Typically I would have held and waited it out, but luckily I liquidated because I was planning to buy some additional properties and am now sitting on a lot of dry powder actively looking for deals.I believe the rational for not selling might be the same dynamic behind buying for monthly cash flow instead of buying based on speculative appreciation.

Also Spain is considered #1 drug trafficking gateway in Europe.So the reasons why there is rise in real estate are sometimes not rational.

We all have them - against all ration and sound advice we do something that turns out to be completely stupid.

@Jonathan Dempsey outlines the only situation in which it's rational.  

WOW I have heard it all.People too damn lazy and trying to justify it with the rationalization that they spend too much time in line at the grocery store and in the kitchen. 

Don't waste your time trying to explain or rationalize your goals to them.

But you need a model to follow or carefully depart from, and a series of rational explanation for why that model works.

It helps me to make rational decisions vs. building hatred, anger and not wanting to deal with tenant problems.The first thing I did was I sent every tenant a letter telling them how I was the new building owner.

They are emotional buyers looking to buy their "home", and will do a lot of rationalizing to make sense of their "investment". 

That doesn't make it right, it just makes it rational. 2.