An article in today’s Sarasota Herald Tribune provided me with an early morning chuckle to go with my java joe. The article (link appears below) tells the saga of a gentlemen who missed his “champagne moment” when he rejected an offer he couldn’t refuse, but did.
This report begs the question, how many people in our market missed similar opportunities because they believed there was no end in sight to the boom. The damage done to the financial well being of persons of this ilk is untold and begs the $64 million question, will values ever return to what were champagne levels and if so, when.
From my perspective there are some situations where the value of some real estate, in particular vacant land, will never return to previous levels until such time as a healthy demand can be demonstrated for the end product.
It will also be some time before financing is available for any development that has a hint of speculation to it. If there is a moral to this story, maybe it is that you should never refuse a glass of champagne, particularly when it is chilled to perfection.
http://www.heraldtribune.com/article/20100618/ARTICLE/6181042
Posted by Ian Black Real Estate 
