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.