Sunday, October 29, 2006

Twice burned | The San Diego Union-Tribune

It seems that pretty much everyone now acknowledges the declining real estate market. This is evidenced by almost daily articles like this Union Tribune article.

Twice burned The San Diego Union-Tribune

3 comments:

bub said...

“I'm a believer in real estate long-term,” he said. “I don't have a problem sitting on it. I have another place to live. I have great tenants in a great neighborhood. It's great.”

3 "greats" in two sentances. Good Lord I wonder how much he's feeding this a month?

Mark in San Diego said...

The long term is a LONG term. I bought some Norcal property in 1987, and by 1992 it had declined in value. . .I did hold on, sold in 2004, and made 3 times my investment back. . .but. . .that was about 15 years. I feel very sorry for fire victims, but not for Real Estate agents who bought 4 or 5 "investment" properties because "housing never goes down." Like internet stock brokers, they started believing their own hype, and contributed to the high price of homes which forced middle class people out of the market. I really hope SD goes back to being affordable for "jarheads and squids" and their families.

Anonymous said...

Did I read that right? The guy built a $720K house and can't find a fool to buy it at $1.1M, so he's crying the blues? Oh BOO HOO! Boo hoo...I'm may not make my projected $350K+ profit. Whaaaaaa!