Another Development Announces Trouble.

San Pedro's Vue Complex in Receivership is the headline of an article in tomorrow's Daily Breeze. Below is the link:

http://www.dailybreeze.com/news/ci_15593727

For those of you at least a bit interested in Ponte Vista at San Pedro but don't normally visit my Ponte Vista blog, this article and many other factors tend to suggest why Ponte Vista is not moving forward right now and I don't think anyone should be wondering why.

The real estate market is still in big trouble and I have been told that it will be at least somewhere into 2011 that we might see enough of a nudge to suggest that the nightmare may be winding down.

Some others suggest we are in for another 3-4 years of real problems.

The real point about drawing anything out of the article and then pondering Ponte Vista is the issue of unit sales versus leases and rental units.

It now looks clearer than ever, had Bob Bisno found no opposition to his original plans for Phase 1 of Ponte Vista at San Pedro, we might now be passing one completed building among a debris-strewn construction area and the completed units, originally considered to be for sale Senior Housing, would most likely be leased or rented units to any age persons.

Bob would have gone belly up sooner than he did and there would be no need for even a project trailer remaining on the site, I believe.

Yes, the 245 duplexes are a terrible sight and many of us have called on the city of L.A. to enforce codes at Ponte Vista they don't seem to wish to enforce.

But please remember, first responders from all over California and from many parts of the country come to Ponte Vista to exercise their skills in urban environment tactics. So the owners of the site are doing good while they are doing nothing and the goats don't seem to mind that, one bit.

Unless the coyotes run amok among them.