New Condo Projects in Destin

From Free Market News ...

THOUGHTS ON THE HOUSING BUBBLE

Aggressive lending campaigns by Wall Street firms and mortgage brokers, who pushed variable rate and interest-only loans, fueled the fire. “Build it and they will come” became the mantra of developers. My wife and I were in the Destin, FL, area about two years ago. Noting new projects everywhere with construction cranes perched on sites like blue herons in a Koi pond, I thought, “My goodness, who is going to buy all of this stuff?”

Indeed, who will buy? No one right now. I will buy, once the dust has settled. Patience. Patience. Maybe a year, maybe two years. Maybe five years. The bottom will be reached, rental income will pay mortgage, taxes and insurance and then I will own.