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i'm lucky. i live in an area that despite public opinion, it is booming like crazy. my lender said three days ago (and he said the same thing back in january) that in NJ alone, they conduct 15 thousand mortgages a month.
now keep in mind, nj is more over populated and to build now, you have to start buying farm land but 15 thousand a month! that is insane.
after 911, they built homes in south amboy (now that is a fairly lower income town) where townhouses were starting at 380 and are now worth 1/2 a mil. the homes started at around 600k and are now worth 1mil.
this is south amboy! not a town i would want to raise my kids because literally right over the tracks are faily low income homes. but because of 911, the fact that these homes are built near the rather brown water there and the convience of commuting, these houses have increased drastically over 3 years.
go into perth amboy (which is a basic shithole) and the condos they are building can be bought pre construction at around 190. they will be worth 250 at the time of completion.
will the market plateau....yes but i think in maybe 2 or 3 years. at that time, people in this area (ny, nj, ct) will have already made a decent profit.
i love learning about real estate....mininimal risk with a decent return.
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