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While I’ve pointed out that there’s a fantastic opportunity in real estate before, that’s been in reference to the broad trends in the US market. But if you look deeper, you can find better bargains on the local level. I was watching CNN last night and they pointed out that while people are talking recession for the US, some states are already in the middle of a local recession.
California is one of the states that’s been experiencing higher than average unemployment. That tends to push already stalled housing prices even lower. Over top of all of these factors contributing to one of the best opportunities to buy low, there’s an even more localized event that’s pushing the issue even further.
If you go shopping around in San Diego, one of the things you’ll come across is La Jolla real estate. La Jolla homes tend to reside in the upper end of the housing market, but with recent events are likely available at a decent discount. Now though, in the wake of the San Diego fires, which did not affect La Jolla at all, there’s even more market pressure on local housing prices. That means there’s an amazing opportunity for someone who can put together the funds to buy one of these homes.
It’s a simple strategy really. Drop a million on a home and re-sell it in a few years (3-5) at my best guess and turn it into 2-3 million. Where else are you going to triple your money over a few years. You have to admit, it’s worth considering.
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