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Mr. Ira, Bondo and all the others
I just would like somebody to help me understand this real estate
frenzy in California.
I am not American, I am Italian and have been living in the UK for
years. Last year I have been to L.A. and San Francisco. I do not get
it, PLEASE take no offence but I was not impressed. In Hollywood
celebs get away with it, but, on the other hand, I found Venice an
uncomfortable place, although Santa Monica was better, for example.
San Francisco was allright, but nothing really spectacular unless
you have never moved from your 2,000 souls' rural village. In Milan
and London - two places I am highly accustomed with - middle class
have been moving away from the town in recent years, driven by high
prices and poor quality of life.
So, please do not answer me with the supply and demand thing, I
would like to know in your opinion what drives demand there (hence
supply).
Thanks for all your help
Claudio
BTW = Anybody following currencies?
--- 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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