"Feb. 7 (Bloomberg) -- Brian Tuttle owns so much land that he paid $3.6 million to get rid of 125 acres ready for development in the middle of Florida's Palm Beach County. "
"``In 2005, I was a brain surgeon, and in 2006, I was a moron,'' said Tuttle, who walked away from his deposit on the land rather than lose even more money buying it and building homes on it. ``The only good news is that I'm not alone.'' "
"The worst housing slump in 16 years made a lot of smart money vanish. D.R. Horton Inc., Pulte Homes Inc., Lennar Corp., Centex Corp. and Toll Brothers Inc., the five biggest U.S. homebuilders, said plummeting land prices cost them a combined $1.47 billion in the fourth quarter. " Full Article.
Subscribe to:
Post Comments (Atom)
1 comment:
"``In 2005, I was a brain surgeon, and in 2006, I was a moron,'' said Tuttle, who walked away from his deposit on the land rather than lose even more money buying it and building homes on it. ``The only good news is that I'm not alone.'' "
One of the best quotes coming out of the bubble so far. I've seen it posted on a few sites and I smile everytime I read it.
And read that last part, "The only good news is that I'm not alone.
I had to read that several times since I don't know if I've ever heard anyone say something like that before. Can you imagine being hurt in car accident and the good news is that other people got hurt too? Can you imagine being robbed but the good news is that other people got robbed at the same time?
What kind of weird psychology is going on here?
Post a Comment