Southern Gulfs - worm turning? Tipping Point?

[NolaM]

(07-04-2014, 06:50 AM)JimmyWW Wrote: Any thoughts out there from others?

It is nowhere near the bottom.
At the bottom, if you were to buy a place, EVERY one of your friends and relatives would call you an idiot.
A true bottom does not V. It falls off a cliff and scrapes along the bottom.
For years... that is when the flippers shrivel.
By the time they pay for costs, taxes, utilities, Water/sewer/garbage.
They finally either take any offer to get out from that or hand it back to the bank or township office.
That is why you should be looking at the tax sale volumes.
In the 80's, there were 5 pages of tax sales in the newspaper in a town of 100G.
The goal is to buy LOW... not 10-20% off.
That barely covers RE Fees, Transfer fees and Lawyers.
I do think that land will get down to 10 cents on the dollar and rough property 20%. Luxury 35% of assessments.
I look at the Ontario credit downgrade, the Debt load of the Japanese and the precarious Chinese Banking system.
We are a popcorn fart away from an unstoppable value avalanche.
Cannot see that property is going to be the exception in revaluation.