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Mayne Island Nightmare: Selling rec property in a collapsing market.
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02-25-2015, 09:57 PM,
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RE: Mayne Island Nightmare: Selling rec property in a collapsing market.
Remember a lot of those old properties are mortgage-free, so they can be sold at the market clearing price without distress. Many will be must-sell as the property doesn't meet the needs of the owners anymore (either facing-reality owners or the heirs, power-of-attorney relatives and executors).
If the owner of the speculative ones remain solvent they will need a macro-economic shock to force into must-sell category. Enough will not remain solvent that even in the absence of the macro economic shock that, when combined with the old-timer properties, means there will be considerable pressure on all levels of inventory for some time to come. Say Jimmy, are we gonna be neighbours? Should we talk about a nice waterfront piece just a little too dear for either alone? Or a slow simmering cooking feud, periodically erupting in omelette blitzes? I want a cooking feud with a neighbour, loser gets rewarded by eating winner's creation. (Cooking feuds are fun, collaborative and tasty, unlike most feuds.) |
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