Replies to post #2771 on Zeev's Turnips Patch-No Politics (ZEEV)

[Patrick Bateman]

We'll see but I cringe whenever i hear, no matter what the investment vehicle, that it can't go down..only up

Virtually Yours,

Pat Bateman

[warawls]

What is Greenspan's taked on R.E.?
Thanks,
Ashley

[Bruce A Thompson]

Bernie,

I moved to Cape Coral 3 years ago. I bought a 3/2 house on a 200' wide canal 1 block from the the river for $165K. I thought I was being boar hogged. In the last two years, 4 of my neighbors have torn down their houses and built 5,000 sq ft mansions. Three months ago, an investor paid $250K for the house next door, bulldozed it and put the lot up for $350K. Took 10 days for him to get it. This market is nuts!

BT

[Newly2b]

I'm a Realtor in So. Calif. area, and I well remember the bursting of the housing bubble out here in '89. My own home lost nearly a third of its value. I bought that house at the top in '89 (great timing!), and had to wait until 2001 to sell it for breakeven!

Like the stock market, what goes up must come down. However, with a continuing growth in population, housing being a necessity, it never dies completely. Like the market crash in '29, the housing crash of '89 in Southern California with its massive price deflation, was a once-in-a-generation occurrence IMO, and the lessons learned by those who experienced it will not be easily forgotten.
Newly