Land that could be bought for $800,000 could, within a year, be
resold for 4 million before crashing back down to pre-boom levels.
The prices were so inflated that to buy a condo-style property in
XXXX, you would've had to pay the same as
you would now have to pay for a luxury home in the guard-gated
communities in Miami ($4,500,000)—without adjusting for
inflation!
Via Florida Real
Estate Bubble from The
Mess That Greenspan Made: Money Magazine on “Cashing Out”,
The
Florida Real Estate Craze
This is not a speculative article “written” from the perspective of
say, 2011, but is instead about a real estate bubble that actually happened
in the state of Florida a while ago.
How long ago?
The $4,500,000 price, adjusted for inflation, would be $494,500,000—nearly
half a billion dollars today.
Too bad for the gentleman that actually spent $4,500,000 dollars back in
1926 for the property.
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