Comments on: Parliamentarians Discuss $9M Grand Atlantic Fee

By: Politricks

Politricks — Thu, 19 Mar 2015 22:19:57 +0000

Show us the links?

You’re making the accusations.

By: chip

chip — Thu, 19 Mar 2015 21:09:56 +0000

For that money they could build something else? Hello work

By: darren

darren — Thu, 19 Mar 2015 21:07:42 +0000

not too sure on # of units but according to ber news its 78.$9million divided by 78 is$ 115,384.i am pretty sure they would have sold to locals at that price!

By: Edmund Wells

Edmund Wells — Thu, 19 Mar 2015 15:06:35 +0000

“That just leads me to believe that people will say anything to gain others support. ”

LOL&c:

They will. They certainly will.

And then they won’t provide proof of what they’ve said when challenged, and call the people who challenge them lazy.

Funny world, eh?

By: serengeti

serengeti — Thu, 19 Mar 2015 14:20:20 +0000

It never happened. You can’t prove it, because it doesn’t exist.

By: serengeti

serengeti — Thu, 19 Mar 2015 14:19:20 +0000

It never happened. You made it up.

By: Come Correct

Come Correct — Thu, 19 Mar 2015 14:19:03 +0000

The rock at the reefs location is weathered, grey and hard. The cliff at grand atlantic is practically sand and eroding. Is it really that difficult?

By: LOLOLOLOLOLOLOL

LOLOLOLOLOLOLOL — Thu, 19 Mar 2015 14:02:49 +0000

Like I said, do the research yourself. Stop being lazy!

By: LOLOLOLOLOLOLOL

LOLOLOLOLOLOLOL — Thu, 19 Mar 2015 14:01:43 +0000

Thats the problem with all of you, you want someone else to do all the work for you instead of taking the time to look for it yourselves.

By: Triangle Drifter

Triangle Drifter — Thu, 19 Mar 2015 12:18:58 +0000

Winston Churchill said words to the effect of, If you ever wanted confirmation of how poor the democratic is, spend 5 minutes talking with an average voter.

About the same as Martin Luther King but observed long before him & can be confirmed daily in Bermuda by listening to talk radio, reading the forums & listening to some of those who were given the priviledge of representing us in the HOA.

By: MAKE MY DAY

MAKE MY DAY — Thu, 19 Mar 2015 11:45:24 +0000

PS: Who let DeSilva move that dirt around – for that amount of $$??

By: MAKE MY DAY

MAKE MY DAY — Thu, 19 Mar 2015 11:43:14 +0000

Now I can partly understand how the Island got to the point of being $2+ BILLION in the hole!! Complete incompetence!!

The PLP were and still are a bunch-of-idiots – especially with the Tax Payers $$$!!

And…. Why did the “opposition” NOT try and stop all of this malarkey – before it got out-of-control??

By: Raymond Ray

Raymond Ray — Thu, 19 Mar 2015 11:35:17 +0000

There seems to be an oversight here, “jobs”. This development will create without any doubt jobs for Bermudians…As we all know, that’s something there is a shortage of at this time

By: Kangoocar

Kangoocar — Thu, 19 Mar 2015 10:37:16 +0000

People like you just can’t face the truth?? I only say things truthfully, and the plp have done a lot of carnage to this island and people like you keep your heads buried in the sand concerning it??? To this day the plp have never acknowledged or apologized for it??? The funny thing is, the plp hurt their own supporters the most and the vast majority of them still can’t see it?? I diagnosed their problem as be, colored blind!!! When it comes to the OBA, they are doing all that can be done to repair the damage, but are constantly having to waste time fighting with the plp who continue to put sticks in the spokes of the wheels of progress everyday??? But when the OBA do stupid things, I also am the first to jump all over them, and beleive I am not nice about it!!! When jet gate first started to surface, you should have read how nasty I was towards them, I only speak the truth and will say it in the most blunt way I can to get my point across!!

By: aceboy

aceboy — Thu, 19 Mar 2015 09:28:21 +0000

Just wait and see what Tuckers Point sells for compared to its cost.

The hotel cost about 350 million, then you have to add the golf course development and beach club. Probably closing on 500 million. I doubt they will get more than $50 million for it.

That is a turn key operating business too.

Just a bad business decision. Just like Grand Atlantic.

The only difference is that Tuckers Point was a private venture while Grand Atlantic involved government, through the BHC.

Of course the initial idea of the Grand Atlantic was to put a 4 star hotel right next to the “affordable housing” they actually built. Anyone with any common sense could see that as a disaster from inception. A bad business decision from the get-go coupled with political motivation to kill two birds with one stone and provide cheap (turned out not so cheap) housing at the same time. I’m sure it looked good to some people on paper, sadly those people were the decision makers and not the advisors.

By: Soken

Soken — Thu, 19 Mar 2015 06:59:19 +0000

LOLOLOLOLOL…just so you know the whole island felt that way, not just BEST or the OBA!

How many PLP ministers, their family, friends or supports rushed out to buy these properties. If this was an OBA thing surely, all the PLP faithful would have rushed out and purchased these units, if for no other reason but to prove the OBA wrong!

Instead, what happened (chirk, chirp, chirp) 1 sold in six months. ONE, not one floor, one block,ONE unit sold. Therefore it is safe to say nobody thought it was a good long term investment, at least not with out a better breakwall to ensure their wouldn’t be massive errossion during a huricanne.

By: Impressive

Impressive — Thu, 19 Mar 2015 04:22:15 +0000

Brilliant observation.

By: Impressive

Impressive — Thu, 19 Mar 2015 04:19:48 +0000

Lesser of two evils?? What next, I would say you are definitely in the top five most biased posters on this website, OBA and PLP supporters included… Actually top three.

By: Impressive

Impressive — Thu, 19 Mar 2015 04:15:36 +0000

I think someone just lost a knight and a bishop in one move.

By: Black Soil

Black Soil — Thu, 19 Mar 2015 01:03:39 +0000

Enjoy “PLP-fallout”

By: Edmund Spenser

Edmund Spenser — Thu, 19 Mar 2015 00:46:06 +0000

“PEOPLE WE NEED TO RECOGNIZE WHAT THIS OBA GOVT ARE REALLY DOING and STAND UP!!!”

I agree, everyone stand up. The OBA deserves a standing ovation for getting us out from under Grand Atlantic.

By: Kangoocar

Kangoocar — Wed, 18 Mar 2015 22:42:24 +0000

You are wrong on all accounts? First off, if you really knew me, you would know that my father was outright attacked by the UBP in their early days and those that really controlled Bermuda back in the late 60′s did everything they could to bankrupt him and they actually succeeded!! So don’t give me that nonsense that you know who I am because you don’t!!! Also, I only am supporting the LESSER of the two evils in this Islamd, plain and simple!! Also, I built my company from NOTHING all by myself and once became successful hired staff when I didn’t need the money any more, once again you are WRONG!!! Also, my 100% Bermudian staff are paid way over the above average Bermudian salary in Bermuda, once again you are WRONG!! Also, my staff actually are very happy with the way I treat them and what they get paid, another time you are WRONG!!! The only thing you are correct about is, I always mix up to and too?? But never do I throw in a TWO!!!

By: Come Correct

Come Correct — Wed, 18 Mar 2015 21:58:28 +0000

If you choose to paint every plp supporter with the Betty brush, then yes, but this is not the person behind the “Betty” alias. I know this because I observe. I know this like I know you have a complete oba bias, I know this like you own your own company, I know this like you apparently don’t need this company any more because you have made your money on the backs of other people you are reluctant to pay their worth, I know your employees would quit if they had another place to work, I know you need a lesson on the difference between to, too, and two. Trust me, there are completely delusional morons all around us, but this is not “Betty”.

More “I knows” have been excluded as not to enlighten either party’s cheerleading squad.

By: Edmund Wells

Edmund Wells — Wed, 18 Mar 2015 20:53:38 +0000

Doesn’t that ignore cost of operation? The hotel concept offers the possibility of revenue to fund operation and maintenance as well as service the debt and, possibly, offer a return to investors in the units.

Selling the units to occupants does not, unless a maintenance/common charge fee is set at a level to do the same, which may offset the benefit of a low purchase price.

By: Huh

Huh — Wed, 18 Mar 2015 20:52:24 +0000

If the DUMB PLP had never built Grand Atlantic we wouldn’t be having this stupid conversation right now.

By: Kangoocar

Kangoocar — Wed, 18 Mar 2015 20:43:20 +0000

Trust me, bill is one of the Bettie’s, wake up dude or dudette!!!!

By: Sickofantz

Sickofantz — Wed, 18 Mar 2015 19:25:33 +0000

But couldn’t the people buy those apartments now for 220K each? That would add up to 9 million?

By: Come Correct

Come Correct — Wed, 18 Mar 2015 19:12:24 +0000

Give me an O! Give me a B! Why don’t you and Raymond Ray get a room alreadA! Not everything is a plp conspiracy and not every completely delusional moron is “Betty”. Give it a rest for once.

By: Kangoocar

Kangoocar — Wed, 18 Mar 2015 18:00:30 +0000

@bill aka Betty !!! Why don’t you take the lead and stand up against the OBA??? You can simply buy this huge mess that YOU and YOUR plp made and you will be a genuine Bermuda hero for saving the tax payers another huge cost made by yourselves!!! Come on, show us what a stand up guy you are???

By: O'Brien

O'Brien — Wed, 18 Mar 2015 17:37:40 +0000

Put your thinking cap on. What would happen to property values if government flooded an already depressed housing market with 40+ units at bargain-basement prices?

Government would be wise not to take your advice.

By: Rasta

Rasta — Wed, 18 Mar 2015 17:06:54 +0000

The Grand Atlantic, a reminder why we should never vote PLP !

By: bermyluv

bermyluv — Wed, 18 Mar 2015 16:47:51 +0000

I can assure you that the one resident who purchased probably paid closer to the 300K number you stated then what they were listed for and made out like bandits off of our taxes from this deal. People just weren’t interested in purchasing, even with nothing down. But if they are going for 150k now, I would even get one. 9 million is way too low.

By: LiarLiar

LiarLiar — Wed, 18 Mar 2015 16:45:27 +0000

Which means that the PLP seriously overpaid for this development in the first place.

No surprise there.

Imagine if they actually built the 3 star hotel they promised as part of the development.

By: serengeti

serengeti — Wed, 18 Mar 2015 16:44:27 +0000

Nah. he might have a ‘CFA book’ but he’s no CFA.

By: bermyluv

bermyluv — Wed, 18 Mar 2015 16:42:27 +0000

Smart investment means paying the right price. I would buy one of those for 100K and rent it to tourists, if they came. I would probably make much more than my investment back before they fall in the ocean in 25 years. Buying a home to live in vs. buying a property for investment are completely different propositions.

By: serengeti

serengeti — Wed, 18 Mar 2015 16:41:51 +0000

Because it isn’t “all there”. The OBA didn’t say this stuff. A few people did, and another few people disagreed with them. And now you’re trying to make it sound like it was an official OBA stance or something. It wasn’t, and it never was.

But prove me wrong. Give us some links.

By: serengeti

serengeti — Wed, 18 Mar 2015 16:39:27 +0000

You recall things that didn’t actually happen. That’s the problem.

If you think they did, give us the links.

Links, or they didn’t happen.

By: LOLOLOLOLOLOLOL

LOLOLOLOLOLOLOL — Wed, 18 Mar 2015 16:31:06 +0000

I understand you and you have a point. Still a wall will not stop nature from tearing that down. The thing is the whole site is unsafe, period, nor will it ever be.
The crucial thing you are missing though is that the idea of it being unsafe was pushed by both the BHC and the then opposition and now fast forward to today, the entire site gets a thumbs up for further development despite the protests of the past.
Why now all of a sudden, is no one standing by their original thoughts and criticisms? That just leads me to believe that people will say anything to gain others support. That goes for both the PLP and the OBA by the way.

By: iabingi

iabingi — Wed, 18 Mar 2015 16:18:25 +0000

What’s your point, the development is there..what are you suggesting that we do with it ?

By: bluebird

bluebird — Wed, 18 Mar 2015 16:16:46 +0000

As martin luther king said,our biggest problem is MASS ignorance.

By: Come Correct

Come Correct — Wed, 18 Mar 2015 16:14:01 +0000

What part of building a larger barrier wall, to stop wave erosion, don’t you get? No erosion, no loss of property value.

By: Come Correct

Come Correct — Wed, 18 Mar 2015 16:10:14 +0000

I answered you and you move the goal posts. Who cares what armchair engineers had to say about it, facts are facts. It also doesn’t even take an engineer to know you can go down there and dig a cave in the cliff using your hands. The cliff is eroding, that was and still is a fact. The new developer will now build a larger barrier wall. Its really that simple.

By: jt

jt — Wed, 18 Mar 2015 16:03:38 +0000

There are several avenues for the investors to make money and lose money with this project and they go beyond, but certainly include, the potential for the property to appreciate or depreciate in value. It is, of course, up to them to assess the risks involved.
A home owner’s ability to benefit from their investment is relatively limited by comparison. And in a case where the target market was lower income purchasers it’s fair to say their appetite for risk tolerance would be significantly less than those presently involved.

By: Another idiot

Another idiot — Wed, 18 Mar 2015 16:03:14 +0000

So tell us why the Reefs Hotel hasn’t fell into the ocean? Stop being a ****.

By: SMH

SMH — Wed, 18 Mar 2015 15:57:08 +0000

Seriously? What’s the article called because I can’t find it?

By: Real talk (original)

Real talk (original) — Wed, 18 Mar 2015 15:51:09 +0000

You need to check your math there mate. Even a decrease in the value of 35% is 27million. Nowhere near the 9 million (spread over 4 years no less so factor in inflation , etc) that the government seem willing to accept for it.

By: Bill

Bill — Wed, 18 Mar 2015 15:29:22 +0000

talk about give it away!!!! Where is Bob Richards? How is this responsible fiscal management? We the tax payers will have to pay off the 36 million minus 9 million!! Again, we the taxpayer will have to pay this off, all so Bob and the OBA can say at the next election “we balanced the budget despite the nah Sayers”.
PEOPLE WE NEED TO RECOGNIZE WHAT THIS OBA GOVT ARE REALLY DOING and STAND UP!!!

By: aceboy

aceboy — Wed, 18 Mar 2015 15:25:19 +0000

As has been pointed out…part of the new development plan is to shore up the cliff face. It would NOT be safe without doing that.

I don’t think people balked at those units because the OBA told them they were unsafe. That would be a decision people would have to make for themselves. How can you blame the OBA for people NOT buying. Why would a PLP voter listen to the OBA and not buy???? Makes no sense at all and is a pure smoke screen for the slamming of efforts to get *something* out of this hideous monument to incompetence.

By: LOLOLOLOLOLOLOL

LOLOLOLOLOLOLOL — Wed, 18 Mar 2015 15:23:47 +0000

Interesting point of view. Still, if they didn’t sell based on your view, why are they now being marketed as a valuable tourism product?

What I gather from you comment is that as time marches on, the value of the asset will diminish, correct? That said, in the long term the investors in this site stand to lose money, a considerable amount. Doesn’t sound very promising and I would like to think that the investors made their money by making smart investments.
Then again, they could sell it off before its value decreased past the point of no return. In the end, who really knows…………

By: jt

jt — Wed, 18 Mar 2015 15:04:53 +0000

Are you really a cfa? Really?