Having cash is always a good idea in a period of probably deflation, so save it and sit on it.
]]>As for town houses selling for $125K in 2004 and selling for $500K in 2006, that’s just nuts. And I thought a house selling for $190K in 1999 selling for $600K in 2006 was nuts…
Anyhow, things are coming back down to earth here (finally!) and in *some* neighborhoods are now back down to pretty much where they should be, if you accept 1998 as the base and factor in inflation. But there’s still some morons out there who think they can get $300K for a 640 square foot condo (an apartment, basically). Not Happenin’!
What ticks me off is that I have a line on a cute little cottage that’s near light rail and bus lines (going to be important in the future) for a price I can afford, and I didn’t expect prices to fall this fast so I used some of my down payment money for other things (like my new motorcycle, sigh!). Talk about your bad timing. I didn’t expect the bottom to hit until the end of *next* year. Well, maybe it *will* hit around the end of next year… gives me time to build up my down payment fund again I guess. Sigh.
]]>Having watched them being built, I wouldn’t have paid more that $50K for one.
Our credit unions don’t offer mortgages which has kept them out of trouble.
]]>That’s another thing I hold against Coral Gables – that’s where the housing bubble started, along it’s gravel beaches.
]]>— Badtux the Unhoused Penguin
(who is sick of apartment living)