{ February 22nd, 2010 }
Midtown Atlanta Condominium Foreclosures
- Baron Rothschild: Think of him as a more successful, less hyperbole-prone Donald Trump.
I often hear the quote “when there’s blood in the streets, buy real estate”. this weekend- curious as to the quote’s origination- I finally tracked down its roots. Originally published on November 29, 1931 in a New York Times article entitled “Protecting His Interests: How Baron Rothschild Bought Paris Realty in Panic of 1871″:
It is told of this Baron Rothschild that in the days following the defeat of France in the Franco-Prussian War, when the mob ruled Paris, that a friend went to him and said “What are you going to do to protect your interests in this dreadful hour?” The Baron said to him, “Can you keep a secret?” He said, “Yes,” and the Baron said, “Well, if the truth must be told, I am protecting myself by buying real estate.” His friend said, “Do you mean to say you are buying real estate with the gutters of Paris running with blood and the city in the hands of a mob?”
Rothschild said, “Yes, my friend, I mean that very thing, and that is the only time, when the gutters are running with blood, that you can buy real estate at 50 cents on the dollar.”
While perhaps not as catastrophic as Paris in 1871, we’re certainly living in challenging times. There are some tremendous deals out there, in particular in markets that saw the most dramatic surge of boom-time overbuilding.
If you’re interested in browsing condominium distressed sales (foreclosures and short sales), click here. The link leads to page of up-to-the-minute condominium listings in Midtown, Atlanta.
