Housing bubble and boating
04-26-2007 | 03:00 PM
#31
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From: Lafayette,La
over here in madeville la , i am not bullchiting ,this past sunday there is a 2 lane road that's about 3 miles or so long , my street is off of...
went to lowe's that late afternoon, and on every street corner that either went into a subdivision or just down streets had "open house" signs...
at every corner...!!!!i told my lady ,wow!!!!!
no wonder we are not seeing action .... everything is for sale , i was outside in the front yard all day until 3 or so...not a single car drove by...
one agent called me last week , said , i have a potential buyer ,but you need to lower your price 30k for them to consider it.....
it's a buyers market....
guess what my response was
all i have to say is thank goodness i did not buy that top gun 5 years ago...it was 169k and would have been a 20 year note...
how bad of a position would i be in now...
fuel.......
15 years left on a note/insurance on a boat that's not worth no where near what i paid if i had bought it...
plus i'm sure it would be sitting in a larger shop behind my house broke ,cause by now i have blown the engines by now , baked the bravo's , etc....
went to lowe's that late afternoon, and on every street corner that either went into a subdivision or just down streets had "open house" signs...
at every corner...!!!!i told my lady ,wow!!!!!
no wonder we are not seeing action .... everything is for sale , i was outside in the front yard all day until 3 or so...not a single car drove by...
one agent called me last week , said , i have a potential buyer ,but you need to lower your price 30k for them to consider it.....
it's a buyers market....guess what my response was
all i have to say is thank goodness i did not buy that top gun 5 years ago...it was 169k and would have been a 20 year note...
how bad of a position would i be in now...
fuel.......
15 years left on a note/insurance on a boat that's not worth no where near what i paid if i had bought it...
plus i'm sure it would be sitting in a larger shop behind my house broke ,cause by now i have blown the engines by now , baked the bravo's , etc....
04-26-2007 | 11:03 PM
#32
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From: SoCal
Damn. Sounds pretty rough out there TommyMonza and others. I'd say the market has dropped about 2-3% in OC Ca since the peak 18 months ago. Nothing too bad, but not a good sign.
My guess is the rich will continue to get new boats, the less rich will make do with the boats they have, and there will be fewer new boaters, until the prevailing winds change.
Used boats will continue to drop in price as people dump their boats in favor of the specaulative second mortgage payment, and because banks will continue to favor new boat loans for security. Mi2cents.
My guess is the rich will continue to get new boats, the less rich will make do with the boats they have, and there will be fewer new boaters, until the prevailing winds change.
Used boats will continue to drop in price as people dump their boats in favor of the specaulative second mortgage payment, and because banks will continue to favor new boat loans for security. Mi2cents.
04-27-2007 | 07:13 AM
#33
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From: Port Chester, NY.
I just made an offer on a house and it was accepted. Had the inspection done, and am going under contract next week. There are a lot of homes on the market. Most of the houses we looked at, were on the market for 6 months to a year, and have dropped quite a bit from there starting asking price. I think a lot of the sellers are still dreaming of getting prices they saw other houses sell at, during the height of the market.
04-27-2007 | 08:06 AM
#34
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From: 1000 Islands, New York
Congrates on your new home!
We sold our home in the Albany, NY area last May. Was on the market 6 months. We accepted 10% less than our original asking price and happy to get it. The buyers were the first people to make an offer! Got nickel and dimed with concessions to get the people to the closing.
We sold our home in the Albany, NY area last May. Was on the market 6 months. We accepted 10% less than our original asking price and happy to get it. The buyers were the first people to make an offer! Got nickel and dimed with concessions to get the people to the closing.
I just made an offer on a house and it was accepted. Had the inspection done, and am going under contract next week. There are a lot of homes on the market. Most of the houses we looked at, were on the market for 6 months to a year, and have dropped quite a bit from there starting asking price. I think a lot of the sellers are still dreaming of getting prices they saw other houses sell at, during the height of the market.
04-27-2007 | 08:06 AM
#35
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From: Virginia Beach, VA
I just sold my house after 6 days on the market. I got what I wanted for it and think I got a great deal on the new home. I sold for the same price homes have sold for 2 years ago in my neighborhood, in other words 10-15% less than what I thought I could get during the peak.
With a 30 year fixed at 5.875%, Great Time to but IMO.
Around here if they are priced right, there still selling.
With a 30 year fixed at 5.875%, Great Time to but IMO.
Around here if they are priced right, there still selling.
04-27-2007 | 09:40 AM
#36
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From: NY
Anyone think of the possible POSITIVE side effects on boating with a low housing market.
People are making a lot of money in the stock market now and the economy as a whole is up alot, despite what the dems and media try to get you to believe. a lot of people can now afford houses on the water and buy a boat to go with it, when maybe before they couldnt. And when the market slows down and the fed drops rates, the investors will flock back to real estate and proces will go up again, and as mike 35 fountain said, that will be the time to cash in for people that bought investment properties.
People are making a lot of money in the stock market now and the economy as a whole is up alot, despite what the dems and media try to get you to believe. a lot of people can now afford houses on the water and buy a boat to go with it, when maybe before they couldnt. And when the market slows down and the fed drops rates, the investors will flock back to real estate and proces will go up again, and as mike 35 fountain said, that will be the time to cash in for people that bought investment properties.
04-27-2007 | 11:51 AM
#38
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From: Deland, Florida
That applies to just about everything. If you think about selling something, sell it before you HAVE to sell it.
04-27-2007 | 01:04 PM
#39
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From: Ohio / Florida
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.
Amen!
04-27-2007 | 02:10 PM
#40
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It's a tough market everywhere. Even in Katrina area's where there should be enough booming business for the next 10 years. Prices inflated, people were flocking from LA to MS as well as the northern counties paying 20-35% more for a house that didn't flood. Now the market is devastatingly slow, ins. prices on residential market is almost unobtainable to make it feesable to build a home. Something definatly got to be done. You cant give a home away. Rental market is also saturated, upside down, what ever you want to call it. By the time you pay all the fee's, plus the insurance, you'd better have a big down stroke to make it cash flow. You do have the GO-ZONE write off till 2010, but WTF good is that if you can't rent it to support the property. Good Luck everyone. Jeff
