Sigh.
Folks, I saw this in 2007 and warned everyone back then. I mean good God, I was on the radio preaching about the idiots buying 1/1 condos which were former apartments with $200 per month HOA fees for $170,000 trying to flip them for $200,000.
I warned people about the “according to the real estate class for wealth program I paid for” people who bought 5 properties for zero down that there would be major consequences when prices corrected.
No one listened, everyone believed the banksters, the asshole Bush administration, and the insane Bubblevision media.
The most popular place to move into near my area is a soon to be incorporated area known as “Lakewood Ranch.” If one had bought into it in 2009, you’re sitting pretty damned sweet right now but the uncertainty of that era prevented many, other than the balls to the wall hedgies and investors, from putting it all on the line.
Today? It’s freaking insane:
However, that is not even the worst of the worst.
If one thinks that my region is not in the midst of a real estate bubble of 2008 proportions, I present to my readers the mother of the mother of 2008 like bubbleicious insanity, again, courtesy of Zillow.com:
So let’s review this property:
40 days on the market in one of the hottest markets in the US; Red Flag #1
348 square feet; Red Flag #2
$520 per FREAKING MONTH HOA fee: Red Flag #3
And it is a 1 bedroom 1 bath pre-furnished “condominium” with direct overflights from the airport.
By the way, when I was a younger soul, that was a hotel/motel on US 41, aka, Tamiami Trail way back in the day.
If one listens to the NAGS, I mean, National Association of Realtors, it’s not a bubble.
If one listens to the Bubblevisions of CNBC, BBG, FBN, etc., it’s not a bubble.
If one has a brain still connected to reality and realize that there are banks and shadow banks willing to finance this crap, one realizes that we’re in for a world of hurt when the real value of these properties as “condominiums” occurs.
That value would be 90% below the listed value above.
Buckle up, it’s happening again. I warned my readers and listeners once and was 100% dead on nuts correct.
This time, far more idiots will be hurt, and only the banksters will be bailed out as they hold all the political cards, once again.
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