When the amateurs and the moms and pops start investing in something, start doing the opposite. Case in point" everyone and their mother speculating in Florida and Las Vegas and Arizona residential property...sign of the apocalypse. Your next door neighbor who knows as much about dirt as the rabbit in the back yard builds a strip mall. The early birds will do fine, but once it becomes prevalent, run -- don't walk -- the other way. And get some pros involved, for crying out loud.
I read that disgraced ex-NY gov Eliot Spitzer is about to start a vulture fund for real estate. (Maybe I should apply to be a prosecutor.) Hopefully he gets some talented dirt pros behind him, because it isn't that easy to do. Maybe he'll look for money from other johns.