[quote=briansd1]. . . The bubble heads were saying the buyers bought for retirement in the “best downtown in the country” and they would never sell. Results: foreclosures galore.[/quote]
brian, I was working in a dtn firm in 2004 where several boomer employees were “downsizing” from their longtime family homes to dtn condos. I’ve always been bearish on condos, saw all the construction that was going on and wondered where all these buyers would come from (esp. in East Village). I didn’t voice my opinions to these co-workers because it would have been politically improper in that workplace to do so. My boomer-neighbors in 91902 who downsized to WWII boxes in 92106/92107 fared a whole lot better than the boomers that downsized to dtn. The several neighbors I am referring to did so in 2001 or before.
It’s foolhardy to buy into a condo project that is unfinished and where most of the units are not sold. You could find yourself living practically alone in a large building with an insolvent HOA.
