Nah, real estate never goes down.
It's always a great time to buy.
Land is your safest investment - they're not makin' more of it ya know.
And oh, anyone who thought 10% off was a great deal - so sorry. 20% off? Like catching those knives, eh? 50% off - too good to pass up right? NOT! 82% off? HELL YEAH! NOW WE'RE TALKING!! And damn, say goodbye to the comps for a generation.
Ya know what, someone offers me some land or a house at 80% off, I'm taking a look at it. Now we're getting where we need to get. NOTE TO REALTORS WHO WANT TO EARN SOME RAMEN - BRING US DEALS AT 80% OFF - NOW WE'RE TALKING.
Here's Diana with the good news:
Centex Land Deal: And I Thought Worst Was Almost Over
Every time I want to say that the bleeding is over, I’m proven wrong. Centex just announced that they sold about 10 percent of their land holdings to a joint venture for what analysts compute is about 18 cents on the dollar.
The joint venture that is led by Dallas-based RSF partners paid $161 million for 8,500 lots in 11 states. The book value, according to Centex, was $528 million at the time of sale, but analysts say that was already after significant write-downs. They say the land was worth $900 million originally.