Florida's Bubble Defined
"South Florida,'' he said, ''is working off of a totally new economic model than any of us have ever experienced in the past" according to a realtor who predicted that a land shortage will support higher prices indefinitely."- New York Times, Trading Places: Real Estate Instead of Dot-Coms, 3/25/05
Looking back, this will be remembered as the "poster child" of quotes when describing the irrational exuberance associated with housing bubble of this decade.
Comments?
posted by BigDaddy63 @ 10:51 AM
3 comments
3 Comments:
This comment has been removed by a blog administrator.
This comment has been removed by a blog administrator.
In my opinion, real estate is not dot.bombs ala 2000. Inflated real estate is more like the DOW in 2000. Prices will come down across the US short-intermediate term but will hit new highs down the pike. The nasquack may not hit new highs for a decade or more but the DOW already has. Real estate is a place to live and the US population is mushrooming. As the man says, weeze are running out of land. We are also facing worldwide inflation longterm as the world's resources are drained. Property is a hedge against inflation and holds value over time. So, yes, some areas did go up too fast too soon on speculation but those working with incomes can ride this out. Many of the speculators who lived off of refinancings & such will go bankrupt. All just this man's opinion.
Post a Comment
<< Home