I took a little break from writing for this blog, not because I went on vacation. Frankly, I’ve been depressed and dealing with broken condo hotel projects, borrowers in distress, home owners who want to refi but are ‘under water’ on appraisal values, and just plain too sad to write interesting ideas.
This blog has been about sharing the good stories that the greater media missed in the housing (and vacation home) markets. I haven’t seen many, until now. Here are a few:
- The Sears Tower is being Officially renamed to Willis Insurance Tower, the nickname “the Big Willie”. Just makes you smile doesn’t it? Sears has been an icon in American industry, it is just about gone. But in every business, there’s always a new Big Willie to take the place of the old one.
- I just had a first time buyer apply for the credit, he hasn’t yet bought a home, but got a $8000 check in the mail from our government. Yes, the government is stimulating would be home buyers. Gues who just bought a new snowmobile?
- Buyers with vision and faith are stealing deals in real estate. You can buy a 54 slip marina, a bar, a restaruant, 5.5 lakefront acres and a 1200 square foot home for $350,000 in Michigan. Last year’s appraisal value $2.0MM.
- How about 32 luxury condos, a 27 slip marina with clubhouse and pool for just $2.5MM?
- I had another friend buy a home for $500, then put a weekend into renovating and sell it for $20,000 on a land contract with $5000 down payment.
People are making money in this market, people are losing money too. Why is it that we only hear the stories about the hard times (and Big Willie) in the media?
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