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Just saw some new homes in Northern
California, 3000 sq.ft. Lot size, 10,000-14,000 sq.ft. No
landscaping, and rock hard clay soil. Located in a intermediate quality
neighborhood. Starting price, with no upgrades, $945,000 and 6 sold
the first day. What do they say? "Location, location, location".
It just doesn't figure, but it is happening.
Sent: Monday, September 13, 2004 8:00
AM
Subject: Re: [RT] Real Estate
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@x...> 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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