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"I visited 2 friends over the holidays at their newly purchased ('07 and '08) $1M dollar condos. Both were pissed to buy at the height of the market and pay full retail. 1 banker was layed off since the Spring and looking for a job in another city. Both were past the bullshit "glow" of buying a new home and realizing they got caught up and sucked into the real estate bullshit. Both were bitter about coming to terms that their purchases were worth about 25% less today, than they paid." [Fourth Quarter Market Reports: Calm Before the Storm]