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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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@Darrin
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I fee so sad for Trump that poor slob needs to be a beggar on the street to make his arrogant ideas come to real comprehension. Here's to wishing you go bankrupt and lose everything.
Darrin is Donald Trump's alias.No one else in the world would support a D-bag like Trump. As for your keen observation of true Americans and socialists, I guess we must be a nation of socialists because the Dems are leading again. Mwah ha.Good luck wiping yours, a-hole.
Darrin, you are a silly Republican and you do need spelling lessons. Your inability to spell correctly makes what you say meaningless.
Why is it only the Republicans are "True Americans"?
I think you are watching too much FOX TV. We know FOX is a real news station with the facts.
I am a Democate and I believe that I am an American!! What do you Republicans believe you are the only American!! We are all Americans!!
@Darrin - Republicans perhaps ought to take some spelling lessons.
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Trump does not understand marketing research and the tightness of Canadians. They are stingy. DUH
Darrin is awesome liek a real American should be, driving a Camaro and smoking a Marlboro and drinking a Bud. From a bottle. On the hood of the Camaro. With a PLayboy in hand. And a t-shirt that has the American flag on it and the words Live Free or Die on the back. Darrin you are awesome buddy.
The difference between Republicans(true Americans) and democrats(socialists) is Repulicans believe in personnel responsiblity and democrats believe everyone is to stupid to wipe there own ass. After reading the liberal posts on here, I think the democrats might have a point.