Hey AAABest,
Some of us took heed of the warnings we saw on FR, you and Texan et al.
ATM I’m working in IT support for a CRE brokerage, holy mother of gawd the stuff I’m seeing is unbelievable. A single county in NJ has lost market value in CRE in the last 6 months greater than the yearly GDP of small countries such as Haiti.
LoopNet is a graveyard, a digital representation of a modern abandonment of a civilization. SunkenCiv and Blam post articles to the GGG list about how ancient societies apparently abandoned their cities under mysterious circumstances. I’m seeing that right now on Costar.
In my area - a particularly hard hit area in SW Florida - people are picking up 4 bedroom homes for $50,000 that would cost 4 times that amount just to build the structure without the land. They went for 6 or 7 times that just a few years ago.
Some are buying these then renting them out. The only problem with that is there is nearly no such animal as a renter with good credit and solid employment anymore. Also, the turnover is very high as renters are moving in and out like gypsies because of their personal financial issues and because there is so much very low-priced rental inventory to choose from. When they move out they often leaving the unit trashed.
I've been thinking of buying something as an investment, but I'm not sure if I want to put up with the BS.