real estate

A Toronto Condo Bubble?

Toronto has experienced a virtual explosion in high rise condominium construction in recent years, especially in the downtown area. According to Bloomberg, Toronto has the largest number of high-rise condominium towers under construction in the world.  read more »

Second Thoughts on the Condo Market

Mega-builder Larry Murren, whose company (MGM Mirage) opened the "largest privately funded construction project in U.S. history" told WSJ (the Wall Street Journal Magazine) that if he had to do it all over again, he would reconsider the condo-residential component of the project. “We would have built about half of those units” at the new $8.5 billion "City Center" development.  read more »

Commercial Real Estate Bust of 2010

Coming soon to a market near you: a bust in commercial real estate that will make the subprime mortgage crisis look like a picnic. The other shoe drops in 2010.  read more »

One Homeowner, Two Mortgage Holders, No Lien!

I’ve been following this for a while and writing about it on NewGeography.com since March – not all mortgage-backed securities (MBS) are actually backed by mortgages. So when the homeowner goes into bankruptcy, there’s no way for the MBS holder to prove a lien on the house and the judge awards the bondholder bupkus.  read more »