Quote:
Originally Posted by LIforrelaxin
Cost of boat slips like any piece of Real Estate around the lake have sky rocketed lately. Where it will stop is anyone's guess. As long as banks keep
lending money, I look for them to continue to climb.... What I am afraid of is that at some point everything is going to come crashing down, all of the multi-million dollar homes are going to become unsellable, because no one can afford them, as second homes...
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It is not just the banks lending money, there is a lot of cash around. That is especially true in Florida but that may be a different demographic with a higher percentage of retirees. There are a lot of cash buyers around the lake.
A year ago, I sold a home in Florida to a gentleman who offered cash, over the asking price, with no appraisal. The neighborhood I just built in will be about 1,100 homes. I was told today by one of the sales team that over 75% of the first 800 buyers have paid cash. That amazes me, but maybe I shouldn't be surprised.