Good article, brings it all together... Highlights:
I ran into an old neighbor a few days ago. This fellow owns 250 units in San Diego. His oldest son manages 1,500 units. I asked him what was going on in real estate. He told me that we're past the peak, that prices are softening, and that it's taking longer to sell property in La Jolla and throughout San Diego. He added that all his real estate friends agree with that appraisal.
As the CA housing mania ends and the concept of risk returns to its rightful place, there is going to be a rush for the exit doors. Speculators are going to find out -- and many for the first time ever -- that as demand continues to soften, liquidity in real estate investments is far lower than they envisioned when they went in."
November 25, 2005
Posted by blogger at 11/25/2005