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Catellus Development Corp (CDX) Message Board

  • nellgwyn nellgwyn Sep 15, 1998 4:46 PM Flag

    cdx's third quarter results

    cdx announced at the end of the second quarter
    that they will be booking a lot of home sales in the
    third and fourth quarters of this year. Certainly this
    market for houses in ca is tremendous and cdx has been
    active in it this year; excellent timing! these sorts of
    earnings are not always repeatable, but for the time
    being, we should be in the sweet sport. Also, I live in
    the bay area and have followed the mission bay
    project with some interest. it looks to me like the
    project will be getting an early and relatively easy
    approval. This, of course, is far from certain. Mission Bay
    has been tied up for more than 20 years and there's
    bound to be lots of criticism. Environmental groups are
    saying the project with over tax the sewer system (cdx
    is offering 5mm to compensate); the project will
    impact the creek (cdx is being compromising here too)
    and probably most important, some are demanding a
    larger number of subsidized housing units. Here the
    project already includes lots, but there is an attempt to
    get more. Still, the criticism has been very muted,
    considering the norm in sf politics. the fact that brown is a
    supporter really helps. In fact, it is the key point. He
    wants it and the pressure groups can only have effect
    through the democratic party, which he controls. Rising
    is very effective in these situations as well. He
    doesn't ride into town, capitalist rhetoric blazing. He
    knows how to give a little and get a lot. I'm going to
    buy some more

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • I've watched the beauratic shennagins about
      Mission Bay for almost 20 years. Additionally Nell is
      correct about residential real estate having turned
      around. Until just about 7 - 9 months ago, there was no
      market for homes over $200k in Orange County -- but it
      has been going wild since then. We're looking to sell
      our $2.8k home later this year on advice of a close
      friend. If CDX is holding this kind of property, which
      they may well be, it makes sense to project 3q or 4q
      residential sales. Wish I had the spare cash to buy some more
      right now. :( but, I certainly am happy with what I
      have, and know it will appreciate in time.

    • CDX has been a disappointment. Here we have the
      largest land-
      owner in California, the California
      economy is hot, the stock
      market has been spectacular,
      Mission Bay is cooking, home sales are great. What more
      does Rising need to make Catellus go?
      The
      California pension fund should be breathing down his
      neck,
      and still I have to worry about how low CDX is going
      to go.

 
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