Hint: Most Americans didn't know the difference the past few years.
And as we all know, with lottery tickets, it's called gambling, where you can lose it all. Same now with homes, as millions and millions will now find out.
One big difference is that in the past you'd have to be insane to take out (or be given) a $500,000 loan to buy lottery tickets. Yet that's exactly what people did on pre-construction condos in Phoenix, Vegas, Boston, DC, Miami, Tampa, Orlando, Sacramento, LA, Portland, Vancouver, Chicago, Boise, Atlanta, Detroit, Cleveland, ...
January 29, 2007
HP Test: Which ones are lottery tickets, and which ones are new homes?
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11 comments:
The other difference:
Sometimes, throwing down $1 on a $125 million prize, knowing the odds are against you, can be fun.
It's only a dollar, and that's worth the 30 second thrill.
IndyStar.com Opinion
January 29, 2007
Today's editorial
Time to wake up from dream houses
Let's not forget the SF Bay Area. Where working class homes in working class neighborhoods have become out of reach. New homes are now $800k behemoths with no yard and multiple-families shacking up under one roof.
Why not take a $500K gamble when you have no skin in the game and don't have to pay it back? Not only that, but you could even get $100K cashback. People with bad credit have nothing to lose and everything to gain. Foreigners can take the money and run. Organized crime can make millions with very little risk of prosecution for a white collar crime. This is the jackpot for people with no morals.
New homes are now $800k behemoths with no yard and multiple-families shacking up under one roof.
And this has what to do with condos now?
Hey,
'ya gotto be in it, to win it'
anon 6:40:15
Well said, that is exactly right. I'm even tempted to get some cash back straw buyer free money.
You forgot San Diego where there are 10,000 condos for sale.
Yup condo owners are effed. But don't confuse condo and SFHs. They are two separate markets. Unfortunately the numbers are mixed together. Whether in the 2000s, 1990, 1980s etc, condos are a bad investment. Anyone who buys one deserves what they get. But don't assume SFH will follow suit.
Las vegas as well!
I once watched a guy drop 10K on one roll of the dice in Vegas for double or nothing.....he lost!
I know you gotta be in it to win but, ouch!
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