| The stock market came roaring back this month, mostly due to calming of the European economic crisis. The last two days of the month, however, gave back a ton of gains as Greece (foolishly) backed away from EU assistance by "putting it to a vote." We'll see how that goes ...
I closed on the beach house finally. Time will tell if I was wise in this investment or not, but for now it feels pretty good. In the short time I've owned it I've learned of some issues that need fixing and/or decided to do some capital improvements, but all of it is pretty insignificant in cost (about $10,000 to $15,000) and will likely generate more rent (adding a washer-dryer and dishwasher to the units and redoing the small kitchens a little bit).
It's funny that last month I waxed poetic about the difficulty in buying property. It was a royal pain in the ass and something that, I suspect, prohibits lots of people from buying. That said, there is a sense of morbidity around now that seems palpable -- like Occupy Wall Street demonstrations popping up all over the nation. People are miserable and no one seems to have any hope for the future -- just dread.
Doesn't that sound like a bottom? Anyway, I'm gonna go out on a limb and say we're putting in a bottom here in the real estate market and that, in the next 5 years. things will begin to look remarkably different. So there. I said it. Now let's see what happens. |