Friday, March 04, 2005

Second Homes Now Front Page News

Most intriguing "news" about the NAR study on second homes soaring as investment vehicles? Both the NY Times a few days ago and now The Wall Street Journal have put speculators on their front pages. The WSJ's lead story today is about Jonas P. Lee, who says he's buying "more than 1,000 homes for Redbrick Partners LP, a New York firm he runs with the help of an MIT economist to invest in single-family rental property." Lee is going after "working-class neighborhoods in such cities as Baltimore, Philadelphia and Trenton. Even there, however, he is running into tough competition from people determined to cash in" on the housing boom, says the Journal.

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