Thats so true. It also works in the reverse. When you hear those people talking about how bad things are, you know you're close to a bottom.
Usually... but.. the population sitn' growing, businesses aren't blowing up...
Simply put, there's nobody to buy/use these properties.
Jay might have gotten great land in great places for great prices... when the population reaches 360 million, when economy rebounds and more ppl visit/move to Vegas... when there is a DEMAND for that property, he's going to make a tidy profit.
However, there is no way he's earning more than a million per year from real estate alone, that's all my post said.
Which is why those with properties are renting them out. Rent is increasing, especially commercial. Plus, any smart investor was selling houses 12-18 months ago and is now looking to buy. The sea of for sale signs = opportunity for those buying.
In SW Florida, it's a renters dream. Everything is cheap. You can get a 3000-foot house loaded, swimming pool, 3 car garage, perfect neighborhood, for 1000 per month. Why buy right now?