Lake Martin Topics: Crazy high real estate prices
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Name:
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MartiniMan
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Subject:
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Crazy high real estate prices
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Date:
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4/5/2022 5:22:06 PM
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That's exactly my thinking. The old adage is you make money on real estate when you buy it. I would add that you lose money on real estate when you sell it. If you had $1.6M in cash and wanted to buy this house you better be able to lose up to a third of it or more if you have to sell after the bubble bursts. There is no sound economic reason for a house to appreciate in value by 100% in one year. That is a bubble. That people are willing to pay these prices just goes to show you that a fool and his money are soon parted. That a person would buy a house like this for $1.6M and finance it just goes to show you that a fool and bankruptcy soon come together.
And again, it's a very nice house and I might be willing to buy it for around $1M but not $1.6M. And do I think they will get it? Yes I do. But I really hope the buyer has lots of cash and can hold onto it for decades so they don't lose their shirts. As for me, I think I will wait for the bubble to burst and maybe I can pick one up for a more reasonable price as I have the cash in hand.
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