Monday, November 07, 2005

Bubble Popper Post on Craigslist

One bubble popper on Craigslist posted this in the "Real Estate for Sale' section:

DO NOT BUY. ATTEND OPEN HOUSES WITH THE KNOWLEDGE THAT A $350K" CONDO WILL BE $150k-$210k REAL SOON. WAIT. YOU WILL BE GLAD YOU DID. LASTLY, DO NOT LISTEN TO SELLERS AND AGENTS! THEY HAVE THE MOTIVE TO SCAM YOU!!! LISTEN TO YOUR GUT. PAYING $350K FOR A $110 CONDO WITH NO LAND IS JUST LAUGHABLE. be smart. WAKE UP!!! THERE IS NO LAND SHORTAGE. THERE IS NO OUT OF CONTROL POPULATION GROWTH. SCAMS SCAMS SCAMS. LISTEN TO YOUR GUT ON THIS ONE!!!!!!

PEOPLE!!!! DON'T FALL FOR IT!!!! NOW THE ENTIRE COUNTRY IS BEING "GROSSLY MISMANAGED" AND PROPERTY IS BEING DISGUSTINGLY OVERVALUED. BUT, FINALLY.......IT IS HAPPENING!!!! THE REALITY CHECK IS COMING. WE ALL KNOW IT. EVEN PROPERTY OWNERS KNOW IT. MANY ARE TRYING TO CASH OUT AND DUMP THEIR DISGUSTINGLY OVERVALUED PROPERTY ON SOME SUCKER LIKE (HOPEFULLY NOT) YOU! THEY WILL RENT AND BUY ANOTHER PROPERTY ONCE THE PRICES BECOME REASONABLE AGAIN. THEY RELY ON A SUCKER AS THEIR TICKET TO BE ABLE TO DO THIS. DON'T YOU BE HER OR HIM!!! OR THEM!!! THE WORSE TIME TO BUY IS NOW, WHEN INTEREST RATES ARE FINALLY DROPPING = HOUSING PRICES FINALLY WILL GET BACK TO REALITY.

6 comments:

  1. I'm sure he meant "...now, when interest rates are finally *rising*..."

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  2. Chip,

    You are right. He needs to temper his zeal.

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  3. Is this really going to happen? When would a 1br condo now selling for $350 sell for $210???
    I rent in DC and will start looking to buy next year. Any advice?

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  4. I would advise holding off buying for now. A 350K condo falling to 210K is a fall of 40%. That is unlikely to happen. It is more likely to the upper 200's next year.

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  5. We saw a appx. 20% decline in San Diego housing in the decline of 1990-1996.

    Now with all the 100%/interest only/arm's, I feel the decline we have just entered will well surpass the one of the 90's!

    I understand the downtown unsold inventory is almost 3 times what it was just a year ago!

    Keep in mind, the real estate business is all about SALES, and w/the amounts they spend for advertising, the general public will only really know about the drop ONLY after it has fallen 10%+!
    To view all San Diego MLS listings now on the market, visit:
    http://www.brokerforyou.com

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