Hey Wardaddy:
I suppose it depends what market you’re in. I won’t buy anything I don’t think I can move in a reasonable time. I’m not so sure *anything* will move at reasonable rates for years to come. I’d rather buy closer to the bottom, and here in central PA, I don’t think we’ve really started down hard, yet. Prices are down maybe 25-35 percent from the top. Wanted to build, but the cost of that has not come down much at all ... yet.
Zero and his morons are not capable of turning this around, only of exacerbating it, and they are going to be around for a while. Think how long it takes for the effects of this crash to really take hold, for the job slaughter to reach peak, for the unemployment to run out. As much as they want inflation to kick in now, not gonna happen with the disappearance of so many dollars, so many jobs, in such a short time, because Zero is at the helm, and the market is teaching the moronic masses that Zero is the enemy.
LOL...I’m trying to do like Rush...”have the recession without me”
Shite man I don’t know....do any of us?
But when I see a car wash (one of my businesses) that I can buy for 3 times gross and maybe the land is worth 70% of the cost and I can borrow 50-60% for a variable 4-6% 5 year fixed on a 20 year AM then I gotta take a hard look.
I have banks call me weekly about deals in my area of interest...some they have already written down and want me to cross collateralize and just assume.
If one fits then it can work. I bought an estate wash 3 weeks ago in Hermitage/Nashville. I am auctioning my mother’s home in April (unless the sky really does fall) and I am gonna “do a Jefferson” house wise to somewhere.
Same with these houses....I kid you not. A local bank here in Nashville has a 10,700 sq ft home in Brentwood...one of the eastern US’s best zip codes...the developer has folded on about 80 spec homes and bank America has it along with my local bank.
3 floors, elevator....nice moldings ..not badly done..maybe a 7.5 home construction wise
they left the home with no floors, no kitchen cabinets, and no light fixtures...we figured 200K max to finish her out.
bank claims they have 1.2M paper on the home ...which tells me the developer padded his draws but anyhow....they offered the debt for 60 cents on the dollar...that was their offer. 720K
They might take 600K even, then put 200K in it and you have a nearly 11,000 sq ft home in a great area for 900K, same house two years ago would have had a 2M asking price...at least
I live closr in town in an old 3500 sq ft home in a park like envornment, our prices are more insulated and have not fallen as sharply..area has been built out since the 60s
anyhow, my wife nixed it...thought it too ostentatious, that we would feel ike the Beverly Hillbillies plus there was no pool and all those quibbles
i cannot imagine who really needs that much room but that’s their business
but the thought of getting into a home that size for that price and selling after the turnaround which will come was appealing at least to study..
we’re now looking further out for something 60-70% that size with more land
dw/dc/fyi