Boston condo flippers may be in too deep

The Boston Herald reports:

The Hub’s jittery condominium market faces another storm cloud: hundreds of unsold units in new condo towers that brokers and mom-and-pop investors had bought early on in hopes of flipping for quick profits.
Some have exited, as planned, with thousands in windfall profits. But others may not be so lucky amid falling sales and dropping prices in an overloaded condo market, real estate executives say.
Thousands of new condo units, in glitzy downtown towers and modest suburban projects alike, are opening up across the Boston area. And more than 10 percent of these units have been snapped up by investors of various stripes, according to Brian Rugg, who puts out an influential market report at ERA Boston Real Estate Group.
With the market sliding, a flood of condo flips could grease the market’s downward slide, executives warn.
“Putting more supply in a soft market, that obviously would create more volatility in prices on the down side,” said Thomas Meagher, head of Northeast Apartment Advisors.

Heh.