developers just got the go ahead to build 29, $250K-$450K townhouses on the end of the lake, 200yds on their left is the sewage treatment plant and 200yds on the right is a large salt factory. but it's beachfront property.
Is the condominium sector a detectable percentage of the housing industry?
my heart bleeds.
Vulture alert “a North Miami Beach real-estate attorney. He is suing several developers to help clients get out of contracts.”
No doubt about it, the sharks smell blood...the media hyped foreclosure ‘crisis’ will provide a lawyer welfare program to rival OJ, Hussein, Election fraud, lobbying, insurance scams, etc all wrapped in one nice bundle!
Hopefully we’ll be spared the BS “I made $200,000 last month with other peoples money” commercials.
This shows the utility of the cooperative apartment as practiced in New York City
Our Board of Directors figured out what was going on, and said that all purchases must be for at least 20% down.
Of course, we’re relatively liberal. The fancy buildings require all cash and a net worth of five times the value of the apartment.
But you won’t see a crash in Manhattan coop values, because we didn’t allow every idiot to buy in.
and I should have taxes extracted from my wallet spent on mitigating that risk because .... ????
The same thing happened to the housing market - especially condos - in the 80s. People started buying condos as “investments” thinking they could turn around and sell at a profit, but they bought at the height of the market, and got stuck when prices started falling.
I wonder if it’s the same people?
developers just got the go ahead to build 29, $250K-$450K townhouses on the end of the lake, 200yds on their left is the sewage treatment plant and 200yds on the right is a large salt factory. but it's beachfront property.
I recall looking at condos in Telluride in about 1979 with my old man. He snorted in disbelief that a condo at the base of the chairlift would cost as much as $35-40,000, along the lines of, "Why, you could buy a decent 3-bedroom house for that at home!"
Of course, those condos now sell for well over a million dollars.
Another place I have seen this happen is at Coronado Shores, just south of the Hotel del Coronado in San Diego. These were condo high-rises on the beach, built in the 1970's before there was a Coastal Commission. There will never again be buildings of this sort allowed within a mile of the California coast. Time was when you could buy a 3-bedroom condo at the Shores for 50 or 60 thousand; now they are 3 million for a good one.
Location is everything. If it's a crummy location, it will always be a bad investment.
-ccm
Anybody wanting to see this in action need only drive to Panama City Beach. Several unfinished condos with just the skeleton of the building been sitting there for over a year.
I took a financial bath on my Silicon Valley condo in 1998. Condos aren’t the investment standalone homes are. Still, I enjoyed the lifestyle.