the wasserblawg

I posted last week about folks who buy condos at discounted rates, before construction starts in on the speculation that they can sell the finished product at a profit. The market downturn has soured those speculations and some of those buyers are defaulting on their contracts (not closing) or on their mortgages after closing (since they cannot sell or service the interest payments). Today, we look at a developer who wants to cut the speculators out of his project, hoping to maximize his revenues unit sales in the slow marketplace. The Trump Organization caused many eyebrows to rise last year when they announced they were canceling several purchase contract at Trump Towers. Certain "friends and family, including many of the sales agents and construction contractors were given the opportunity to buy condos at Trump Tower at discounted, pre-construction prices. Last year, when the Condo market slowed, Trump changed his mind, sending notices to those buyers announcing that they ...