tech giant’s botched handling of a crucial rollout for its “Bard” AI chatbot this week.

    The much-hyped rival to the the popular Microsoft-backed ChatGPT chatbot, which is seen as a potential threat to Google’s search engine dominance, flubbed an answer during Monday’s presentation.

    In posts on Google’s internal forum “Memegen,” workers described the troubled launch as “rushed,” “botched” and “un-Googley,” according to CNBC, which viewed some of the messages.

    “Dear Sundar, the Bard launch and the layoffs were rushed, botched, and myopic. Please return to taking a long-term outlook,” one user captioned a meme featuring a photo of Pichai looking serious, according to the outlet.

    “Rushing Bard to market in a panic validated the market’s fear about us,” an employee wrote in another post.

    Shares of Google parent Alphabet have plunged about 7% since Monday – at one point losing $100 billion in market value in a single day – as the company’s launch drew a skeptical response from investors.

    The posts on Memegen included a meme showing a dumpster fire with Google’s logo on the side and the caption: “How everything’s felt since last year.”

    https://nypost.com/2023/02/10/google-employees-slam-ceo-sundar-pichai-over-bard-ai-chatbot/

    1. The bulk of Google’s revenue is from advertising. Most everything else are vanity projects. How long have they been working on their self driving car? Since 2009. It’s rollout has been imminent since then.

      So what happens when real revenues drop? The less promising vanity projects are cancelled.

  6. 𝗧𝗮𝗺𝗽𝗮, 𝗙𝗟 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗣𝗿𝗶𝗰𝗲𝘀 𝗖𝗿𝗮𝘁𝗲𝗿 𝟭𝟲% 𝗬𝗢𝗬 𝗔𝘀 𝗖𝗼𝗮𝘀𝘁𝗮𝗹 𝗔𝗻𝗱 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝗗𝗲𝗺𝗮𝗻𝗱 𝗙𝗮𝗹𝗹𝘀 𝗟𝗶𝗸𝗲 𝗔 𝗟𝗲𝗮𝗱 𝗕𝗮𝗹𝗹𝗼𝗻

    https://www.movoto.com/fl/33608/market-trends/

    𝐴𝑠 𝑜𝑛𝑒 𝑒𝑥𝑎𝑠𝑝𝑒𝑟𝑎𝑡𝑒𝑑 𝑠𝑒𝑙𝑙𝑒𝑟 𝑒𝑥𝑝𝑙𝑎𝑖𝑛𝑒𝑑, “𝐼 ‘𝑙𝑙 𝑑𝑜 𝑎𝑛𝑦𝑡ℎ𝑖𝑛𝑔. 𝐼 𝑗𝑢𝑠𝑡 𝑤𝑎𝑛𝑡 𝑜𝑢𝑡 𝑓𝑟𝑜𝑚 𝑢𝑛𝑑𝑒𝑟 𝑡ℎ𝑖𝑠 ℎ𝑜𝑢𝑠𝑒.”

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