December 13, 2005
From the desk of Winterspeak:The End?
I knew it was too late to join the dot com boom when the local water delivery guy asked if I wanted to invest in his new internet company. He, and a couple of buddies from Poland Spring, were going to do something online involving water and he was generous enough to offer me a slice of the action. I politely declined and then sold all my Cisco stock.
I'm not sure if I've seen the equivelent for real estate, but this may be close.
Posted by Winterspeak at December 13, 2005 11:44 AM | TrackBack | Technorati inbound linksI thought it was "Moland Spring", or did they get Mr. Pitt to change his mind? In any case, I think you're way off base on this one. I'm going to invest millions in real estate, as soon as those Nigerians tranfer it into my bank account...
Posted by: J on December 13, 2005 12:54 PMIt was too late this summer, when Fortune did a cover story on real estate speculation and fliping in Las Vegas, Texas, and Arizona. WSJ (I think) also did at lesat one article on the lineups to flip condos in Miami.
It's been too late for awhile (at least for any resonably intelligent and risk averse investor). At least in the tech bubble you could get out and cut your losses/preserve most of your gains very easily, as long as it wasn't in Enron stock. Flipping houses until the music ends is stupid risky, as you can't get out when the music is slowing down (or 3 seconds after it ends). You have minimal chance to keep things to a 10% loss, and are much more likely to have to carry a properrty for years and likely be pushed to the wall and go bankrupt, especially if you need rental income to pay the mortgages on your properties.
This is a nice reinforcement of the Apocalypse in real estate though.
Posted by: hey on December 13, 2005 04:08 PMA couple of weeks ago at a party I heard two dentists talking about how they were going to pool their profits from 2005 and invest in raw land outside of Phoenix (where I live). Apparently their plan was to invest in some land about 60 miles west of town that was "sure" to be a future prime housing location.
After hearing this conversation, if I owned any land beyond my home, I would sell. And I might even entertain a sale and leaseback of my home.
Posted by: Coyote on December 13, 2005 05:47 PMWas it www.water.com ?
They take the hassle out of just pouring yourself water out of your tap for free!
Posted by: Yeah on December 14, 2005 12:19 AMComments are Closed.