The end of the world is here for condo developers. Watch the desperation as they try to unload.
You'll also start to see half-build complexes come to a halt... as investors bail, there are no buyers for $800,000 1000 sq. ft. apartments, and the developer's funding gets cut off
Desperation produces very interesting results. And promotions.
November 23, 2005
Buy a condo and get a free car?! Wonder why it's not a GM!
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Supposedly the apartment where I rent is going to convert to condos next year. Someone told me it was a great investment to buy.
Yet it seems awful funny that this whole area is scattered with apartments that were built as condos during the last great boom of the 80s. When the market tanked, property groups came in, bought the entire complexes, and rented them as apartments. I'm quite certain the buyers sold to the mgmt companies at distressed prices. I wonder why the newspapers won't print that story?
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