IT’S NOT OVER UNTIL IT’S OVER

BLOG #10, SERIES #3

WEDNESDAYS WITH DR. JOE

IT’S NOT OVER UNTIL IT’S OVER

March 7, 2012

 

 

            What a difference a year or two makes!  Four years ago, Colorado towns such as Aspen and Vail appeared to have it all: multimillion dollar homes perched on the hillsides, the middle class and the poor driven far away because the norm for buying a house in those glitzy resort towns had skyrocketed into the tens of millions.  Most owners were absentee (only residing in these palaces for a few weeks out of the year); in other words, these were generally trophy homes, scattered around the world.  The owners, being rarely in town to vote or attend schoolboard meetings or support a church or give to those who struggled just to survive, made little impact on the towns where they supposedly lived.

 

            Nearer to Denver, there are entire hillsides of vacant multilmillion dollar mansions which never got purchased at all.  And the fortunes of those who built them (developers, carpenters, plumbers, electricians, masons, home decorators, landscapers, etc.) are today still reeling.  Many of the homes have had to be discounted 30 – 60%.

 

            Though things are not as bad in Colorado as in states such as California, Nevada, Arizona, Florida, Michigan, etc., and conditions continue to slowly improve, the reality is that an era of affluence is over, replaced by stark reality.  Those who flourished by “flipping” one property after another are most likely bankrupt.  And today over 40% of all American “homeowners” are said to owe more for their homes than they can sell them for.

 

            This staggering collapse is no respecter of persons for it has affected billionaires along with minimum wage earners.  A whole generation of college graduates are remaining home with their parents, unable to find good enough jobs to enable them to pay for separate lodging or pay off their school loans.

 

            Next Wednesday, I’ll share with you the story of what happened to the richest man in the world–a king who had it all–a long time ago.

 

HAD

 

            His story has reverberated down through history ever since, but its retelling has never been more timely than now.

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5 CommentsLeave a comment

  1. I’ll just keep my little 35 year old house. It’s not much, but it is paid for!!

  2. I can hardly wait until next Wednesday!

  3. Love renting the little apartment for seniors. Wating for next Wed story.

  4. Your analysis of the real estate market is highly accurate. Seven years ago I sold score of homes in the Sacramento area, earning huge dollars. Now it has dried up, and the truth of the matter is that most towns in California have not bounced back, and they probably will not for years. The people who are purchasing most of the homes now are wealthy investors from San Francisco and Los angeles who are getting a bargain price on a quality home, and then they rent it out. Over six years ago we paid $378,000,00 for our home, and you know what it is worth today? $250,000.00! Need I say anymore?

  5. Way cool! Some very valid points! I appreciate you
    penning this post and also the rest of the site is also very good.


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