Shrinking Bubble?
sometime last summer I posted a few items wondering if the real estate frenzy was an actual bubble- so I feel obligated to update. It seems that the rush on yet to be built condos was indeed a bubble, fueled by speulators. Now that some are wanting their profit, of course the market is falling.
will this same scenario apply to a the rest of the housing market? stay tuned.
Farewell, Condo Cash-Outs - New York Times: "Of 23 investors who sold since Clarendon 1021 opened last summer, the three most recent sellers actually lost money, after paying all fees, and average profits in the building have declined since August, said Frank Borges LLosa, owner of FranklyRealty.com.
The Great Condo Gold Rush is fading from memory and the Great Sell-Off has begun. 'Money Down! Motivated Seller, Want More? Just Ask!' screamed an investor's online advertisement last week for a one-bedroom apartment in Clarendon 1021 that had never been lived in."