Cheers!

Golfman Story

The buyers at the Madison Tower most likely also know that the carrying costs of their units will slowly eat into their expected profits.

Every unit that has been listed for rent in the last 6 months are still vacant.

Unit 2101 dropped from 12,000/mo to 10,000/month today. Lets see how quickly it rents.

Unit 1701 is still currently being offered at 10,000/mo…however…I feel that todays price drop for 2101 will force 1701 to cut their price in order to remain competitive.

Unit 1702 came on the market recently both for sale and rent. the Rent dropped from $6500 to $6250 I believe.

People with “deep enough pockets” 1. Don’t rent their places out for less than carrying costs if they EVEN RENTED IT OUT IN THE FIRST PLACE. 2. Understand the concept of “opportunity cost”.

Also…making a statement that they are making substantial returns on their investments is absurd. They refers to a collective. I’m sure that a couple may realize a return when they sell…but…in order to make a “substantial return”…they either have to 1. SELL the place…no return has been made until it is sold and a profit is realized…up until that point all you are doing is speculating. or 2. Rent it for a “substantial” amount over their carrying costs.

If you are referring to their “other” investments and not just their “investment” in the Madison Tower condos…I would have to pose the question…

Did ALL those owners show you their investment portfolio?

Nice try anyways…you wouldn’t happen to work in some sort of real estate related industry would you?