My name is Dave, although Davel would be more exotic and mysterious, yes? I follow downtown because I already own here and would like to acquire more units here, but at substantially lower prices. I bought downtown last year in a very odd transaction under which the seller accepted almost all of the downside price risk in the unit through 2010 while, in exchange, I gave up all of the upside potential over the same period. The two main characteristics of the seller that were necessary for the transaction to work were (1) he had a big chunk of equity in the unit (which I expect him to lose in the transaction), and (2) he was a “true believer”; that is, he truly believed that the unit would increase beyond his original purchase price “given more time” (he was already $80K underwater on the unit when he sold it to me). So, while I own downtown, I would like to see prices crater because I’d like to buy a few more units for investment purposes. But, if they don’t, no big deal. I’ll just pay the guy off and that’ll be that.
