In 1975, as a young man I recognized the incredible opportunity real estate investments offered. I spent every penny I had to cover the down payment on a 3.5 acre parcel in Pitkin County...home of Aspen. On the parcel, East & West Sopris Creeks converged...year round creeks in "water-starved" Colorado. The acreage sat at the base of Sopris Mountain...one of the most majestic peaks in the state. My wife & I were thrilled with our unbelievable good fortune. Total price for this parcel was $18,000.00 - my down payment was $4,500.00. Life was good...
In 1976, we found our lives changing and we were in a position where we had to sell our dream property. We found a buyer who was willing to pay us $18,000.00 for the parcel...we needed the money and we took it. In 1985, "our parcel" sold for $995,000.00. So much for smart real estate investing...I guess it worked for our buyer pretty well.
Today, in 2008, we see property nationwide selling at 2003 prices or lower. We have historically low interest rates and there is plenty of money to lend to qualified buyers. I will not let this opportunity slip by. It would be a shame to look back at these times in 2018 and lament about "what could have been". It is shocking that the real estate environment is still resisiting this golden opportunity. Let's get the word out and have fun as smart realtors and investors!
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