I think you are absolutely right. I’ve always been amazed how people have thrown caution to the wind with regards to RE dollars.
To comment on this post, the downtown situation is going to get really bad. Just look at all the cranes, this will definitely be a sign of the times. I’ve been approached by several builders over the past year proposing new developments downtown and the Hillcrest area for financing. I’ve told them no because my bank has stopped these deals well over a year ago and we view these projects as sure money losers. I’ve noticed some buildings reverting back to full blown apartment rentals. People let me tell you, this is going to get ugly, ugly, ugly!
