I was downtown yesterday with my buddies Matt and Dave shooting a segment for a local television show we are working on. We wanted to get some input from the locals by asking a few questions. One question we asked people was, “what is your favorite investment idea for 2007?”
Now I know that people in Bend are infatuated with real estate. Pick up the Bulletin or a copy of Bend Living and it’s obvious simply from the amount of page space dedicated to it. But I was astounded at the number of people who answered, “real estate,” to this question – people young and old from every economic background.
Listening to the people we interviewed yesterday immediately conjured up images of the dot.com bubble in my mind. Given the fact that total sales were down 27% last year and prices are down 19% from their peak I would have thought the bloom would be off the rose. What the persistant enthusiasm tells me is that we are nowhere near a bottom.