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Real estate kingpin Donald Trump is feeling the pain of the downturn in the global housing market. Buyers in one of his latest luxury condo/hotel buildings in Toronto began having second thoughts even before the ribbon-cutting ceremony.
Condos in the 65-story Trump International Hotel and Tower start at $2.3 million and hotel condos start at $967,000. Owners of hotel condos pool their rental income and share it. But according to the Wall Street Journal, at least eight of the investors in the hotel condos have contacted lawyers to try to back out of their contracts and recoup the $212,700 deposit.
Developer Talon International Development Inc. reports that 60 percent of the condos and 85 percent of the hotel condos have sold, which is fewer than Trump's other, similar towers. A spokesman for Talon told the Wall Street Journal that the weak global economy is to blame.
Toronto's condo market has been enjoying a bubble, but many Canadian real estate analysts are predicting a downturn, because the market has been saturated. Here in the U.S., luxury real-estate prices have been falling even as cheaper properties are stabilizing, according to the S&P/ Case Shiller report last month. Perhaps Canada can look to the U.S. for a cautionary tale about overbuilding during a housing bubble.
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Ha ha
the fcking Country Club RepibiCons
Mr. Hair-rug himself along with R-money are two sluppers this great country does not need or want!
to Patty:
your comments are wrong. I'm a democrat,did not vote for Obama,own my own business for the last 22 years,been married for 36 yrs,and i am college educated. I think you're a bigot and should measure your words before putting them in print.
to Patty:
your comments are wrong. I'm a democrat,did not vote for Obama,own my own business for the last 22 years,been married for 36 yrs. I think you're a bigot and should measure your words before putting them in print.
Get over it. Reagan has not been president for a long time. Stop blaming Reagan and Bush for the country's troubles. Put the blame where it should lay. Hussein Obama is ruining this country and democrats (90 percent on the dole and welfare of some kind) are too stupid to get jobs, hold jobs and support themselves and have no education or principles, but they are still allowed to elect a president who won't salute the flag, show any respect to America, and is married to the biggest racist in the world and is destroying this country. All democrats are idiots!!!!!!!
The Bum Trump needs to tend to his finances instead of running around trying to figure out where the President was born.... Even the pasted on smiling face of Romney doesn't want him near his campaign.
By the way: If Reagan had Alzheimer's one year after leaving office, who was running the country in his last 4 years?
The rumor is floating around in NY and DC that Trump asked Obama to give him hefty tax writeoff (or distribute the burden of his losses among the tax payers) to compensate for his massive losses in Turkey and Toronto. Obama refused, that hurt Trump's ego, that's why he is mad at Obama.
We will have to wait for the truth to come out.
to all 3 what does Reagan Obama or the republicans
have to do with a failing investment in Canada?
Aah Ronald Reagan....if the GOP would quit saying no to every job bill that comes along...had the GOP not had their big meeting and all agreed that they would stop Obama from be able to do anything their may not be such a need for assistance.. yes, this information came from a Republican and Newt admitted he was at the meeting...Just tell the truth and put the blame where it belongs...aah!!!!
Aah....May a liberal Obama ass kisser, who is jealous of anybody who does not depend on somebody else to take care of their every need in society. Don't forget, your food stamp allotment should be arriving soon!
Trump aah Captain Comb Over is just a publicity seeker who makes stupid remarks and likes to see himself in print and on the TV. A narcissist! ABSOLUTELY!!?!