Thursday, November 8, 2007
Rock-a-bye baby, in the tree top
When the wind blows, the cradle will rock
When the bough breaks, the cradle will fall
And down will come baby, cradle and all
So today is November 8th and CNN has a Breaking News banner reporting that Fed chief tells Congress economy may slow significantly. Really?!
MSNBC has an equally alarming banner: World shares tumble on fresh credit concerns Sell-off follows a big slump on Wall Street amid mortgage, finance fears.
Our economy sucks right now. The value of the dollar is declining and the prestige of the dollar is in peril in my opinion. Remember "What’s good for the country is good for General Motors, and vice versa" a statement made by Charles E. Wilson while president of the General Motors Corporation.
Yesterday, GM took a $39 Billion write-down partially attributed to real estate losses incurred through its real estate arm GMAC. Does not sound good to me. Citigroup and Merrill Lynch are two companies who lost their CEOs this past week over huge corporate losses also attributed to real estate mortgage losses.
The DOW JONES Average has taken a 1100 point drop in the past 30 days. CLICK HERE.
Maybe this cheery news partially explains why so few real estate deals are occurring in Key West. Maybe potential buyers are fearful that the price and value of real estate will continue to fall. The value of the dollar vs. the Euro is also at a new low. And if that value continues to decrease, the buying power of the dollar will be evermore diminished in the US as well.
Perhaps a smart investor who has cash might decide to use his cash to buy real estate now. If the current price of real estate is at or near bottom, then the cash ought to rise more quickly after recovery than the cash itself would. Makes sense to me.
CLICK HERE to search the Key West mls database and then call Gary Thomas to take a peek at real estate in Key West. You may actually find some place to put your cash before the bough breaks. 1-305-766-2642.
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Gary Thomas in a Nutshell
- Gary Thomas
- Key West, Florida, United States
- I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.