Michigan Real Estate Continues to Plunge

[Michigan Badger]

The price of real estate has been driven far too long by real estate agents, and the got to have it, got to have it now regardless of the cost crowd, now they have lost their rear and all I can say is too bad.

1/2 acre Lots not worth a grand have sold for 30k or more, homes that can be bought as kits for 45K and erected for another 30 (labor, permits etc) were sold for upward of 300K once built, netting the seller huge profits..

Recently a beach home in Florida in the St Pete area that was valued close to 1.3 million sold for 300K, bad news is the property taxes are based on the highest selling price are over 2K a month....

I watched people go out and buy a new home for 3-4 times what it was worth, go out and fill it with the best furniture their credit could buy, put 2 new SUV's in the drive, boat, ATV, and a swimming pool, then work 2 jobs to pay for it... For the last 15 years I kept saying this cannot continue, and finally it has ended... About time!!

Good post.

I know a young fellow who went from rages to riches within 10 years (or less) due to building/selling homes to suckers in the Western Michigan area. At the peak of his slaughter his average house was about a million dollars. He even built a factory to make all the kitchen cabinets so he could make even bigger profits. That guy is so rich today I'd hate to even guess how much money he has. Today you could pick these up for about $300,000 with a fat tax level of about $20,000 a year. But still bargains for those knocking off a hundred Gs a year.

 

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