Quote:
Originally Posted by LoneWolf
Let me see if i can explain this in a way you understand. Let’s say my great grandfather was in Paris in the early 1900s and bought a painting for $20 off of a young artist named Pablo Picasso. He hangs that painting in his house and it hangs in his home until his death when it is passed on to his son. One day someone notices the name of the artist on the painting and the family has the painting appraised. The painting is appraised at 1.5 million and identified as from Picasso’s blue period. The family holds onto the painting and several years later they put the painting up for auction where it sells for 22 million. Should the family refuse that money and sell the painting for whatever $20 would be valued at considering inflation or should they only accept 1.5 million which was the original appraisal amount?
Supply and demand set values and prices in a free market economy. By definition that means they aren’t overvalued/overpriced.
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Yes, they are overpriced. Know one of the reasons why?
What percentage of homes being built are starter homes for young couples.? Next to nothing.
A buddy of mine was the Super on building a subdivision South of the city, for a company owned by Blackrock. They aren't for sale, they're for rent...at $2500 a pop.
Land doesn't go up in value, but greed does.