Quote:
Originally Posted by jlousa
Chandler acutally lost control of all the projects they were running over a year ago, he has a rap sheet for fraud in Arizona on a similar matter. His partner sued him for control of the existing projects but apparently too much damage was already done. The Hills was also one of Chandlers, luckily he won't be the one going forward with it as Holborn took that one over.
He was accused of selling the same unit to multiple people, as well as failing to place the deposits into trust as obligated by law. This isn't really a sign of the market hurting as it is of a dishonest individual. The biggest loser in this is his partner you is left holding the bag and will take a huge loss.
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Indeed these are actually signs of a market so strong it is in a sense hurting itself. It is attempting to grow so fast that the workers do not exist to allow it to grow at that pace. This is all causing skyrocketing construction prices, which were not anticipated by some developers, and their profits are disapearing to cover the new construction costs. All this is in turn driving prices higher and will eventually price enough people out of the market so that growth can return to a more sustainable pace.
The olympic (and related infrastructure) projects are not helping the trade market either.