Wednesday, July 30, 2008


(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]


The_Scum said...

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.

The_Scum said...

Wow, a 20% deposit on $5 mil is a cool $1 mil cash....I winder how many of those folks 'walked away'.

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.