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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (125215)	5/24/2008 8:34:19 PM
From: John Vosilla	Respond to of 306849

'To make matters even worse they appear to be building luxury condos, which there is no market for right now.' I noticed the same thing down here..3-4 new high end condo projects that were just sitting there with the land cleared through 2007 that you would think would never have proceeded have gone forward of late and are rising.. I guess they had to monetize or lose there original investment that is a ticking time bomb with the interest accruing monthly..my guess is they put even more equity into the deal, got the construction loan, taking a gamble the turn will happen when these get CO'd in another 12-18 months<g>