Didn't the folks who stretched their finances and snapped up homes, lots and condos in Florida over the past 3 years have the same idea?
They are saying "Boy, I wish I knew then what I know now!" also.
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Dropped price by a million
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Didn't the folks who stretched their finances and snapped up homes, lots and condos in Florida over the past 3 years have the same idea?
They are saying "Boy, I wish I knew then what I know now!" also.
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Remember, you only take a loss if you sell now!... Do what Warren Buffett does: Sell when everyone else is buying, and buy when no one else is (like right now)... And if you happen to buy at the wrong time, sit back and wait. In the history of the world, it's always come back (well, except perhaps Atlantis... and maybe Rome ;-) ).... Above all though--in the immortal words of Douglas Adams:
DON'T PANIC. 
In the immortal words of Kevin Bacon - 'All is well, All is well'. :funn:
I agree in principle about holding, but some folks may not be able to do that - the gamblers, the short term flippers, someone who maybe lost their job, got hit with huge insurance/tax increase, etc.
I agree in principle about holding, but some folks may not be able to do that - the gamblers, the short term flippers, someone who maybe lost their job, got hit with huge insurance/tax increase, etc.
If that % is accurate, it reinforces my point - a lot of people can't just sit and hold. Many are panicked and rightly so if they are hemmoraging $$$. It is very easy to point at Warren Buffet, the gazillionaire, and say 'don't panic' but reality is different for many. Nothing against the strategy or Bamboo Bay, but this is not a one size fits all market.
Understood and agreed... In my opinion, gamblers and speculators should know--and be willing to accept--those risks going into it. If you own 3 or 4 pieces of property, you're taking a risk that the market will stall for a few years, and you'll be left paying the bills in the meantime. That's just part of it. Hopefully though, if you take that risk, you have the common sense not to over-extend yourself (aka, don't sit down at the slot machines with more coinage than you can afford to lose!!!). Unfortunately, people forget that part of it. They love to take credit for their smarts when all the cash is flowing in, but then they point fingers elsewhere when it dries up. In this case, we're talking about a guy that owned a residence for 30+ years. He wasn't in it to make a quick buck, or to flip a non-existent property. I don't feel sorry for him, but neither do I think he's being greedy for trying to get as much as possible for his family's home. Again, I hope he gets every penny... Heck, I hope he gets DOUBLE!
Really, I think this is all hardest on the realtors, who obviously make a living doing this stuff. They can't control it. But as for property owners, there are risks (and benefits) with everything... You just gotta ride it out... If you're in over your head, it's because you didn't do your homework and/or didn't comprehend the old adage, "what goes up, must come down":
http://photos1.blogger.com/hello/243/2888/640/Newhome3.jpg
Really, I think this is all hardest on the realtors, who obviously make a living doing this stuff. They can't control it. But as for property owners, there are risks (and benefits) with everything... You just gotta ride it out... If you're in over your head, it's because you didn't do your homework and/or didn't comprehend the old adage, "what goes up, must come down":
http://photos1.blogger.com/hello/243/2888/640/Newhome3.jpg
Don't they too know that the market goes up and goes down? Have you EVER heard a Realtor say "Now is NOT a good time to buy?"
Shouldn't they sock the money away in good times to hold them through the not-so-good times?
And as for the "Doc by the Bay"....the article said he had his "pulse on the Destin real estate scene for more than 30 years." Won't be long till he'll be yelling, "PADDLES!!"
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Shelly,
Paddles like in up the creek without one?
Loved that.
Paddles like in up the creek without one?
Loved that.
The ones they use to get the old ticker going again when a guy dies. Like in the back of an ambulance or in the ER.