Friday, February 17, 2006

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."

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