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That's alot more land than you'd get in southern California. And
this area borders the desert. The amount of available land is
limitless and we're 15 minutes from the beach. Makes you wonder.
The last real estate downcycle here came in 1990-1995 when home
values dropped 40%. Interest rates were cut from 11% in 1989 to 3%
in 1993. At that time Japanese funny money dried up and the defense
contractors moved out, taking jobs away.
In Japan, interst rates have been at under 1% for at least 6 years
nowand real estate is still down 50% from 1990.
So it ain't interest rates. Its demographics, the availability of
credit and at least on the left coast, foreign investors.
--- In realtraders@xxxxxxxxxxxxxxx, "mr.ira" <mr.ira@xxxx> wrote:
> 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.
>
>
>
> From: bondo92677
> To: realtraders@xxxxxxxxxxxxxxx
> 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@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
> > >
> > >
> > >
> > >
>
>
> Yahoo! Groups Sponsor
> ADVERTISEMENT
>
>
>
>
>
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