Monday, July 24, 2006

The River of No Return

Last Night,

While walking the streets of this famous mountain resort town,

We stopped at the little Real Estate Kiosk,

And we looked at the postings.

Yes, they were expensive.


I was considerably impressed with a 1500 square feet second floor condo

For 900,000 dollars.

It probably had a view.

Most of the property on this page show listings for around 600.00/sq. ft.

Many of the properties are millions of dollars.

As we drove into town, I looded over at the little airport.

It had more private jets parked on it than Love Field.

This is where the Harrimans and the Governator,

And the Bruce Willises of the World hangout,

The property is well beyond the reach of most of us.

But the question I have is this.

Property in Boise is off the chart.

Property in Alpine is off the chart.

Property in Austin, in Santa Barbara, in wherever,

Is pretty much off the chart.

I have gone through two major property devaluations in my life.

One was in 73, and the other was in the late 80s.

I watched values go down to under 50 cents on the dollar.

In some cases, they went to 35 cents on the dollar.

But this time, I wonder,

Nothing is more dangerous than projecting the past onto the future,

With blithe reckless confidence.

What if this time,

Our currency is getting ready to be worth 10 cents on the dollar?

Then, a million dollar condo doesn’t sound so preposterous.

What if our currency is already devaluing and we are seeing it

In the values of our REAL Estate first?

If the currency goes down in value, real estate goes up,

Equities go up, bonds go in the toilet.

With Climate Change and Resource Depletion,

And the scourge of War riding over the event horizon,

These are wild and unpredictable times.

The rich people are buying really expensive real estate.


I’m getting ready for a trip down

the River of No Return.


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Anonymous Anonymous said...

I often ask myself, "Who ARE these people and where do they come from?" I am referring to those who can afford $900,000 vacation homes as well as those purchasing the homes in our fair city in the upper ranges. Jeez. I really don't get it. Can you 'splain it? And what's the river of no return anyhow??

11:28 AM  
Anonymous Anonymous said...

Look for Marlyin and Clark in the River if they are still there. That haus next to ours here in Deer Corn is for sale and has a realtor not that Deer Cron works for you but anyway it is up on the block for fairly cheap. DEER Corn is a long way from anything.

The Pentacostals thinks these are the final days.

Good grief.

Enjoy the river. I want to take you to Nicaragua with me soon to see the real people of the planet that ride in buses that were brought in from Carrizo Springs.

Aloha Iggie

5:47 PM  

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