60 Comments:
Making that the third article I've read about Clark Gassen in as many weeks. Very impressive.
»» Submitted by »»» alexis at 11:46 AM on February 6
Ugh.
»» Submitted by Luke at 12:06 PM on February 6
oh come on... he barely looks like michael j. fox.
»» Submitted by »»» xtine at 12:18 PM on February 6
Continuing my tradition of negative comments on MNSpeak, I can personally attest to this guy being a slumlord.
I rented from him for one year at 31st and Fremont -- he waited DAYS to fix the heat when the boiler went out in January, and then when the pipes burst because of that, it took almost a week to get that cleared out -- like Bush with New Orleans, the basement was filling with water, and he stood by doing nothing for almost a week.. I ended up as the one who actually cleared out the layer of dried-up basement funk that settled on the floor. THEN he shorted me on my CRP. When we finally left, after the lease was up, he promised to improve the kitchen for new tenants, but reneged.
That doesn't even include the electrical problems... half of our floor was on a single 10 amp circuit -- oh, and so was half of the other apartment downstairs. Xcel came in, declared the wiring "commingled" and said we couldn't take responsibility for the electric bill by law. Gassen didn't fix the wiring, he never followed through on a meeting to establish an electricity fee, so he tried holding that back from us when it came time to give back our deposits.
Every word of this is true. I wouldn't trust Gassen to watch my drink at a bar, much less shape the future of Uptown.
»» Submitted by »»» champs at 12:15 PM on February 6
I'm not impressed at all. I am scared that he and his posse will be cramming Uptown with even more overpriced real estate. Mpls will never be like Manhattan. Give me a break?! Anyone who thinks that deserves to be paying too much for their living quarters. Who is really buying all of these $300K units I see going up everywhere? I've also met Clark and I would not call him "fast talking". Michael J. Fox -- um, no way.
»» Submitted by FuzzUnit at 12:35 PM on February 6
I happen to live in one of Clark's/Financial Freedom's conversions in Kenwood, and while the price of my condo was a steal for that neighborhood, the hassles we've had to go through with Clark and FFR have been many and are still going on 2 years later. Our association is currently involved in a law suit with FFR right now that will probably be drawn out for years, and will be expensive for us. I also had the unfortunate experience of running into Clark at a bar once. He bragged about how rich he was, and about how he had treated his ex-girlfriend like shit (I found out later that he was in fact stalking her for awhile). Then he proceeded to ask me out, and got mad when I said no. What a charmer!
On a more positive note, there are a handful of elderly people who have lived in my building for 15+ years, and they have been allowed to stay and to continue paying rent to Financial Freedom. They were never forced to buy their apartment sor to move out.
»» Submitted by »»» annet at 12:40 PM on February 6
you guys make it sound like gentrification is somehow worse than unused surface parking lots
if you like the suburbs so much, stay there, and don't complain when a city tries to turn into an actual city.
»» Submitted by ryan at 2:00 PM on February 6
I'd like Mpls. to stay itself personally.
»» Submitted by Chul at 2:04 PM on February 6
So, overpriced condos and restaurants make a place an actual city?
»» Submitted by »»» moe at 2:09 PM on February 6
Have you ever seen this guy out at the bar. He is a big asshole who flaunts his money. Talk about wanting to be a target!
»» Submitted by Jim at 2:03 PM on February 6
more than empty parking lots and detached houses with front yards? yes, of course
minneapolis still looks like apple valley
»» Submitted by ryan at 2:10 PM on February 6
I hate unused surface parking lots. I also don't like rich assholes ruining my neighborhood.
Take, for instance, the Edgewater. It's huge! And yet, it has fewer units than the building it replaced. That's not urbanification, it's plain old gentrification.
I'd like to see minumum and maximum heights in Minneapolis, especially along Lake Street, which is a suburbanized wasteland of strip malls for too much of its length.
»» Submitted by Luke at 2:08 PM on February 6
I don't think anyone mentioned liking the suburbs.
»» Submitted by »»» annet at 2:10 PM on February 6
what are you talking about? i mentioned the suburbs.
also "I'd like Mpls. to stay itself personally" <-- the minneapolis of 2005? 1996? 1982? 1960? 1920? 1612?
since when is the last three years of where you live the ideal city? did minneapolis spend the last 150 growing, just to reach a zenith in 2006? yeah its' a utopia now. great job minneapolis. you're finished.
»» Submitted by ryan at 2:14 PM on February 6
The choice between an empty parking lot and a 10 story building is a false dichotomy.
Hell, 50 years ago, there was probably a great 4 story building where that parking lot is now, until some developer tore it down.
»» Submitted by Luke at 2:16 PM on February 6
exactly. it was the city 50 years ago that tore down most of downtown however (and gave the land to developers) and now the developers waiting on it until there's a point that they can build something at a profit. i personally like to see some action being taken.
after all, it's not like the buildings on lake and 13th were built in 1880 with the intention that an immigrant will come in in the late 1990s and start a realty business. it was probably built for a rich scandinavian male. a building has to exist before a city's culture can use it.
»» Submitted by ryan at 2:18 PM on February 6
I don't care how tall a building is or who lives in it. It matters absolutely not to any aspect of my life. Therefore I have a hard time tolerating comments about buildings being too tall or too full of "rich assholes." The graduation rate in MPS hovers around half - that's something I choose to worry about.
»» Submitted by Kevin from Minneapolis at 2:18 PM on February 6
My neighbor, a delivery truck driver, watched his life partner die because she had no insurance and couldn't afford a doctor. He might not be able to afford day care now, but he can't afford to quit his job. The neighbors are pitching in to help.
We live in the suburbs. Our block is populated with good, hard-working liberals, government and human services workers and people of all races and first languages.
You seem to bash the suburbs and everyone in them for aesthetic and cultural reasons. God forbid you'd have my life, right.
»» Submitted by Hort at 2:43 PM on February 6
Thandiwe was the solution, no?
Here's the real solution: PARENTS!
Look fellers, it's all market driven (real estate, development, etc.).
Get on board or get run over!
»» Submitted by bud at 2:47 PM on February 6
jeez mr sensitive here.
i'm just bashing the suburbs for the urban planning. i'm not bashing the people. some of my best friends etc. what i'm saying is that people should move there if that's the style of urban planning they like (yards, driveways, parking lots, strip malls etc).
lol @ peebles
»» Submitted by ryan at 2:51 PM on February 6
ok i'm done poking everybody. i'm going to work. if you want to yell at me or just talk look for the young guy with the beard driving the 6 bus.
»» Submitted by ryan at 2:54 PM on February 6
I'll say this: there's too much knee-jerk reaction from both sides when it comes to development. I know too many people who instantly hear there's a new condo going up and think it's bad news. And I hear other people who immediately assume any development is good for a neighborhood.
There's good development and there's bad development. Doy.
That said, I happen to think we mostly do the good stuff around here. (Sure, I want Let It Be back too. But sometimes change is change.) For instance, I have a hard time understanding why one could be against the Sears development. Whether they made it into low-scale rentals or 5000-sq-foot condos, it just seems so much better than what was there.
»» Submitted by »»» rex at 3:02 PM on February 6
'since when is the last three years of where you live the ideal city?'
That sentence isn't comprehensible. First of all, the 'ideal city' is not attainable, you can hope for it and work for it but it will never happen, so get over it. All cities have problems. What irks me though is this concept that some people have of making Minneapolis into something that it's not. It will never be Manhattan, or San Francisco, or Paris, it will always be itself.
That doesn't mean people should be content with the abundance of surface parking lots or the mediocre public transportation (which is a lot better here than in other cities), naturally the citizens should always be working for something better. But not to be a copy of somewhere else. Especially Manhattan (in my opinion it doesn't hold its own next to Buenos Aires or parts of Bogóta). Embrace the cowtown yo'.
»» Submitted by Chul at 2:47 PM on February 6
Wow, the daggers came out for Gassen quickly.
Just to echo Rex here - in the case of the Sears building, and many other adaptive re-use conversions, the end product is cheaper, and often less disruptive and a better fit for the area than tearing down and building anew.
They also fill a void in the marketplace - Many of these conversions are keeping people in the city that might join me in the dreaded suburbs, and keep in mind that even at $300.00 per square foot, this is still half of what we see on the coasts and even Chicago, and a relative bargain.
Seriously - we've got a million more people coming to Minneapolis in the next decade or three. We can expand ever outward, infill where we can, or some of both, but prices will continue to rise either way. Such is life in an aspiring metropolis.
Back to Gassen, if he indeed mistreated his tenants on his rise to the top, then he deserves a little shit for it.
Sounds pretty cool that he let the old people stay renting in that building.
As far as FF goes, was I the only one who questioned why almost every association fee, for every 1 bedroom unit, at very different properties, was always about $150? Seems like this was a quickie association put together to sell the building, and screw you if the boiler goes out next year, etc.
I'm not saying the super low assoc fees are illegal in any way. I'm just saying buyer beware and shame on you if you didn't want to research it.
When I looked at one of his units, I sent the property inspector up on the roof & down into the furnace room.
BTW Gas-baby, you've gotta tell your agents to update the MLS and return calls, even if the unit is sold. You're trying to build a company, right, not just get rich quick?
»» Submitted by russ at 3:23 PM on February 6
Being involved at the edges of this industry, I've heard from several subcontractors who've worked on Financial Freedom / Clark Gassen projects that they're instructed to do the work just so it lasts to the 2 year warranty or whatever it is in a particular building, and absolutely nothing beyond that. I would never buy one of his dumps!
»» Submitted by Coralee at 3:32 PM on February 6
It's pretty common for association fees to start out pretty low in conversions or new construction, when the building is under the developer's management. This goes for all developers, not just FFR. They low-ball the budget on purpose in order to have a more appealing association fee. Eventually the fees have to go up in order to maintain the building. After 1 1/2 years of living in my condo, my fees just went up 20%. Ouch.
»» Submitted by »»» annet at 3:38 PM on February 6
I'm buying a place with a $150 association fee (not from FF, though I have noticed their increasing presence lately). I thought it was outrageous, until I saw what some other places charge. Makes me think twice about wanting to eventually buy one of those fancy new condos. Do tenants have an ability to see an itemized list of what association fees are spent on so we can at least have some accountability?
»» Submitted by Kevin from Minneapolis at 3:51 PM on February 6
Personally, I love some of the condo conversions, though I can't even dream of affording most of them. However, to answer one question (who's buying them) and mention my primary concern with the trend -- I've see reports that 30 to 60 percent (though 60 percent is the exception, not the norm) of these condos are bought by investors who are hoping to hold them for a few years and sell at a profit, or rent them out. If that's the case, it seems more than a little problematic for the creation of a vibrant new residential community downtown.
»» Submitted by »»» richg at 4:00 PM on February 6
You can look at that two ways. 1) It's good evidence that a real estate bust is on the horizon. 2) It's good evidence for diversifying classes within a single property.
»» Submitted by »»» rex at 4:28 PM on February 6
I'm praying it doesn't result in as big a bust as it potentially could...
Regardless, I'm not really sure it counts a diversity if the only real difference between the residents is that one could scrape together enough for a down payment and the other can only handle the $2k rent. Either way we're looking at a relatively high-income individual/family.
On the other hand, if someone was setting up subsidized housing within some of these projects, as a couple of the early Warehouse District apartment complexes did, it'd be a different story.
»» Submitted by »»» richg at 4:33 PM on February 6
30-60% investor concentration is on the high side, at least in our market.
Most quality associations will limit investor concentration to less than 50%, with no single investor allowed to own more than 10% of the units. Any higher than that and new/future buyers will have trouble getting financing (thus limiting the future marketability/appreciation of the project as a whole) - those percentages are based on Fannie Mae/Freddie mac underwriting guidelines, which govern 90-95% of all mortgages.
In my experience, I've seen only a handful of projects even approach 30% investor concentration, but it is a must ask question when considering a purchase.
Huh, that's really interesting. I had no idea it was getting that high.
Wish I had thought to ask that before plopping down a ton of money on a new condo. :(
»» Submitted by »»» rex at 4:45 PM on February 6
Look, folks, if you buy near our cities' 'amenities', and the population growth projections keep tracking, you CAN NOT lose.
Just be sure you can handle the payments.
The miracle of appreciation will do the rest!
»» Submitted by bud at 5:01 PM on February 6
Being involved at the edges of this industry, I've heard from several subcontractors who've worked on Financial Freedom / Clark Gassen projects that they're instructed to do the work just so it lasts to the 2 year warranty or whatever it is in a particular building, and absolutely nothing beyond that. I would never buy one of his dumps!
That's some serious slander, Coralee. Not cool.
»» Submitted by »»» alexis at 5:02 PM on February 6
Not to mention it's patently ridiculous.
»» Submitted by »»» richg at 5:10 PM on February 6
True. Maybe someone merely "involved at the edges" of the real estate industry doesn't know the severity of a statement like that. Sure did rub me the wrong way, though.
»» Submitted by »»» alexis at 5:24 PM on February 6
I know for a fact that Gassen backed out on the kitchen improvements he promised because "that property's never made me any money".
Take my word for it, Gassen isn't a urban development maverick, he's just a new spin on the 1980s corporate raider. Maximize profit, then dump.
»» Submitted by »»» champs at 5:17 PM on February 6
He may (anecdotally) renege on promises and not play nicely with others, but Alexis is right -- slinging allegations that scream breach of contract and unsafe practices isn't really a stellar idea.
»» Submitted by »»» richg at 5:39 PM on February 6
Hey Bud, you wanna buy some Amazon.com stock? I'll even give you some nicely appreciated 2001 prices!
»» Submitted by »»» rex at 5:48 PM on February 6
Too late, I already sold him a few thousand NetRadio shares.
»» Submitted by »»» richg at 5:57 PM on February 6
Kevin, in answer to your question about how the association fees are spent: all homeowners recieve copies of the proposed budget each year, very specifically itemized. If you're on the board (which I am, because I'm a nerd) you get these itemized statements monthly. Even if you weren't on the board, you could request this information at any time from your management company. I think having a strong management company is really important, because they will be in charge of tying up any loose ends after the developer moves on.
All slander aside, I'm very happy with my condo and since I bought it for such a low price, I will hopefully make a decent profit when I sell in the next couple of years. Prob'ly to one of you suckas =) ha.
»» Submitted by »»» annet at 6:40 PM on February 6
By the way, I'm also involved at the edges of the industry, as I go on Edinarealty.com like EVERY WEEK.
»» Submitted by »»» annet at 6:47 PM on February 6
Just speaking from experience,yo.
»» Submitted by bud at 10:22 AM on February 7
Oh mnspeak, why are you so knowledgable?
»» Submitted by »»» taylor at 10:46 AM on February 7
You don't want to be skimping on association fees.
It just means that you'll be hit with a huge assessment five years down the road when the boiler craps out, the roof starts leaking, and raccoons take up residence under the porch. And they will. Especially on a cheaply done conversion of a marginal rental property.
Much better to have the money set aside in advance.
»» Submitted by MunsingW at 11:41 AM on February 7
Speaking of association dues, you should also get a proposed budget in the condo docs you receive before you purchase your condo. The state of MN gives you 10 days to cancel any purchase agreement after receiving the condo docs...it's a great buyer protection (providing you, the buyer, actually read thdocs or pay an attorney to read them for you).
»» Submitted by »»» katlee at 3:07 PM on February 11
There are 2 type of people in the world, risk takers and people who stand on the side lines and watch. I love that Gassen took a risk and followed his dreams. People who step outside the box in the business world are bound to upset a few people on their way, so everyone who is complaining need to relax and get realistic. Minneapolis is a great city and I love that people are investing in it & making it a better place.
I have heard great things about FFR and they offer unique & amazing projects. To bad negativity spreads faster and further than positive remarks. Good work and keep it up!!
»» Submitted by MKate at 9:01 PM on February 12
Who knows more about this lawsuit against Financial Freedom? I'm working on gathering information right now to bring before an attorney to see if we have a case against them. Namely: I somehow bought a condo that has an illegal means of egress and a good friend of mine just discovered a huge mold problem. I, personally, am tired of Financial Freedom not being responsible for the work that they do. If anyone knows more about this lawsuit, or wants to know more about the potential lawsuit we're bringing against them... let me know.
»» Submitted by »»» runner27 at 11:00 AM on February 13
I am Clark Gassen's Mother and I think that he had tons of guts at age 28 to try and make a place he loves more accessable to more homeowners. His family, brother and sisters and parents are very proud of him. It's hard to please everyone all the time but Clark you deserve a lot of credit for your insight.
I love to. MOM
»» Submitted by Patricia Hitchler at 6:51 PM on February 14
I've been hearing my name come up on this website so I thought I would check it out this morning. I want to thank everyone for your comments, either negative/positive. If anyone has a problem with their unit or a problem with me feel free to call my office (612) 825-8818 or email me at cgassen@ff-realty.com. I would love to sit down with you and take care of any problems you may have in your unit.
I'm not a bad person and believe Financial Freedom Realty is doing great things in the community. Have a great day.
»» Submitted by Clark Gassen at 8:31 AM on February 15
CG... thanks for making my dream of seven figure home ownership your passion!
»» Submitted by MLR at 11:11 AM on February 15
Clark has done positive things for the community. He should be commended. As for those looking for a free lunch (via lawsuits), try hardwork. As for the complaints about the units... valid ... but i'm sure if you speak to management as we all do, your concerns will be addressed. In the words of the true PIMPS " Don't hate the player... hate the game!"
Personal friend
»» Submitted by big time at 7:00 PM on February 15
i cant get on mns
»» Submitted by alyce at 6:43 AM on March 9
The Minneapolis Lakes neighborhood is one of the most desirable neighborhoods in the country. Market forces are driving up the value of properties in this neighborhood and it will continue.
Sure, lots of people would love to live in the nicer areas of San Francisco and in places like Malibu, but the prices are just too high for most people. So Clark Gassen or anyone else developing properties in desirable areas are not the cause of people getting kicked out of their apartments. The cause is the demand for properties in those areas. Clark, in fact, has made it possible for many people to buy a home in an area they desire. And home ownership is good for a neighborhood. And higher density population is also necessary for reversing the trend of urban sprawl and the consequent traffic and other problems that come with that.
There is always resistance to change. In fact, I was not originally supportive of the Mall of America. I did not think it was going to work. But it has been a huge success.
»» Submitted by a friend at 11:13 PM on March 12
Jesus, I'm in PR and even I'm getting sick of hearing the party line here. Give it a rest -- this thread is old and dead.
»» Submitted by »»» richg at 11:33 PM on March 12
I purchased a condominium from Financial Freedom over a year ago and they still have not finished their required work. Simply put, Financial Freedom is the worst company I have ever dealt with, in all areas: ethics, punctuality, craftsmenship, etc... All concerns have been sent in writing to management, and there has been little follow-through.
»» Submitted by Kyle at 3:04 PM on October 29
I met clark this week. one comment. don't hate the player, hate the game. clark is doing you a favor by up grading the uptown area. the mozaic will be a nice addition to the area.
»» Submitted by nc at 9:34 PM on August 3
I've known Clark since high school. He's the hardest working con man out there. He's not a good person, a good friend or good anything, but you can bet on him stabbing you in the back. But what goes around, comes around. Can you say "BANKRUPTCY." Goodbye FF, you've done an amazing disappearing act.
»» Submitted by LB at 10:22 PM on October 14
I have also known Clark since high school and he has never done anything that was not to his benefit. He was the guy to make fun of the handicap students to get a laugh. He is an, arrogant, cruel, soulless individual. I have to say that I am not sorry to see his demise. Karma at it's best!
»» Submitted by Ug! at 11:02 PM on October 29
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