A few months ago, I did an Internet search for businessmen who became presidents. Some were senators and congressmen before becoming president.
But, these supposed businessmen who were elected president had one thing in common: They were all in the lower half when ranking them as successful presidents. (I think the highest was 26.)
Anyway, on the opposite end were the successful Presidents. These men all had one thing in common: they were failed businessmen.
And, by far the most successful president ever was even considered a failed lawyer.
Go figure. (Or, Google this yourself to verify.)
Now, as for Trump's "Successful" Las Vegas Tower. People may look at it and wonder how this became so successful.
Well, it was headed into foreclosure in 2010-11. How do I know this? Well at that time, a Los Angeles real estate investor client, called me to ask if I could do him a favor and get him quality comps for the Las Vegas Strip condos.
I asked, 'Why?" (The reason I asked is because I don't sell residential real estate -- at least not individual properties.)
Anyway, he told me that the bank holding the note had contacted him to see if he'd be interested in acquiring the loan.
(Now, this is not unheard of since lenders do this all the time. (It's one of the factors that led Wall Street into their collapse in 2008.))
Anyway, I got the condo comps and sent it to him.
He decided to NOT purchase the loan because, upon receiving the comps, he knew the bank was asking way too much per unit for him.
Later, when talking to this very same investor about another property, I asked what had happen to that loan.
He said that he was told by the bank that Phil Ruffin had paid it off.
(Apparently, Phil still owned the land separate from the tower and wasn't going to chance losing his investment in the land to the bank foreclosing on the tower when the condos didn't sell.)
So, if Phil didn't mention this as a Trump success at the Republican Convention, I guess Phil would know first hand.
Lastly, I doubled checked the ownership on this property recently and most of the units are currently owned by Hilton Vacation Timeshares. Phil sold the remaining unsold condos to them after he had started to use this building as a timeshare component of his TI Resort Property.
So, if Trump is heard talking about how successful his Las Vegas Tower has been, remember, here is another building with the Trump name on it where he only owns the condos on the 33rd floor.
I guess getting your name on a building you no longer own is something to brag about.
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
But, these supposed businessmen who were elected president had one thing in common: They were all in the lower half when ranking them as successful presidents. (I think the highest was 26.)
Anyway, on the opposite end were the successful Presidents. These men all had one thing in common: they were failed businessmen.
And, by far the most successful president ever was even considered a failed lawyer.
Go figure. (Or, Google this yourself to verify.)
Now, as for Trump's "Successful" Las Vegas Tower. People may look at it and wonder how this became so successful.
Well, it was headed into foreclosure in 2010-11. How do I know this? Well at that time, a Los Angeles real estate investor client, called me to ask if I could do him a favor and get him quality comps for the Las Vegas Strip condos.
I asked, 'Why?" (The reason I asked is because I don't sell residential real estate -- at least not individual properties.)
Anyway, he told me that the bank holding the note had contacted him to see if he'd be interested in acquiring the loan.
(Now, this is not unheard of since lenders do this all the time. (It's one of the factors that led Wall Street into their collapse in 2008.))
Anyway, I got the condo comps and sent it to him.
He decided to NOT purchase the loan because, upon receiving the comps, he knew the bank was asking way too much per unit for him.
Later, when talking to this very same investor about another property, I asked what had happen to that loan.
He said that he was told by the bank that Phil Ruffin had paid it off.
(Apparently, Phil still owned the land separate from the tower and wasn't going to chance losing his investment in the land to the bank foreclosing on the tower when the condos didn't sell.)
So, if Phil didn't mention this as a Trump success at the Republican Convention, I guess Phil would know first hand.
Lastly, I doubled checked the ownership on this property recently and most of the units are currently owned by Hilton Vacation Timeshares. Phil sold the remaining unsold condos to them after he had started to use this building as a timeshare component of his TI Resort Property.
So, if Trump is heard talking about how successful his Las Vegas Tower has been, remember, here is another building with the Trump name on it where he only owns the condos on the 33rd floor.
I guess getting your name on a building you no longer own is something to brag about.
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.