Saturday, August 1, 2009
Ft. Myers, Florida Condo Tower Has 1 Tenant, 32 Stories
According to Gordon Gecko, " ... Greed, for lack of a better word, is good." What he forgot to mention was the cost of greed. This article symbolizes that greed, the rush to own a condo in Miami, Ft. Myers, Vegas and other "exotic" places that were being sold at triple, if not at quadruple the value they were really worth to the consumers who thought they really could be like mini-D0na/d Trumps i.e., own something that they really couldn't afford! All was well until the entire house-of-cards came tumbling down. Unlike D0na/d, who got bailed out multiple times through bankruptcy (at our expense, of course), the collective bankruptcy/foreclosure of the "starry-eyed" has led the demise (or correction, depending on your POV) of our entire real estate sector!
I sincerely feel bad for those who paid for their dream-homes/first-homes with their hard earned money in an over-hyped real estate market - they were swindled like any other innocent victim. However, anyone who got caught up in the craze and hype and lost their pants by investing in these shiny buildings, should've done some more homework! At the end, everyone is responsible for their own actions.
Read the Article at HuffingtonPost