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Apocalypse Now: Too Many Condos?

In a Times piece about how the glut of speculators are sending condo prices down because they're all trying to cash-out at once, Motoko Rich reports that more than 20% of the 250 units in Donald Trump's 120 Riverside Boulevard (right) are currently up for grabs on the resale front. In response, a witness to the Trump insanity filed this report:

I live near the sales office used for the initial sales in 120 RSB. There was a huge line the first day of folks with greed in there eyes. Almost everyone had condo appreciation and flipping on their mind, and when they couldn’t get access to a unit at the initial price they were angry but willingly paid the higher price. Even then it was apparent that most buyers never planned to move in. They sold out the entire building in record time. Trump must have known something as the building is of much lower quality than the other surrounding condos. Its amazing when prices go up everyone lines up to ….BUY. Hasn’t anyone ever read Andrew Tobias or Charles Kindelberger?They're the Elliman brokers who write the Luxury Letter, right?
· Farewell, Condo Cash-Outs [NYTimes]
· Trump Overcompensates at 120 Riverside Boulevard [Curbed]