So will square footage in places like The Hamptons shrink because of the recession?

We felt the only place to really get the answers is The Hamptons Real Estate Blog.

In a post entitled "Hamptons and Manhattan Traditionally Lag In a Recession" the blog is reporting "the real estate downturn has finally hit Manhattan and The Hamptons." 

Whoops.  Kind of makes you wonder where Architectural Digest is going to find their features for 2010 and beyond…

Here in Nashville, I'm still watching some of those McMansions that sprang up so fast in my own neighborhood.  Some pretty large tudors have sold but at reduced prices.

But the building has stopped for now…

Go to The Hamptons Real Estate Blog and read more…

Hamptons and Manhattan Traditionally Lag In a Recession

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Here is one of the most important landlord tips that will help you stay out of a lot of trouble with your tenants.

They're not only tenants, they are people who should really be likened to clients.

Am I crazy?  A tenant as a client, or heaven forbid, customer?

This is one of my Dad's biggest secrets and he has been a landlord for over 50 years.  I learned it from him and I'm practicing it myself because it works.

It worked for me yesterday. Continue Reading »

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Here are three facts you should know about condos before you invest in one.

I think I'm qualified to talk about this, since we have had almost 15 condos for over 20 years.  There are potential minefields here although condos can be excellent investments.

Continue Reading »

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What do Michael Jackson, Bernie Madoff and the Global Warming Bill have in common?

Lack of due diligence.

Michael Jackson allegedly  got some very bad financial advice.  We covered that  teeth gnashing  problem in yesterday's post.  Bernie Madoff has left a lot of smart investors without anything. 

ABC News is reporting Madoff victim Kathleen Bignell is living off of social security now and had to tell her 89-year old father there isn't enough money for his burial.

The Global Warming Bill was quickly passed yesterday by the House without many people having had the opportunity to read it. 

Most of us don't know what's in there, but I have a feeling we'll eventually find out- after it's too late and our taxes go way up.

So what's my point?

We need to take control of our own economic destiny.  We need to read and know everything, down to the smallest details, that affect our bottom lines.

We can't put our money and our real estate properties into any one's hands, no matter how capable they are, and just leave them.  We have to be on top of everything.

As for contracts- like the Global Warming Bill- we just never sign anything unless we have taken it apart syllable by syllable.

Here is another source about Palm Beach and the Madoff Scandal I thought you would be interested in.

Brian Ross Investigates the Secret World of Bernie Madoff

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www.industryfinest.com

 As early as 2006, The New York Times had already written  a revealing article about Michael Jackson's money problems that included real estate difficulties.

We looked the old article up and it was prophetic. 

The NYT brought out the fact that Michael's real troubles started when he began taking bad financial advice in the early 1990's.

The star who owned the Beetle Catalog made another big real estate investing  mistake.  He fell emotionally in love with one piece of property, Neverland Ranch.

As we remember it was that strange Disneyland  clone of such that was almost foreclosed upon  about a year ago.

But as the NYT pointed out, paying for the  upkeep of $4 million or $5 million per year, depending upon whom you ask for figures, isn't the way to make money with real estate. 

As we all know, it's supposed to be the other way around. 

Read What Happened to the Fortune Michael Jackson Made

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