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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Vosilla who wrote (29175)	3/23/2005 1:36:01 AM
From: LLCF	Read Replies (2) \| Respond to of 110194

< Builders build until they go bankrupt I was once told and I lived through the days after they went under picking up incredible bargains that were common for the 1992-1997 time period.> Well, that's what I thought... that's why I'm asking. I don't understand this talk about market share and whatnot... in a down turn there IS NO MARKET, who cares about share?? The best builders are the ones who close down, and go on vacation! I don't think people understand... REAL ESTATE IS THE DUMBEST GAME IN TOWN! ANYONE CAN "DO" IT! And everyone does when times are good, and no one does when it sucks. The value of these companies is hard liquid assets on the books minus contract obligations to buy anthing IMO... all their dirt is worthless and options to buy dirt the same. I bought and office building and 3 appartments in PHX area in '93-4' for less than 1/2 of replacement cost and built my home down there as well. The number of building firms in the Valley had shrunk tremendously and of course subsequently exploded again... but in booms every asshole is in the building trade... and cocky assholes actually have big firms and nice offices!! In the early 90's you could by publicly traded companies that owned real estate for way less than replacement costs... Koger Equity brings back memories. When business sucks, everything trades WAY below replacement cost, so no one builds anything except the biggest and blueest of the blue chip projects that have been in the works forwever and are funded. And even those {though they continue to go up} are usually for sale and trading hands while being built. DAK