Monday, Jan 26, 2009
Lesson for the day: greed is not always good
The Australian: Beachfront site falls $5.5m in six months
An Aussie rejected an offer of 14.5 Millions last July after buying the property for 13.5 million in June 2006. Last weekend he got $9,010,000 at auctions.
Posted by hubbers @ 01:25 PM (414 views) Add Comment
2 Comments
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1. nubbers said...
My amusement from this story is somewhat tempered by the fact that I still would not be able to afford it, even with another few years of falling prices.
2. montesquieu said...
You have to laugh. Especially at the VI speak ... these people are the same wherever you go:
''Real estate agent Michael Kellosche ... he believed the market had bottomed out, and the first quarter of this year would see housing prices begin to rise. ...Prices are now very attractive. It's an ideal time to get blue-chip properties at rock-bottom prices. ... Mr Kellosche is optimistic about the property market in the year ahead.''