(Update to this post)
The Review Journal from Nevada. “Don’t call them layoffs. According to developer Donald Trump, roughly 70 employees at the Trump International Hotel & Tower were ‘impacted by changes in their schedules’ due to the slowdown in closing sales of the building’s 1,282 studio, one-bedroom and penthouse units.”
“Before the building was topped off a year ago, Trump had said all the units had been reserved by potential buyers who plunked down 20 percent nonrefundable deposits for residences that carried prices of between $700,000 and $5 million.”
“The current mortgage crisis, he said, has slowed the closing process. In June, Trump said sales had been completed on 250 units. However, a report by Deutsche Bank a week later pegged the closings at almost 200 units as of June 12.”
Ouch. 200 closings out of 1280 units. That's gotta hurt. Especially since they were all reserved over a year ago.
Any bets on how long it'll take to close on the remaining thousand or so?
[From the HBB]
Every now and then when your life gets complicated and the weasels start closing in, the only cure is to load up on heinous chemicals and then drive like a bastard from Hollywood to Las Vegas ... with the music at top volume and at least a pint of ether.
-Hunter S. Thompson
Dedicated to the other side of Las Vegas, namely; the sprawling, mad, incoherent underpinnings of the world's favorite destination. That, and the occasional ranting about nothing in particular. Follow @lavi_d_avegas
2 comments:
Furst to mention Lavi scooped this already last week with his 'butthurt ronery' past.
Maybe you can buy one for 5 cents on the dollar Lavi.
Wow, a 20% deposit on $5 mil is a cool $1 mil cash....I winder how many of those folks 'walked away'.
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