I’ll watch. Unfortunately some people I know bought at the top in spite of my suggesting otherwise. I hope they don’t get burned but they are going to have to hold it and make payments for a very long time. They are stuck with it now and I am sorry but I told them so.
I won’t say I never saw such greed but this ranks right up near the top. Property I thought was too high in the summer of ‘21 is now asking and not getting three times the price. They can choke on it, I hope. It is mostly flood prone. Anybody that asks I tell them how many times I have seen almost the entire property under water. I laugh, the water is why I didn’t buy it a year ago. Being close to a development does not make it one.
I could have written that word for word. Every time I think I’ve seen peak greed, I’m proven wrong.
In 2016 I was called to inspect a 3,500 sqft waterfront (mostly swamp) house that was a flood rebuild from 2015. The 26-year-old buyer was paying cash and bragging that “he got a deal”. During the inspection I took him outside and pointed out that the slab had barely a foot of elevation above the backyard bayou. His response was that the previous flood was a 100 year event and we’d never see one like that again in his lifetime.
The post-Hurricane Harvey floods hit 10 months later.
As of last week the house is still sitting gutted and vacant.