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That's interesting. Southern California real estate has been marked
down 10-15% over the past 3 months and homes still aren't moving.
But that's not saying much since values have doubled over the past 3
years.
--- In realtraders@xxxxxxxxxxxxxxx, BobsKC <bobskc@xxxx> wrote:
> Of course, there's is nothing quite like three major hurricanes in
a month
> to bring property values down fast. My home on Sanibel Island, Fl
> escalated from $290K in '98 to $550K in '03 but it's hard to say
what it
> may be worth right now. Also, purchasing at historical low
interest rates
> runs the risk that with rising rates, real estate values will
fall. Sort
> of like being in a stock you can't sell because trading is
halted ... :)
>
> Bob
>
>
> At 02:39 PM 9/11/2004 -0400, you wrote:
> >Well I am finally seeing it happen in real time...in the
community I live.
> >
> >I am active in Homeowner's Association in my Myrtle Beach, SC
community.
> >We are Lakeside and just 5 minutes from the Beach with the new
roads.
> >
> >I saw a list of the homes owned by people from CA and WA and it is
> >growing. Apparently there is a network of over 2000 people
dealing with
> >select realtors who find fast growing and escalating value areas
in new
> >communities here and elsewhere.
> >
> >The out of staters are buying homes here and renting them for
$1050 per
> >month which covers mortgage and practically all expenses with
some left
> >over for repair. In speaking to one from WA, he can not afford to
retire
> >where he lives plus he believes the escalation in value here will
give him
> >a better profit than the stock market. Apparently, his particular
effort
> >was started by a group of stock investment club women who are
also doing
> >this.
> >
> >It is having a negative affect on our Family community since many
renters
> >are college students...away from supervision...FWIW. But that is
being
> >gradually dealt with.
> >
> >I am thinking about doing a few properties myself. There is no
let up in
> >demand here.
> >
> >Just FYI.
> >
> >Sincerely,
> >
> >John
> >
> >
> >
> >
> >
> >
> >Yahoo! Groups Links
> >
> >
> >
> >
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