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First, a number of people that I know listed their properties at very high price just to test the market. They are not particularly motivated to sell but will if someone bites at their overpriced asking price.
I don't think we will see a huge correction. Or is that wishful thinking.
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First, a number of people that I know listed their properties at very high price just to test the market. They are not particularly motivated to sell but will if someone bites at their overpriced asking price.
I don't think we will see a huge correction. Or is that wishful thinking.
Taking the quotes above in reverse order :
1. - as a new Northwoods homeowner, I hope not
2. - I think there is a lot of speculation going on. I think I mentioned it here before, but when I bought in Northwoods, there were two units of the exact same size (1 BR w/loft) for the exact same asking price. I bought one of them for less than the asking price and the other owner relisted their unit for a higher asking price. Based on what I paid, the price for the second unit should have come down, or at least realistically stayed the same. FWIW, I did due diligence from the standpoint that the appraisal used recent, actual sales in Northwoods to validate the price rather than 'working up' sales from the distant past. Does that mean that I paid the right amount? Probably not, but if I paid too much, at least there are others in the same boat
Seriously, I think it's all a matter of perspective - if you invest in a resort property with the sole intent of making a killing, you risk getting burned. We bought because we love to ski and were tired of renting and living out of suitcases. If, when I decide to sell, I can cover what's left on the note, I will be happy.
This is not in anyway to say that I am not EXTREMELY jealous of you guys who bought years ago
Clay
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<sigh> Well as part of my due dilegence, I know what the sellers paid around the same time and if there was an 'I'm sick' emoticon I would use it here
Nah - good for you. Maybe when Corridor H is finished (if?) I'll be in the same boat I'm just not planning my retirement based on that fact
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