Quote:
Originally Posted by TropicCat
The worst case I'm aware of is Miami condos. My brother is buying new ones for $30K apiece at auction.
List price? $180K. so that's 17% of the original price or a decrease of 83%
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Here's a funny anecdote... My brother, who's a hang glider pilot, went down to the Miami area with a buddy where they were towed aloft by a pickup truck. The condo towers there serve to thrust the wind upward, allowing them to soar for hours on end. Anyway, while he was up there, he saw mile after freaking mile of unfinished construction. Expensive power tools such as table saws, mitre saws, nail guns, and tons and tons of construction material appeared to have been just left there. He said it was as if the foreman blew a whistle one afternoon, and everyone just walked away...