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

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To: loantech who wrote (64137)	6/20/2006 10:51:06 AM
From: John Vosilla	Read Replies (2) of 110194

'I guess I am stunned that there can be 5,000 units for sale all priced at $650,000 or more, many a lot more? Are my numbers close? Or do many people just make a lot more money than I am used too so Maybe things are better and then no reason for doom and gloom? ' I ask myself that question everyday. I see it similar to what Russ observes in Portland down here in FL with these high end urban condos. They seem never to be more than 60% occupied at best? Are there that many rich folks that can afford to carry $600k condos in mediocre locations as vacation/second homes. Or are the 30-40% unoccupied actually flippers trying to quietly exit? All makes little sense to me though many people ar making more money and built a significant net worth these days than doom and gloom crowd would lead us to believe.. Personally I'd rather travel to diferent locals than have expensive 2nd and 3rd homes sitting empty much of the year but who really knows at the margin how well capitalized all these condo owners really are. My guess it will be a bad downturn in condo land but time will tell.

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