In our last post, we hinted at some discussion that this bubble is bigger than anyone had expected. After a weekend skiing in Utah, the KoolAidMan still couldn’t get away from Real Estate!
Throughout the day, several people had been discussing Real Estate. In the lodge restaurant, there was a table of three or four Realtors on their weekend ski adventure, enjoying their lunch and talking about how much money they made in the past few years (who openly talks about how much money they make?) and how things just keep going up and up. Later in the day, on more than one occasion, discussions were overheard with things like “I bought my PC (Park City) house in 98 for $250K and now it’s worth $1.5M. I’m trying to sell it now and that’ll be my retirement!”
We’re at a point where we’ve never been in history; we’re in uncharted territory. Who knows what’s going to happen. The only thing that is certain is that people are still drinking Kool-Aid and only listening to what they want to hear.
KoolAidMan
We sold in 2005 (East Coast Island) and are headed to Utah for three months of skiing. We will be at a long term residence hotel in SLC and commuting to the slopes.
We will not buy in any area around PC until asking prices are reduced by one third to more than one half. Renting for three months and commuting from SLC is by far more economical than owning for twelve in the PC area.
That commute isn’t too bad. I stayed with some friends in Layton, which is still relatively close to all the resorts.