Developer Stock on Sale – 50% off

by admin on April 1, 2010

Have you considered buying a waterfront condo but the price has just been out of your reach?In an unprecedented move, local developer has just reduced all of his remaining inventory by 50%.

The developer, Rheinholdt Holdings, said in a statement earlier today that “due to some personal family matters, I am selling off everything I still have stock in so that I can make time for my family.” Others that are more familiar with the matter say that there may be more at play here.

Rheinholdt Holdings has had its share of ups and downs. In 2006, shortly after Katrina, the investment arena in waterfront condo developments spiked, mostly due to speculation. Many investors saw the Mississippi Coast as the next big investment market and instantly moved in hoping for large gains in short term appreciation on waterfront condos. This may have been the case, but developers saw the ability to make large amounts of money very quickly and priced development units higher than what many real estate brokers thought they were worth (myself included). These developers were able to find brokers to represent them and sold hundreds of overpriced units, many of which are now in short sale or foreclosure status.

Developers that still have inventory are being forced to come down on their prices to more market acceptable ranges. People closer to the source say that the lenders that financed the construction of these waterfront condos are putting pressure on developer to get rid of them or face foreclosure of remaining assets. Request for comment was not answered by lending institutions or Rheinholdt Holdings.

Either way, given the deals on these units, I don’t think many consumers will care what the reasoning is – they will just want to buy them all up. At this price, it is a “no-brainer” whether you are looking for a new condo for personal use or an investment. If you would like to gain more information on these great deals, just look at the date this was posted and I am sure you too will realize that this is little more than an April Fool’s joke.

To all those that read on a regular basis – thank you for your business. I hope you enjoyed this prank 🙂

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