Lakefront Mansion Price Cut by $25 Million, article.
... This is just in case anybody is still under that old illusion that real estate is a "safe" investment.
People don't learn so fast. I'll bet that the next time real estate has been booming for a decade or so, there will again be lots of people who will believe the suits at the seminars who tell them that it will continue forever, and that it's a certain gold mine.
Even so, in many places like Europe/UK, the housing crash was really only half a crash, many markets are still simply too high for the majority of potential buyers. So many experts are waiting for the second shoe to drop, and it may be a big one, because this time governments can't dampen the shock with lower interest rates, they can't go any lower!
How can I afford not to buy that house? I'd be saving $25 million, which is more money than I ever dreamed I'd even have!
ReplyDeleteI know! Blow it on Roman statues and butlers just to hang around, and still have money left over to throw parties for M&M and Dali Gaga.
ReplyDelete"People don't learn so fast. I'll bet that the next time real estate has been booming for a decade or so"
ReplyDeleteI agree. For example, take a look at some of the stock IPOs that have been announced recently. It's Internet Bubble 2.0, only a decade or so after the first one.