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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Jim McMannis who wrote (29939)	4/3/2005 7:11:39 PM
From: Crimson Ghost	Read Replies (2) of 110194

Palm Beach County Property Bubble I just got home from Palm Beach County Florida and there is a huge bubble going on there. A good friend is an appraiser and he says it is a disaster in the making. Right now he adds 2% a month to the value of pending sales that have not yet closed. He was just about to appraise a duplex in Jupiter Fl in a bad neighborhood that sold 6 months ago for a $180,000 and is now sold again now for $275,000. The seller claims he is getting $1400/month in rent from the two apartments but the appraiser highly doubts that rent is possible unless a crown of illegal aliens is renting there. The rent won't cover the mortgage, taxes and insurance If a property doesn't appraise banks won't call him again. He is fighting real hard to maintain his integrity but the banks and Realtors are making it impossible. 15 years ago we used to sell Real Estate together and looked over expired listing to get possible listings. Now listing never expire. They sell within 10 days. He appraised my parent's property 9 years ago for $65,000. Now it would sell in a week for $250,000. I looked in a real estate magazine and the mortgages advertised were insane. 1% interest for 5 years! I'd hate to see what happens when it adjusts. Most buyers don't think they will hold 5 years anyway so why not get a 1% loan and pray the bottom doesn't fall out. Payments of $395/ month per $100,000 principal were advertised a lot. There are homes being built that start at $3 million dollars in farm land west of the FL turnpike by RT 441. The sign until last week was showing prices up to a million. Now its 3 million. Post from Bear's Chat site

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