I noticed my good friend Carmel Bruce Kimball is touting a potential lottery for the socialistic-private partnership The Proscenium because demand might be outstripping supply for $650,000 condos under 2,000 square feet.
When I was a commercial lender and credit analyst in BikeTown USA, aka Steamboat Springs, Colorado, in the run-up to the 2008 crash, several projects with which I was involved also “required” lotteries to hold units. Not surpisingly, my bank ended up holding the “winning” lottery tickets for many of those projects, which either never happened or went bankrupt. I am not sure what the future holds for the City of Carmel or potential buyers in this live/work/playhouse of dreams on Rangeline, hard by the Yampa River Core Trail, er, Monon Trail, but I do know what happened to many of the previous residents which I helped with unwise lending decisions and the power of the city to kick out:
https://www.steamboatpilot.com/news/the-somewhat-bitter-saga-of-steamboat-springs-mobile-home-parks/
History may not repeat, but it is starting to rhyme …
