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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: terry richardson who wrote (15061)	7/2/2002 11:00:29 AM
From: Frank Pembleton	Read Replies (1) \| Respond to of 36161

T... similar situation here in Edmonton -- I sold my Condo last year just before Christmas thinking that the top was in and I'd be able to buy something real nice later on due to the oil bust. Yeah, right... went out looking for something to rent and then I got nervous ... I was so nervous about being homeless that I ended buying an old house in the downtown core (mostly for the beautiful and very large lot). Last month my neighbour sold his house (very similar to mine) for 20% more than I paid for mine. Crazy... Regards, Frank P.

To: terry richardson who wrote (15061)	7/2/2002 1:18:49 PM
From: Silver Super Bull	Respond to of 36161

Terry, Yes, I think that the UK (at least in certain parts) probably has the biggest speculative frenzy going. I guess the question is how much longer will the bubble last, and what will be its downfall. Perhaps new supply will prick the bubble. In downtown Chicago, you wouldn't believe how many new "luxury" condo buildings (highrises) are nearing completion. At a price per condo of $500,000-$1,500,000. At some point saturation must occur, if it hasn't already. Especially given the weak job and weak overall stock markets. Also, someone on this thread mentioned that bubbles are rarely recognized by everyone before they burst. Well, my read on this is that many on the SDII thread here are aware of the bubble, but I can't tell you how many people I know that think residential real estate is the "way to get rich" in a risk-free fashion. DB