More Bubble-Related news, commentary, and research to ponder....
1. How to Survive the Coming Bubble - Or, should I say, "Coming Burst of the Bubble"? A very pointed commentary on how the combination of greedy builders, home appraisors, and lax lending standards have brought us to this. And advice on what to do.
2. St. Joe's Going Out of Business - A Major Builder up in the panhandle, after making money hand-over-fist the past 3 years, is suddenly calling it quits. What does this tell you about the state of the market (in our state)?
3. Top 4 Myths About Real Estate - Beautiful writeup by Shawn Tully from Fortune Magazine - on CNN/Money Magazine's website.
4. Greenspan's Commentary, August 2005 - This was a OVER A YEAR AGO, and he had it right, even back then. Many thanks to my buddy Joe out in Phoenix for locating this beauty. Quote:
"Mr Greenspan said that people were investing in houses as if they were a one-way bet, not allowing for the risk of price falls. He said 'history had not dealt kindly' with investors who kept ignoring risks."
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11 comments:
Man, you change the background more frequently than I change my underwear!
Seriously though - I love that story about the builder packing up shop.
"Go on, take the money and run!"
- Steve Miller
Yea, what color tomorrow? Purple with Green Highlights?
Great links - I love this site!
Thanks!
Saddled with too much debt? Why not refinance your home and owe more on it tomorrow than it'll be worth? Call today!
Yes, excellent links...
Greenspan - love him or hate him, you gotta love HOW FREAKIN' ACCURATE he was on this one.
Bravo, sir! Hope you're enjoying your "retirement" (i.e.; making $50K+ per speaking engagement - we should all be so lucky!).
Kind of interesting how story #1 relates directly with story #2. Builders were directly responsible for this runup, and now they're cashing their chips in, while the rest of us suffer.
Nice job, guys!
What the heck's gonna happen to the big looming waterfront St. Joe behemoth that graces Jacksonille's skyline? They just built that thing a few years ago.
Lots of building and breaking ground in Downtown Orlando. There are still many new high rise condos going up, up, up.
Yep, its everywhere - Tampa, Orlando, Miami, Palm Beach, Destin....they are STILL putting up condos. For example, in the Tampa Bay region, there are now over 10,000 condos on the market.
Beautiful story:
Smart-ass 20-something co-worker - always dispensing "expert advice" to everyone, has a very bad habit of gossiping and talking trash about people in the department. Anyhoo....he bought a one bedroom condo in the "up and coming" channelside district in Tampa last year. Price: $215,000 from a flipper.
Ha! What a joke - especially since, not long after he moved in, they built ANOTHER condo building right next to his, so his view now mostly consists of a concrete wall. I believe he'll break even in about 17 years - though he'll have spent an additional $50K in association dues by then...he he he!
Couldn't have happened to a "nicer" guy.
When do the FAR's August numbers come out?
Any day now - they're currently deep in their subterranean bunker, devising the next set of lies and half-truths to spew forth upon the unsuspecting populace. Per usual, the mainstream media will report it without questioning the authenticity of the numbers.
This outta be good one. Just make sure you're not drinking a glass of water when you first read the press release.
I can't wait to see the spin cycle rev up to high gear.
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