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Hey Cludio,
For what it is worth, my take is many Americans buy for status as much as
any other reason. I think that is especially true in many of the
overinflated CA areas...and other high profile locations.
I say this because I have been to all of the places you mention and
identified my motives at a time when I was "moving on up" and made a
purchase that suited my ambitions at the time. As long as there is
demand and the location retains the status aura, things go well.
I have purposely left out all other factors previously discussed.
Sincerely,
John
> 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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