Auctioneer: ... Make no mistake, ladies and gentlemen. Buying a piece of real estate is the best investment. It will never go down in value. ...
This statement is deceptive. Obviously you can't say real estate will never go down in value. In my property research work, I've seen many properties that have gone down in value. Some buyers even managed to purchase properties cheaper than what the vendor paid for them a few years ago. Mansions, apartments and townhouses in blue chip areas included. When buyers are not careful, they make a lot of mistakes. And they're costly too. They're just too embarrassed to tell anyone. So you hardly hear about them.