Do you have some sort of reading comprehension problem? No where in my post did I say that there was a CURRENT boom-bust in any state. I clearly stated my RE experience from at least 26 years ago. However...I'd disagree with the contention that there's no relative minor bust in Las Vegas or parts of Cali...and Fla and the ATL among other places. Yet to repeat...soon there will be a time where the conditions will be right to start looking around for bargains.
I just bought an interest in a Commerical property in Scottsdale which is spinning off 15% currently. I can last a long time a that yield.
vix above 30 if the stock mkt crashes today or mon .....real estate could get pounded much further the implosion continues
yes it seems like it could be the end of the world when bsc drops 50 percent in value in one day as oil hits 111 pr b gold 1000 oz foreclosures at 40 yr high job losses mounting 2 months in a row credit mkts frozen...no loans private equity finished....party over bx new low lehman under massive pressure major real estate developers folding... muni markets swinging wildly homebuilders desperate and bankrupt fed quickly lowering rates....yet rates mortgage....rising hedge funds imploding left and right so yes the only thing that can save us perhaps is god how else do we all get out of the way of the unwinding and deleveraging of 550 trillion dollars of complex issues
Funny you say that. You know, traditionally, real estate was a refuge during inflationary times. Whether one believes that the cost of real estate at its peak was warranted or not, can we agree that the devalued dollar is increasing the cost of materials in these properties? How much does it cost to build? I have a couple of 1 BR places that I rent out for $575 a month, and they are pretty nice. Recently an apartment complex was constructed and they are renting out smaller places for $790...they have to because the cost of materials and construction was so high. If gold gets chased to the moon, then were are folks going to park their money of keep it from being ravaged by inflation? I still say now is a hell of a time to buy, and people will figure that out once the newspapers get tired of reporting about the banking crisis. SM
SM The correct time to buy is when the numbers line up on a project to project basis. This concept should never be allowed to falter, whether it be intraday trading or building a building. regards f9