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  • From: "intuit AT teleport.com" <intuit AT teleport.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] land prices!
  • Date: Tue, 8 Nov 2005 18:15:26 -0500

DOES ANYONE HAVE AN *IDEA* ABOUT WHEN THIS REAL ESTATE CRASH WILL
BEGIN?-HAVE APPROX. $330. EQUITY IN A HOUSE THAT WILL SELL BETWEEN $360.
AND $400. AND I CAN PUT IT FOR SALE THE END OF JANUARY 06. LINDA

Original Message:
-----------------
From: Lisa K. V. Perry lkvp AT floydva.net
Date: Tue, 08 Nov 2005 16:25:47 -0500
To: homestead AT lists.ibiblio.org
Subject: Re: [Homestead] land prices!


Lynda wrote:

>...Contrary to popular
>fairytales, not all baby boomers are stupid. These folks know the bubble
is
>going to burst and they are now debt free.
>
The Realtors around here tell me about the cash buyers they work with,
people who think our land is cheap compared to where they live. They
walk in with bunches of money and they are retired...and all of 50, 55
or 60 years old. They pay cash for the home or they buy a house and
have a little $50k mortgage on a $200k+ property. I've done a few of
those. Just last week we met a couple in my husband's store (The
Pickin' Porch--acoustic instruments and musican's supplies--on the front
half of the house used for my mortgage business), they moved to Floyd
from Mass. They bought a 3000 sq ft house on 10 acres owned by a former
client of mine, this person told me he sold it for his reduced asking
price of $260k. In the course of conversation, the new couple mentioned
that they're retired and let me tell you, they can't be older than
50--either that or their wrinkle cream works far better than mine.

Once in a while I wish I was older and had been able to take advantage
of the stock market boom. Oh well, back to reality.

Lisa


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