@Chris McCarthy wrote:
Sorry Chris, 2 years ago you said that you would eat your hat if prices do not start rising by October 2009 (you never sent us a picture of the hat-eating-process). Now, in January 2011, you still claim that a bottom has been reached or is near.
Question: why shouldn’t not-so-good-location houses in Spain go to around 30K Euros and super-prime apartments reach 90-100K Euros?
If I knew how to take a picture, and post it, I would go out buy a hat and put a picture on here of me eating it, just for you flosmichael, I am in no position to do anything other than comment as I see it today, and I could well be wrong.
But I can’t see super prime apartments in Marbella or its surrounding areas at 90-100k.
I have seen real people, pay a real €13 million in the past couple of months though. And I have never really understood the US real estate market, so I can’t comment on that.
I am not calling the bottom, I am not calling an upturn, I am not saying that there won’t be a downturn, I am saying that in every month since the real crisis hit, someone has bought, and in the past couple of months there has been an increase in that. You have to make of that what you will.
But I was just driving back from getting a haircut, and listening to Mumford & Sons singing their song After The Storm, and it put me in mind of when Mark made a comment on here in I think 2006/07 and talked of how the Spanish property market was potentially heading for the Perfect Storm, and I knew he was right, there was an endless list of indicators for this, and then what happened was actually the Mother of all Storms.
Is it still raging? Or are we in that After the Storm period now? In future, I will try to comment only on what I see happening and see if that helps you decide, meanwhile am going to pop out again go look for a tasty hat!