blueamerican

Good question, but nobody goes by the numbers, just look at the stock market today, how can it blow by 13,000 with the real way the economy sits. Wait until the rest of the boomers like myself start retiring in the next few years, an awful lot of $$$ is going to come off of the table. You can't continue to live and spend on real $$$ & your salary once you retire and start taking all that money out of your 401's and selling your R/E investments (which you better not do for a few years).

cuda

I said for a couple years before it happened , that houses would reach a point where they just aren't worth what people are asking for them. Just like the dot com boom/bust. People were just buying to sell it for a higher price. A lot of the dot com companies never made a dime of profit, but people kept buying and selling just to buy and sell more. It's like musical chairs with your money. Pretty soon the music stops, and someone is left without a chair to sit in. Real estate will come back, never in the history of mankind has real estate gone down and stayed down. Look at a long time graph of real estate, it sometimes goes down, but draw a straight line through the graph, and it's always pointing up. I sold a house, and bought another house at just the right time.

open87

iTrader: (2)

mine has been on the market for a year since that storm where i live became instant sales, homes selling in 1 day..until insurance shut the door....

hold back on me was that i have 1200 sq ft shop /building out back, not exactly what 99% of buyer's want.

home prices here jumped up 20% or so... so , i listed it for that , 20% higher than what's on the tax rolls ...no "solid" sale as to date.....over 8k hits on the FSBO site... but.......



with insurance premiums being quoted 4-6k through the state run insurance plan ,there is no way someone can afford my home...and if they can , they want to live in a "deeded, restricted, coveted " area...meaning no boat's ,trailers ,excesive cars (4 or more) in a driveway ,grass has to be cut on a certain day, trash can has to placed out /picked up by certain time ,etc...

restrictions out the wazzoowa!!

at least i bought 4 years ago before the storm , so, i am ok with what i paid...but, i couldn't afford to buy my same home today at the prices they are asking.....or afford the insurance....anything south of I-12 is now considered a coastal flood zone....and no major compaines are writing "new" policies in south la.....

sooo ,it's down for me.....

open87

iTrader: (2)

holdback...

BUIZILLA

why the hell would someone NOT want a back garage setup like that?? makes no sense....

OldSchool

Good post!!

open87

iTrader: (2)

wonder the same thing , would be great for a small biz guy, home does have a 8x5 office , great write off...

you can't rent a building this size around here for 3.00 a sqaure foot

chit , UPS can turn around back there....

Stormrider

In general, i'd say yes.
But the very wealthy who are buying these new 400k+ toys still can buy them.
In my area(20mi/35min by train to NYC) the RE values seemed to have bottomed and leveled after a 10-15% correction.
Many still seem to be asking too much $ for their homes... so they'll sit for a while.

BeakBoater35

I wish I had that hold back in my back yard!!!!!!!!!!!

BTW, I have family members that live in one of FL's gated "retirement" communities. I see the attraction. BUT, I could not live with all the rules and restrictions. They even mandate where, and how big the for-sale sign has to be!

tommymonza

Realstate is bad here and i think it it going to get much worst before it gets better .
I have 5 friends in sales that have been topselling agents for 10 years and they are waiting tables right now.
I have friends that are project managers, one for WCI the other for Tollbrothers they go in to work wondering if this is their last day. the companies are shutting down big projects and just drying in what is already roughed in.Centex just laid off a bunch of people here.People are walking away from 50 thousand dollar preconstruction deposits left and right.
My exwife made a couple hundred grand a year as an appraiser the last couple years , she will be lucky to make 30 grand this year.Most of work right now is reviews fot the second hand market and forclosures wich just started to snowball after season produced no sales and people are giving up.
There are condos/apartments that people paid 350 for that are not worth 200 right now.Everybody is selling their rentals because of the high insurance and taxes their upside down on them even if they own them outright.
I am trying to sell a house right now for what i paid for it 5 years ago and i can't even get people to look at it.With insurance and taxes at a 1000 or better a month for a 3/2 house what average family can afford to buy when you can rent for 1200 and even that will come down with the glut of rentals that are coming on the market after people realize they are not going to be able to sell their investment and need to pay the payment.
My sister bought a brand new townhouse last year for an investment i told her no but she did it anyways.The neighbor hood looks like a slum now because of the crappy people that owners have rented to with 3 crappy cars in every driveway and a for sale sign in every yard.
My brothers live up in Grand Rapids and own a lot of commercial real estate.They say it is getting ugly,fortunatly they were able to unload a big mall they had up there .They changed the new lending laws for housing also that eleminated a lot buyers from the market.
I read in Forbes last month not to beleive that the housing bubble is as bad as everybody is saying.But i am witnessing it first hand in a very desireable area and i am not one to say the sky is falling but i think the housing is going to get much much worse before it comes around to a normal level again.