Question: If house prices drop 10 to 15%, how will that impact you? I'm guessing the effects will be minimal.
I am a very careful buyer, in my area the property market is severly depressed right now. My rule of thumb is to buy at 50% or below of value of surrounding properties. So a 15% drop means I bought at 35% below market value. I am still golden at those levels.
The properties I listed above, one of them is worth more than the entire money we have spent to date on all of them. IT is a commercial property that is 60X120 two story brick structure with three store fronts on the downstairs level and we are building an apartment on the upstairs level. To build this building today would cost probably 5 times or more what I have spent on all properties so far.