Word: localizes
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...driven by speculators, interested only in trading - or "flipping" - incomplete units, which often sold for more than completed buildings, and might get flipped 10 times before construction finished. "You can't believe how crazy this was," says Robert McKinnon, head of real estate research at Al Mal Capital, a local investment firm. "Everyone knew it was like a game of musical chairs. When prices were going up and there was liquidity, you could get three offers by the end of the day. But when prices went down, liquidity dried up, and you got stuck...
...longer a resale market. "I've got no space; no one has any money; and no one's buying," says one. A government-run auction is doing a brisk business selling vehicles that have either been repossessed or been abandoned by their debt-ridden owners at the airport. Local website classified sections are filled with desperate ads offering entire household furnishings - often practically new - for a song. "Relocation forces complete sale of all furniture and household items," reads one. "Massive savings...
Mohamed, the Scottish real estate broker, is thinking of leaving too. His company is declaring bankruptcy, he says, and security guards recently prevented him from removing furniture from his office because of a rent dispute with the landlord. A local bank keeps calling to ask for the whereabouts of a former employee, a male nurse from Edinburgh who came to Dubai, hit the nightclub scene, bought a Porsche convertible, and then fled home after a week on the job, leaving about $115,000 in debt. "What were [they] thinking, loaning ?80,000 to a 24-year-old with no stable...
...hectares) next to a golf course. Noah lived in Residence 14, one bungalow among about 50. In recent years, as the state has embraced a program known as Community Care, with the goal of moving developmentally disabled adults, including the severely autistic like Noah, from state facilities to local supported-living homes, these bungalows have been gradually shuttered. The money spent maintaining vast complexes like Fairview, the state believes, should instead be filtered through local agencies. Many of the higher-functioning developmentally disabled or autistic adults were never put into the state system to begin with, leaving the more difficult...
...just wanted to gather and remember our babies.' ZHOU LIANGPING, of Juyuan, China, after local officials blocked memorials at the town's middle school marking the anniversary of the May 12, 2008, earthquake...