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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From: kailuabruddah	3/9/2005 11:43:17 AM
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RE Bubble hits the Tidewater area: "People whose kids are out of college and now have disposable income all seem to want a beach home," says Mr. Galloway. "And all properties in Ocean City are within three or four blocks of the Atlantic." Developers are scrambling to meet their demands, and at least 15 condominium projects are in various phases of construction. In early February, the Galloways had 828 condos listed for sale -- 600 of which hadn't been built yet. "It's outrageous," says Jim Salmon, of Annapolis, Md., who quit his job teaching college to speculate in beachfront realty. Mr. Salmon pays $5,000 for preconstruction reservations for condos in the planning stages, then flips the units once they're finished. realestatejournal.com

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