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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (957)	10/26/2001 10:01:15 PM
From: alanrs	Read Replies (1) \| Respond to of 306849

But that does not mean any speculative bubble existed over the past few years to drive the prices higher. I know it's only anecdotal, but I know a crane operator here in Chicago who was buying condos before they were built in downtown high rises with the specific intent of flipping them at much higher prices. He did this twice that I'm aware of (two different buildings). I lost track of him, so don't know if he is still playing that game. He wasn't the only one-a buddy of his turned him on to it-and he suggested I give it a try. I didn't. It sounded too much like the greater fool theory, and one never knows who gets to be the bag holder in that game until it's too late. ARS