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  • From: Clansgian AT wmconnect.com
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Housing bubble
  • Date: Wed, 1 Jun 2005 10:12:42 EDT



> Then, in a chain reaction, the sellers of the larger
> house closed on a $900,000 four-bedroom new colonial
> house. Mr. Neeley had a stake in all three deals, as
> well as the sale of two more homes, both for prices
> well above $1 million. In less than two weeks, he said
> he cleared nearly $98,000 in commissions, after
> splitting with other brokers and his firm.
>

Doesn't that smack of the DotBomb.com business of a few years ago? There is
a [sort of] documentary flick, available at chain rental places, called
'StartUp.Com'.
It shows the results of thinking new wealth was suddenly rising up like a
mist out of the ground. The present model of real estate owners continually
trading up and paying off the previous real estate purchase with the
increasing
equity in the new purchase is the same paradigm. Both agents and buyers (and
sellers) appear on paper to be racking up vast amounts of wealth, just as the
DotBomb investors and operators seemed to have been doing.

Gene's "Missouri or Bust' plan might prove to be very savvy indeed.

James





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