Lake Jordan Topics: Crazy high real estate prices
(Lake Jordan Specific)
87 messages
Updated 4/26/2023 4:22:12 PM
Lakes Online Forum
83,714 messages
Updated 6/29/2024 8:26:11 AM
Lakes Online Forum
5,198 messages
Updated 6/19/2024 3:45:44 AM
(Lake Jordan Specific)
12 messages
Updated 2/8/2014 5:06:38 PM
Lakes Online Forum
4,171 messages
Updated 6/27/2024 7:05:46 AM
Lakes Online Forum
4,261 messages
Updated 5/28/2024 6:31:10 AM
Lakes Online Forum
2,979 messages
Updated 6/26/2024 5:03:03 AM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
|
Name:
|
MartiniMan
-
|
Subject:
|
Crazy high real estate prices
|
Date:
|
4/5/2022 5:22:06 PM
|
|
That's exactly my thinking. The old adage is you make money on real estate when you buy it. I would add that you lose money on real estate when you sell it. If you had $1.6M in cash and wanted to buy this house you better be able to lose up to a third of it or more if you have to sell after the bubble bursts. There is no sound economic reason for a house to appreciate in value by 100% in one year. That is a bubble. That people are willing to pay these prices just goes to show you that a fool and his money are soon parted. That a person would buy a house like this for $1.6M and finance it just goes to show you that a fool and bankruptcy soon come together.
And again, it's a very nice house and I might be willing to buy it for around $1M but not $1.6M. And do I think they will get it? Yes I do. But I really hope the buyer has lots of cash and can hold onto it for decades so they don't lose their shirts. As for me, I think I will wait for the bubble to burst and maybe I can pick one up for a more reasonable price as I have the cash in hand.
|
|