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: gladman who wrote ()	5/26/2006 5:50:37 AM
From: MoneyPenny	Read Replies (2) of 306849

I hope you are going to be living in your Colony property. Many investors in those towers. I did some turnkeys for investors there and see that they are still on the market a year later. This is often the case with the high rises. In 2003 Montenero in Pelican Bay was 100% sold and about 10% occupied. I did a number of interiors there for the investors who were stuck there. It is several years later and some of those units are still available as everyone wanted to feel they were a genius by buying "preconstruction". I'm a baby boomer and many of my old clientele from Michigan are very wealthy boomers (even with the depressing economy there) but most of them are unwilling to tread the path of their parents and buy down here. Their parents have homes in Palm Beach, Jupiter and Naples and they are not inclined to do the same. They are doing something in a cooler climate for summer perhaps and maybe just downsizing and upgrading their primary residence. A very good friend has opted to take a suite or club room at the Naples Ritz Carlton for two weeks a month for January-April. If it costs them $120k a year, it is chump change compared to the carrying costs of a beach house or even condo. We looked at beach house last year that was listed at 8M. I thought it would cost her about 1M to upgrade and furnish to her liking. It is listed now at 6.8 M This couple was buying vacant land here and bundling it for resale but sold the last parcel in December. Impeccable timing. When I first started doing interiors, I did a lot of work in Grosse Pointe, MI. Large estate homes that were built in the 20's were torn down to put up smaller homes on the subdivided property. 30 years later these smaller homes were torn down to put up McMansions (the ostentatious home with a big footprint). The cycle continues. People will still move to Florida unless the hurricanes continue to make homes here a risky investment, but Baby Boomers will not repeat the life of their parents. Never have till now, so why would they start. Money Penny

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