Well, in my small little alcove of Malibu were bidding up homes on the first week of hitting the market on $3 mil to $5 mil homes, I know cause I was there bidding too and got out bid each time. And this was face to face bidding. It is like chasing stocks, there is no value in it. Nobody was buying $1.5 million homes in Malibu at the time. So we sat pat. People buying these homes at the time could afford $18,000 to $25,000 mortgages and didn't care about interest rates. I was told by my realtor that credit is king. I told her, I have cash. She said they don't care. So in one way, they wanted to make the vig with the interest rate spread.
That's alright, an $18,000 mortgage was a tough pill to swallow for me.
