FHA Change Could Cripple Condo Recovery


For those willing to pay cash, the condo crash must be like taking candy from a baby.

MGM Mirage made headlines this week, announcing a 30 percent price cut on remaining condos in the $8.5 billion City Center project, which is set to open in December. The Journal also reported that it will be decades before more casinos are built.

On the other coast, luxury condos in the Boston area were recently auctioned off for between 36 and 64 percent of their original price.

Said one auction attendee , ""It may not be a number that the developer wants, but it's a number that he has to accept.''

One penthouse suite sold for $626,000, more than $1 million below than its original price.

Originally published