And I'll betcha dollars to donuts some of them "harvested" equity to play the Preconstruction Condo Wheel of Fortune and can't afford to drop their prices any lower.
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Anyone who has been around here more than a day or two knows you are down on this market, down on the investulators, down on the 3 stooges, etc. But have you ever thought that some people may have done things the 'right' way?
You ask why spend 'x' dollars for a place to own when you can spend 'y' dollars to rent for a couple weeks. Ever think that someone may want to spend a couple months there every year? 6 months? Perhaps move there in the future? Ever think that someone may want to be able to come to their place anytime they want without having to deal with renting? Ever think that someone might want a place they can decorate as they please, have control over, own as a long term asset that
may appreciate even though they bought it just for the pleasure of using it at their discretion as they see fit? Some people are even very successful, have worked hard, and can buy what they want with money they earned.
Someone answered that but nevermind, on to the next 'that person is an idiot' post.
You ask why someone if someone bought for the long term are they selling? Who knows - there could be a thousand reasons. You get an answer that maybe they have owned for 12 years already. Maybe they want to sell to realize some gains but not at firesale prices so they figure they will continue to enjoy their property while having it for sale. Maybe they live in Birmingham and are moving to Seattle and can no longer drive to their vacation home. Who knows?
But not satisfied with that, you then must characterize some person unknown to you as a pre-construction gambler when in fact you have no idea about any of these people beyond the ones you read about in the papers and on the web (maybe you know some personally - who knows). Of course there are many gamblers out there but there are also many people who put down 20% and take 30 year fixed rate mortgages and are happy with their property for its own sake and the enjoyment of the area, while seeing any appreciation in value as a bonus. The speculators and horror stories grab the headlines as no one wants to read about boring old John Doe who pays his mortgage and visits his property several times a year.
While you are apparently very knowledgeable and humorous, all this 'But I bet they did ... (insert stupid move by property owner)' is old and tired.
Shelly, I am new on this board,but LOVE your comments. Glad to here from you on this one.
