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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] The specuator factor ..
  • Date: Fri, 13 May 2005 13:21:57 EDT


> That could be the case in collar counties near city jobs. I have not yet
>

Perhaps. But my most direct experience in this is he very, very rural plot
of property beside me. A speculative investor in Florida (this is Tennessee)
bought it not intending to rent it but just on the idea that property values
always go up. He marked the property up 33% over what he paid and put it on
the
market. He ended up selling it for 5% over what he paid for it by
misrepresenting it, lost money by inducing the sale by paying all the closing
costs and
commissions, and then is in trouble for misrepresenting the property.

But it does illustrate that property is being bought in the boonies purely on
the notion that it is going to go up in value and not because of any rental
or lease income or intention to 'improve' the property. What I observed
might
be an isolated case, but I tend to doubt it.

James




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