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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: marek_wojna who wrote (44176)	1/1/2004 8:43:34 PM
From: MoneyPenny	Read Replies (3) \| Respond to of 74559

just a little apocryphal data from someone who deals daily with those purchasing high end real estate in Florida. Two years ago our clientele furnished their new Florida homes with cash or charged the whole thing to get mileage on AMEX, etc. (I'm an interior designer in SW Florida: think Naples, Sanibel, etc.) Today we offer very expensive financing through Wells Fargo, 25% down and no payments, no interest for one year (unheard of for our type of work). The downside is the reach back is 24% and people are going for it. Everyone where I work is ecstatic but I think it says something else. If you buy a vacation home for 2 or 3 million but must borrow to furnish it...I'm uncomfortable. It is not wise to finance things that lose most of their value on delivery. MP