Archive 2007 January 22 - 31 The True Blue Conservative Review

The True Blue
Conservative Review

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Opps !!!!

Nationally new housing starts are up for the second month in a row and unemployment continues to seek a new low level, but pockets of the real estate market continue to suffer.

The Wall Street Journal recently reported on a condo-glut in Naples Florida where speculators are are stuck with unsold units. One lady has 17 of them - make her an offer. In washington DC according to the New York Times, condo developers have also over built and are converting there projects to rentals for far less of a profit or even at a loss.

Arround here things are also not so hot, the dirty little secret amoung Port Chester Realtors is that single family homes are languishing.

Even in Greenwich, which has a much more robust single family house market has a house on Stanwich Road , a year to the day, that if sold, and went to contract will sell at a loss of $135,000.00. This has been sending shockwaves through the Greenwich real estate sales community.

This should serve as a reminder that one can indeed lose money in real estate if the rosey projections, or if the plans change and one has to get out as soon as possible.

As we speak, Bruno "Makes Out Like A Bandit" Giofree has already shoved the massive multi-family Castle project down the throats of Port Chester tax payers. Now the guy that makes out like a bandit is well on the way of being approved for a second massive multi-family Mariner project.

When Bruno's foolish condo-glut hits the streets of Port Chester slowes down, it will further slow the Port Chester single family sales.

The single family homeowners wiil have to clean up Bruno's condo - glut mess through higher school and property taxes.

When this condo - glut becomes a rental apartment glut, the single family homeowners of Port Chester will probably be forced to build a new school.

Maybe we can call the school the Bruno "Made Out Like A Bandit" Elementry School.