Many times in life, history repeats itself. Alex, you’re either a troll…….or suffering from OCD or bi-polar……….or you just don’t want to admit what is happening right now in the housing market in bubble markets. There’s a lot of people on the east coast who wouldn’t live in CA if you paid them but they think that FL is a great place. I don’t happen to agree with them but nonetheless, it’s a fact. In Fort Myers Fl, a bunch of people bought new townhomes over the last couple of years for around $300-$320k. The builder got bullish and built out another 75+ because the others had sold so quickly. Then the same crunch that’s presently hitting CA, Las Vegas, Phoenix, Seattle and the Washington, DC metro area hit Fort Meyers. The builder had to make a choice between going broke or getting rid of the standing inventory………..he hired an auction company and brand new townhomes (the same models that sold for $300-$320k) sold at the auction for $145-$150k. There were a lot of very angry homeowners in attendance who purchased at the higher prices but there was nothing they could do about it. The point is, if it can happen in Fort Myers which is considered by many to be as wonderful as CA………it can happen in San Diego. There are already condos and SFR’s in SD selling at substantially lower prices than they were two years ago at the height of the latest housing boom. So don’t be too smug about your position on this matter………..there’s too many economic factors in favor of an opposing argument to yours.
