Wasn't it just a few days ago when the NASDAQ "day traders" got wiped out? Another generation of get-rich-quicks just a few years behind the last. And the same lessons to be learned.
Hat-tip to Boston HP reader David for the link
The Hub’s jittery condominium market faces another storm cloud: hundreds of unsold units in new condo towers that brokers and mom-and-pop investors had bought early on in hopes of flipping for quick profits.
Some have exited, as planned, with thousands in windfall profits. But others may not be so lucky amid falling sales and dropping prices in an overloaded condo market, real estate executives say.
With the market sliding, a flood of condo flips could grease the market’s downward slide, executives warn.
“Putting more supply in a soft market, that obviously would create more volatility in prices on the down side,” said Thomas Meagher, head of Northeast Apartment Advisors.
“There are a huge number of flippers,” Kelley said. “If I didn’t close quickly, I would be up against 30 or 40 units in a matter of a week.”
December 23, 2005
Posted by blogger at 12/23/2005