Posted on 05/05/2005 7:40:07 PM PDT by ex-Texan
Hardworking people.
The 84 year old guy just made about $66 million dollars on his "offer. Nice work if you can get it.
He's an 84 year old guy who is a bazillionaire and futzing around with the stock market is the best thing he can think of to do with what time remains to him.
What a load of crap. Look at the numbers...INVESTORS are buying up this property.
Even more telling is the financing tools they are using....ARMs with IO options....these people ain't hanging around for the long term.
You want a good deal on a house...wait 3-5 years when these ARMS start to really put a hurt on these investors and they start dumping property. It will be a great time to have cash and move in.
Unless you take inflated construction costs into consideration....in our area, those figures are over twice what they would have been even three years ago.
Yup. I'm a RE attorney in DC. The people who play the RE game at the high ends would step over their grandmother to get a piece of a profitable transaction.
Very, very few people realize just what the RE investment game is like. Owning a couple of investment properties in Podunk, Idaho, does not put you in even the same solar system as these people.
...though they do tend to have very nice beach houses and wonderful taste in art.
Oh, yeah. A person can be suave and debonaire in their personal life while practicing business in a manner that would make a swarm of locusts look good in comparison.
I know you guys will laugh, but houses in F--king BAY RIDGE (and NOT just the Shore Road area) are going for $600,000+ right now. In Bensonhurst and Gravesend, the Chinese are paying CASH for $450,000 for tiny, single-family, row houses.
Where we are in Burbank, it keeps going up about 20% annually minimum
Found our current house at 3,100 sq.ft. Original asking price was $287K. The property had sat vacant for more than three years. Wife talked the price down to $210K. Rolled over our former house which we bought for $76K and sold it for $124K. We have a 15 year mortgage @ a 4.9% APR. Do the math on that one! ;-)
How much would this house in Rumson NJ cost you where you live?
Scroll down
http://shorebubble.blogspot.com/
$70 a square foot; and $1650. a month (+taxes & insurance)
Ya done good.
We refinanced to 15 years last year. It was too good a deal.
This one is unbelievable !! All I can say is WHOA!
http://liveinmississippi.com/property_detail.asp?mls=222548&referrer=search
Be sure to look at photos! Somebody Please, tell me what is wrong with it! We are moving from Alexandria VA (houses are in 600-800 thousand range) to a job 40 minutes away from this place.
It's in Mississippi.
Otherwise, WHOA!!
We live in Northern VA too.
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