Word: condos
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...carpenter. With no work since July, O'Connor says, "It is a bad dream turning into a nightmare. Is construction dead? It's just horrible right now. No one expected this. It's a depression." He has a mortgage and is worried he will fall behind and lose his condo. "When I go to bed, I keep the TV on just so I have the noise. If it gets silent, I get a panic attack...
...Brown owns a four-bedroom, colonial-style home in Wrentham, Mass.; a six-room house in Rye, N.H.; three small condo units in Brighton, Mass.; and a time-share unit in Aruba...
Caballero says that is wrong. His story of the financial crisis begins not in the rising condo buildings or growing developments in Miami or Las Vegas, but in investment houses and offices of central bankers in Beijing and Riyadh. Caballero asserts that international investors, particularly those tasked with deploying the reserves of foreign governments, prefer relatively safe investments, which made the normally stable U.S. economy a natural hunting ground. The money might have gone into stocks, but after the Nasdaq and stock market rout of the early 2000s, investors' appetite shifted to bonds...
...East Village is a New York City neighborhood with a complicated vibe. It's a place where restaurant equipment wholesalers and ancient brick walk-ups rub shoulders with spanking new condo towers and hip hotels with signature martinis. Almost everywhere there are also traces of the hippie-Boho culture that settled in before the 1960s and does what it can to keep its flag flying. And for nearly 150 years one of the neighborhood's anchors has been the sturdy main building of the Cooper Union for the Advancement of Science and Art, a college where presidents from Abraham Lincoln...
...expecting a fast turnaround. Indeed, as Aria is opening, the venerable Binion's Gambling Hall downtown has shut down, and the Sahara just announced plans to temporarily close rooms in two of its three towers. One of the early selling points of CityCenter was that a slate of condos was planned to give the project some semblance of urbane flair. But the high-rise-condo market is in dire shape. Murren says MGM Mirage has 50% of its condos under contract, but it also recently announced a 30% price reduction to lure in new buyers as well a financing package...