I’ve been making offers left and right and contually get outbid! There’s something awry in California.
I’ve seen prices of these same foreclosed properties appreciate 30-50% in just 3 months! I’m talking about boarded up, skanky properties with the toilets half way off the floor and rotting wood creating an aroma that’s as torturous as water-boarding.
I spoke with a representative from The Norris Group about this activity and this is what I got out of the conversation:
I’ve seen prices of these same foreclosed properties appreciate 30-50% in just 3 months! I’m talking about boarded up, skanky properties with the toilets half way off the floor and rotting wood creating an aroma that’s as torturous as water-boarding.
I spoke with a representative from The Norris Group about this activity and this is what I got out of the conversation:
- There seems to be a sense of “hysteria going on in the market right now”.
- Many investors believe that prices always go up in California
- If you’re holding for 5 years, your probably OK
- The real question is “what will happen in the next 3 months?”
Being the conservative “sea urchin” that I am, I think it’s time to just sit and watch what happens in California.
If you remember, the first thing we heard when going into this program was Warren Buffet’s words: “Be fearful when others are greedy and be greedy only when others are fearful“.
I’m not seeing a lot of fear in California right now as investors are sweeping up properties right and left.
Have you seen this book yet?
I finished reading The Real Book of Real Estate: Real Experts. Real Stories. Real Life
by Robert T. Kiyosaki and totally enjoyed hearing real estate investors discuss their experiences and their expertise. I highly recommend adding this to your collection.
New blogs at http://jeannorton.com/blog2