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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: KM who wrote (37542)8/11/2005 9:33:11 AM
From: shadesRead Replies (2) of 306849
 
RE miami condo's = I put my number out to too many TIC folks - they have been blowing up my phone with return calls - one sat there telling me I did not need to 1031 into office buildings or oil and gas interests or post offices, that he could find me some nice south florida condo's - I kept telling him no - I don't think so - homey don't play dat - they are already talking on CNBC how several condo projects in Miami and Tampa are being cancelled - he said BS - you moved here - so will lots of others - I said au contrare - I am moving away - no more Jeb Bush for me. I had to become unpolite with this person before he understood south florida condo's had zero interest for me, this was an exception to the norm though - most were very friendly and informative - this particular guy said at the end of the conversation - well you don't sound like an accredited investor to me, so I am not going to waste anymore time with you - HAHA! I don't understand his logic - only accredited investors are silly enough to buy condo's at the peak? One TIC person - she had an accounting degree, been in the business 20 years - said far too many teachers, yard men, immigrants etc etc were getting into real estate - that a downturn would be bad in florida for all the housing related jobs that could go up in smoke. She said she was bitter about how investors were just buying anything that hit the market - it was making her personal insight and recommendations worthless - she was being marginalized because so much money was chasing so little 1031 TIC inventory. People want to feel needed, women especially so - she was pretty down on what is coming if things crash.
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