The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: JRI who wrote (565)	8/29/2001 7:39:23 PM
From: patron_anejo_por_favor	Read Replies (1) of 306849

JR1, Arizona (where I live) and Florida share a lot of traits in their markets (with the possible exception that AZ real estate DOES go down, its notorious for booms and busts, the most recent tied to overbuilding from the S&L scandal). Retirees DO stabilize the market (provided they didn't lose all their scratch buying Microstrategy and VerticalNet in Feb, 2000). Foreign money does help (more in Florida than here I'm afraid, because many of the immigrants here are from Mexico and less affluent than their Brazillian/Argentinian/Columbian counterparts in Miami. The same hubris and swagger noted in developers there is present here, though, with lots and lots of overbuilding to boot. I'm always impressed with how cyclical the building industry can be, they never seem to learn from the past (some companies are MUCH better than others in this regard of course). The uber rich are pretty much irrelevant to this discussion, they buy what they want when they want it, and pay cash. Recession is an alien concept to them...<NG>

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