The Mandarin Oriental Residences and Hotel was completed in late September. There are fifty condominiums in the mixed-use project and all were put under agreement (with great fanfare) prior to completion date. All buyers have closed on their homes, I believe.
As of this morning, ten of these owners have listed their units for sale.
When the first resales hit the market, I figured it was just a couple of buyers looking to flip for an easy profit.
But, twenty percent?
It looks as if each of the sellers will make a profit, if they get anywhere close to their asking prices, but after commissions (and capital gains taxes), not too much.
Is it simply a matter of owners flipping, or are they delaying plans from moving from their old homes, either by choice or necessity?
Who knows the real story?