Tuesday, September 4, 2007

My one is bigger than yours.

Mmmmm, this one doesn't look too shabby; lake side house, personal boat boat house and mooring, 6 bathrooms, 14,000 square feet, and it is in Florida too. Only a $12 million price tag. So what's the problem here, Mr. Housing Crash? Let us travel back in time to April 2003. Back then, the current owner bought this pile for just $4 million. That's right, this joker is trying to turn a 200 percent profit in three years.

Of course, trying and succeeding are two very different things. No one seems interested in biting on that $12 million price tag. The property has been on the market for over a year. This leads us to a question - why hasn't he reduced the price?

Friends - this is a prestige price Down at the Yacht club, this Joker can mouth off about his $12 million property up by the lake. He can pull out the realtor flyer out of his back pocket and show all his sad mates about just how much real estate equity he has stored up. Like so much of this bubble, wishing thinking wins over cold hard reality every time.

By the way, we have someone on the other side working for us. This one was sent by the mysterious Mr. X - a realtor. Your secret is safe with me, Mr. X. Just keep the information coming.

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