Newly2b,
I was going to ask how far property dropped in So. Cal but you answered it before I could. I remember that crash particularly well as a few cohorts and myself did most of the architectural renderings in Ca. during the boom times, including commercial, residential tracts, and mansions.
We always wondered when the end was going to come and when it came it hit hard and swift and our industry turned to dust overnight. I was left drooling on the sidelines as well. Punkie is right that we did not drop nearly as much in No. Cal. But I'm wondering about this time.
A few years ago house hunters were combing the beaches looking for property. One offered a friend $8 million for his 50x50 beach front lot with basically a teardown house on it and then offered a neighbor $12 million for his. Both offers were turned down but we haven't seen these type of people since.
One thing that is happening here that was not predicted is that not only are the million and multi-million dollar properties comming down but the 3-4-5 hundred thousand dollar properties are starting to crumble and I am starting to drool again but this time with cash. As you say, It's not a bad position to be in.<G>
Benj
