I went through a few auction cycles like this and turned their offer down each time, but their offer was getting progressively lower.

Perhaps what @Daisja Vance mentioned is at different level.I know lot of conglomeration outside of USA and the way they do business is super crazy, in one cycle they could become millionaire, the next cycle they lost everything and in the next cycle they become billionaires again.The way they do business is usually by making a 150% LTV loan, by buying a business, it could be oil wells, coal mining, or a forest ; depending on the sector, some sectors is going to a mega bullish year in 10 year period, buy coal mining for  three bucks, only to sell it for three hundred ten years later.

One of the primary reasons multifamily CRE (in particular) has performed as well as it has over the last 40 years, is because it has directly overlapped with a long term credit cycle of programmatic monetary easing (1980 - current, see long term 10-year UST yield chart for context).

There are cycles that occur as supply and demand get imbalanced.

I'm not surprised.The four phases of the real estate cycle are recovery, expansion, hyper supply, and recession.

STRs are still run on a supply and demand cycle.

. :)  I know from living through a full cycle in real estate, that rents do not go up indefinitely in every area. 

🤣🤣🤣You know when all that first broke I felt sorry for Natalie because it seemed like she was just caught in the Jetstream, and because she had kids to care for I got her defense of all that mess - but it appears she's just as equally culpable. yup the money was a drug.. right time and place in the business cycle and their popularity to the public .. 

But then again, the hundreds of cycles in between then have brought a lot of tears.

@Daniel Hurtado Yes, you can find wholesale deals in any point in the market cycle (however, you might have to change markets).