Thursday, July 14, 2005
Market INSANITY
Consider these points observed in just the last 24 hours:
*The Republic reports that the June median sales price on metro Phoenix homes is up almost 43% over a year ago!
*A friend tells me he is considering going into a Tonopah land deal at $18,000 per acre even though he knows next to nothing about land investment; I educate him on the difference between recourse and nonrecourse debt, which he was unfamiliar with!
*A friend tells me he thinks he can sell his AJ/Gold Canyon land for $250K/acre if he splits his property into smaller lots!
*A friend tells me she has closed (money in the bank) on a resale of land in Pinal County for $35K/acre cash, which she bought less than a year ago for $5K/acre!
Caution is a very rare commodity in the Valley real estate market these days.
*The Republic reports that the June median sales price on metro Phoenix homes is up almost 43% over a year ago!
*A friend tells me he is considering going into a Tonopah land deal at $18,000 per acre even though he knows next to nothing about land investment; I educate him on the difference between recourse and nonrecourse debt, which he was unfamiliar with!
*A friend tells me he thinks he can sell his AJ/Gold Canyon land for $250K/acre if he splits his property into smaller lots!
*A friend tells me she has closed (money in the bank) on a resale of land in Pinal County for $35K/acre cash, which she bought less than a year ago for $5K/acre!
Caution is a very rare commodity in the Valley real estate market these days.
# posted by Darryl Tang @ 5:16 AM 
