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Madoff and Banking Schemes Make Real Estate Look Safe

Tuesday, December 16, 2008 posted by Tommi Crow

In light of the numerous frauds, schemes and lack of regulation in the “once revered” securities and banking industry, real estate is beginning to look like the only safe haven for your money.

Unlike stocks, bonds and other exotic investment vehicles, real estate investors own something that they can see, touch, smell and enjoy.  In other words, “Real estate is Real”. 

While many unfortunate victims of the Madoff and banking ponzi schemes, may be forced to fire sale their mansions on millionaire road, I don’t see a huge negative impact on area’s like Palm Beach, FL.   There are simply too many ultra rich people on this planet, licking their chops at the prospect of getting a deal on trophy property, that was at one time unattainable.  These individuals are simply waiting on the sidelines, with cash in hand, to swoop down on a deal of a lifetime, with bragging rights included.

We are also beginning to see “the real estate is real” phenomenon take hold in other parts of the US, as well.  Housing sales are up in Las Vegas, Palm Springs and other desirable second home communities.

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