What’s cooking, dude?
It is 6:20 am. I got up about 4:45 with David. I am now, obviously, still up and creating my blog. I am also watching the construction site across the street from me. They are working this morning on raising the crane to a higher level. For over 2 years they have been working on the lot across the street. Now they are putting in luxury ($$$$) condos across the street. Next to my building on the right is a beautiful condo that has been near vacant for the last year. I am predicting a fairly serious housing glut on my street in the near future.
Who buys a $2,000,000 condo in Stamford? You can actually buy a really nice house with land for that kind of money. Why would you live in a cookie cutter shoebox in a suburb? This is the kind of lack of foresight that got our country into its current fiscal dilema.
Todd and I spoke several years ago about what would happen when these crap loans came due. We predicted that the real estate market would be in a lot of trouble. Of course, we talked about it, but didn’t do anything about it. Could have made millions. Oh well.
