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Of course, there's is nothing quite like three major hurricanes in a month
to bring property values down fast. My home on Sanibel Island, Fl
escalated from $290K in '98 to $550K in '03 but it's hard to say what it
may be worth right now. Also, purchasing at historical low interest rates
runs the risk that with rising rates, real estate values will fall. Sort
of like being in a stock you can't sell because trading is halted ... :)
Bob
At 02:39 PM 9/11/2004 -0400, you wrote:
>Well I am finally seeing it happen in real time...in the community I live.
>
>I am active in Homeowner's Association in my Myrtle Beach, SC community.
>We are Lakeside and just 5 minutes from the Beach with the new roads.
>
>I saw a list of the homes owned by people from CA and WA and it is
>growing. Apparently there is a network of over 2000 people dealing with
>select realtors who find fast growing and escalating value areas in new
>communities here and elsewhere.
>
>The out of staters are buying homes here and renting them for $1050 per
>month which covers mortgage and practically all expenses with some left
>over for repair. In speaking to one from WA, he can not afford to retire
>where he lives plus he believes the escalation in value here will give him
>a better profit than the stock market. Apparently, his particular effort
>was started by a group of stock investment club women who are also doing
>this.
>
>It is having a negative affect on our Family community since many renters
>are college students...away from supervision...FWIW. But that is being
>gradually dealt with.
>
>I am thinking about doing a few properties myself. There is no let up in
>demand here.
>
>Just FYI.
>
>Sincerely,
>
>John
>
>
>
>
>
>
>Yahoo! Groups Links
>
>
>
>
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