I guess when I say there's no more land, I'm thinking of the part of state I'm in, and other city areas. I just can't see prices in Boston/surrounding Boston dropping 75%. That would mean for one of my condos, I would basically be making a TON in rental income if I paid 75% of what I did...so rent would have to go way down too, or investors would just start eating up properties left & right to rent...which would just drive demand anyway. I just see the two tied together. But rent here isn't much different than it was 10 years ago..it's gone up, come down, and gone up a little, but nothing crazy overall, minus areas that have experienced a lot of growth.
My residence, I bought in '07 with 0 down, actually appraised higher this past month, so I could refinance...so it's not that bad here.
BUT, prices have come way down in areas like FL and AZ, where the values were very stupid...not that they aren't stupid here either, they are. Multi-family properties in the expensive areas came back down, because selling prices were reflected assuming the buyer were to flip into condos. In rural areas here, you can still buy multi families that turn a profit based on zero down, but you're buying in crappier areas...but if they turn a profit, how is a 75% drop going to happen? Again I'm just thinking out here...I'm sure there are plenty of places where the prices blew up so quick they're coming down to 75% or so at some point.
And I just put an offer on a house today, for the same amount a flipper bought it for in 1994-95...he put money into it, and sold it for $100K over what he paid. I don't know if that's scary, 15 years later and it's going to sell for the same or close to. My offer was a little low, see what happens tomorrow.