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

To: John Vosilla who wrote (34720)	6/30/2005 4:17:06 PM
From: redfish	Read Replies (1) \| Respond to of 306849

I think the Ohio dude will be one of the thousands who have lost it all speculating on Florida real estate. A friend of mine who was a career FDNY guy retired to Miami and caught the craze in the last boom/bust, he described it like this: "On my first week as a realtor I made five thousand dollars. So I figured what the hell, I'd become a broker. Never made a dime off that business. At one point I owned real estate that was worth three million dollars. Only problem was I owed the banks three million two hundred thousand dollars." He did make a killing after Andrew though, selling barbequed chicken lunches for $2.50 a pop. Until the owner of the service station showed up and told him he had to leave.

To: John Vosilla who wrote (34720)	6/30/2005 6:49:58 PM
From: bentway	Respond to of 306849

"I think the joke is this bubble will make ghettos and low income areas obsolete." I'm not sure that will play out for central cities. If gas becomes really expensive, I think exurbs like Corona, CA. will becomes obsolete, suburbs will be much less desirable and central cities will have a new allure. Perhaps the poor will have to live in Corona. It may be only to demolish what's there and build a McMansion, but that's the thinking of a guy who's profited from a couple of gentrifications.