Spoilsport McMotoko Strikes Again
My favorite MSM real estate reporter tells all -- about the bursting condo bubble -- in today's NY Times. "When developers in Arlington, Va., threw a party 18 months ago to showcase plans for Clarendon 1021, a condominium development that had not yet been built, 3,600 prospective buyers stood in line just for the chance to book reservations to bid on the apartments. Now, less than a year after the building opened, speculators in this and other buildings are putting dozens of units on the market at the same time, causing asking prices and profits to slip."
Labels: second homes