Thursday, August 03, 2006

dj in key west (florida)

danke an mish!

From FreeThinker, a DJ that lives in KeyWest


By the way . . . an update on my apartment house: after several blown negotiations, this place, originally on the market for $2.8 million, was sold last week for $1 million even. This deal is done and final. I'll explain what happened later. But just know, the blood is in the gutters down here. And I ain't buying til it floods the streets. Give this another 2 to 3 years, especially with a trillon or so in ARMs resetting in 12 to 18 months.

Key West has got an open class warfare in words going on in the newspapers about town. A sure sign the top is in if I ever have seen one. Add that to your arsenal of tools that the Bubble has burst: when lesser blue collar mortals can only bitch about no affordable housing, you can bet the market is approaching a top, has hit the top, or is bursting and the workers aren't realizing it yet.

Higher rates, resetting ARMs, foreclosures, huge inventories which would take 5 years to sell at todays rate of sales, and on and on. Fools buy here. Never seen anything like this in my 16 years of living here. People everywhere losing their minds as they realize their Housing ATMs have run out of cash and they are stuck with a fast depreciating asset which can't be sold at the click of a mouse. Upside down is the new reality for a growing pool of folks down here.(darum wird sich das ausmaß des verfalls auch über jahre hinziehen und noch lange lnage nachwirken, einige objekte sind schlichtweg nicht zu verkaufen)

It's getting uglier by the day too. Higher real estate taxes just passed by the county government which piles on the already huge rise in insurance payments, means more homeowners are selling out for whatever they can get from Northerners. Many, many oldtimers have thrown in their hands and are running away from Key West to lick their wounds.

I am seeing jobs disappearing left and right. Two years ago, all the real estate agents in this town were flush with cash and buying Champange Room visits at my stripclub. Today, none of them are present and accounted for.Their ads get smaller in the paper. No more full page ads.

Last week, 3 properties sold between here and a Key 30 miles away. Three properties. Who bought these things, the 3 Stooges?

man muß zu bedenken geben das key west in einem hurricanegefähredeten gebiet liegt und daher die situation dort sicher (alleine schon wg. der versicherungsprämien) noch extremer als anderen hot spots ist.



Anonymous Anonymous said...

Unfreakin believeable!!! I was just vacationing in Key West on 12/25/05. We noticed all the for sale signs, but did'nt think anything of it at the time.
I'm going to pass this info on to other sites.
Great site! Hello from Minnesota.

12:00 PM  
Blogger jmf said...


from here in germany all the news semms to be surrealistic.

maybe because it´s we have a flat housingmarket since 1990 and thought that the memorys of the bust whre just a few years old.

it semms greed a very strong around the world


10:09 PM  

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