“About 600 properties, or 6 percent of all those on the island, are for sale, but almost nothing is selling. ‘The damage is huge,’ said Flint Ranney, a real estate broker on the island for 30 years and president of Denby Real Estate. ‘The market value of the real estate on the island was about $20 billion in 2008. Now it is about $14 billion.’ …
… While some real estate agents say things are picking up, Mr. Ranney disagrees, pointing out that just four homes sold in March, four in May and about the same last month, according to data his firm keeps on all transactions. The dollar volume of all transactions is down 48 percent, according to his firm’s data.”
The rest is HERE.
Not that you’re going to get anything for a *bargain* but this is definitely the time to go all in. Why aren’t I a trust-fund baby?
