This advertisement was in The Daily Express yesterday (16 September 2010). It could be property from empty land to houses or condos. Presumably they are all foreclosed properties from Financial Institutions.Anyway, what and why are not the issue here.
Florida is 16,798 km from KL, let alone Kota Kinabalu. There is the whole of Europe in between, Hong Kong, China & Japan to the north, Singapore and Australia to the south.
Isn't it funny that these properties couldn't be sold in all these better-known (probably richer) places before reaching us in little Kota Kinabalu? Is it possible that these properties have more down-side potential than upside potential? The advertisement said prices 50% down from pre-crisis. Didn't the experts say that prices went too high due to the over-borrowing (sub-prime, home equity loans ...)? Now there is high unemployment (low financial capability of potential house-buyers), high stock of unsold properties, and uncertain future economic outlook. Is it more likely that property prices will go down in the future or is it more likely to rise?
The advertisement also said "Opportunity of A Lifetime". It didn't say "Opportunity of A Lifetime for Profit".
Here's a report from CNBC (also yesterday 16 September 2010) titled "Foreclosures Rise; Repossessions Set Record" about the record level of repossessions in August 2010.
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