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Name:
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HTMLman
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Subject:
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Cash on cash
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Date:
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6/20/2006 6:01:48 AM
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Bradenton, FL was an overlooked area until 2000. I bought one condo in the Ironwood golf complex in 1999 for $45,000. It was first floor. Second and third floors went for $40,000. First floors were allowed tile or hard wood floors. If a condo was below you, you had to have carpet to keep noise down. No need for elevator also. My Aunt bought in 2001 for $43,000, but it was not as nice.. Not on golf course, third floor.
I sold in Nov 2004 for $93,000 when I moved here. I missed a great price move. My Aunt held to 2005 and Bradenton had 45% inflation in 9 months. highest in nation. She sold in 2005 for $130,000.
I picked out a brand new house in Muscle Sholes, AL for her last summer for $100,000. She ould get $120,000 already.
The CA market affects every State. A starter house is $500,000 in many places. on 0.16 acre lots. Some people with nice 4/3 houses on 0.5 acre lots closer to downtown are selling them for one million and taking the money to Alabama and elsewhere.
In early 2000's, this money was part of the reason Lake Martin was going up so fast. It does not matter if they bought on Lake Martin exactly or another lake. It still drives up all the Country.
The last Boomers were born in 1964. The highest year was 1954. Collectively, they will hit their spending peak in 2008. The economy runs on spending, not earnings.
I built my house here in 2004 for $70/sq ft. My friend Ron just paid $175 in Los Banos, CA. He thinks that is normal. It is common enough for a new couple to meet and notice: hey I'm a widower and you're divorsed. Let's sell our two houses for $800,000 each and take the 1.6 million and buy a (cheap to them) $600,000 house somewhere else and live on the interest and retire on the interest of the million. So they find Lake Martin and drive up prices.
Ain't inflation fun if you are fully invested in land?
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