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Monday, September 23, 2013

Trump Tower facing financial woes as investors become anxious to sell

Investors in Donald Trump's "Trump Tower" in Toronto are becoming anxious to sell their new condo units.

Why?

Because nobody is buying.

Lots of Trump Tower units are for sale on the MLS for outrageous prices - trumped up prices - and they have been on the MLS for months with no buyers and very few interested parties.

The Trump Tower in Toronto is located at the corner of Bay and Adelaide streets, and has units available for $1.6 million.

But in a recent auction by Toronto-based Ritchies Auctioneers, a bid of $550,000 was the only bid and well below the owners minimum asking price.

The owner of the unit, a local real estate broker who invested in multiple units in the building, commissioned Ritchies weeks ago to sell the suite at a 30 per cent or more discount after seeing about a dozen other units in the building stalled on MLS for months with no buyers.

So now he needs to offload his investment at a reduced price, but even then nobody is buying.

Many potential new buyers are changing their minds and don't even show up to view the condo unit.

What is worse is that the executives at Trump Tower - the building managers, etc - are avoiding the media, cancelling viewings of units at the last minute, changing the venues of meetings, etc.

A media tour was cancelled last Tuesday by the executives without explanation and tried to cancel another tour for potential buyers.

In related news many of Donald Trump's investors in the past have tried to sue him - often unsuccessfully due to legal fine print - because he duped them into making a bad investment, taking the money and then leaving his investors hanging with properties they can't sell at the prices he promised them.

How do you think Donald Trump made his riches in the first place? By ripping people off.

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