Entire Grocery Stores, Strip Malls, Shopping Malls&Office Buildings Empty in Sunbelt

[Alvin]

how many malls and shopping centers do we really need?

 

[peilthetraveler]

Quote from ByLoSellHi:

wtf with all the Spam LATELY?

Lots of unemployment. Lots of internet searches for "make money online" So all these people think they are going to make 5000$ per month like these websites tell them they will for just "a few hours of work per month"

LOL

 

[Trendytrader]

Quote from peilthetraveler:

I agree. Many people believe that because america is "the greatest country in the world" (their words) that we can never have hyperinflation. They really believe that because we are so big, we can print as much money as we want and our dollar will always be strong. Back in 2005 I thought people were crazy to buy my house for 300k when i just bought it 4 years earlier for 148k I had no idea where average people were getting the money to be able to buy houses for 6 or 7 times what they earned annually. When i sold, so many people told me I should buy because houses were going to keep going up. When i tried to explain to them that they were not and i thought they would go down, they told me no...real estate has never gone down. Worst that would happen is we flatten out for a few years before it starts going up again.

Now I hear the same think with the dollar. Worst that can happen is the dollar fluctuates a bit more than normal and everything will be ok next year.

Personally I would like them to be right. But just because I would like them to be right, does not mean its going to happen.

I couldn't agree more. The old rule of borrowing no more than twice gross wages/salary seems to have gone out the window. Either wages need to increase dramatically or house prices have to come down..

 

[IanMacQuaide]

Quote from Alvin:

how many malls and shopping centers do we really need?

In my little town just north of Houston, we've got maybe 55K population in the city limits.
Strip malls are like weeds here, few have any more than 10% occupancy.
And someone's building MORE of the damned things.

 

[wartrace]

It isn't isolated to any particular area, it is happening here in southern middle Tennessee too.

There was a grocery chain named "Bi-Lo" which sold their local stores to a chain named "southern foods". They changed the signs on the stores but NEVER OPENED. There are four in the local area sitting empty- the strip malls where they are located are empty as well other than a few check cashing/title loan places.

 

[Ivanovich]

Quote from ByLoSellHi:

Quote from MakotoSusumu:

Hi,
I recently learned, to my surprise, that I am living in a Traditional Neighborhood Development (TND). I was surprised because it does not really resemble a traditional, walkable neighborhood. Rio Vista West in San Diego is an enormous luxury apartment and condominium complex with many of the desirable qualities of a New Urbanist development: attractive architecture and landscaping, quaint first floor retail, and a very convenient trolley station..



wtf with all the Spam LATELY?

Spammer banned.

 

[gastropod]

Quote from Trendytrader:

I couldn't agree more. The old rule of borrowing no more than twice gross wages/salary seems to have gone out the window. Either wages need to increase dramatically or house prices have to come down..

That is PRECISELY what so pisses me the fu[k off about the "bail outs." By bailing out the banks and mortgage companies, all the gov't is doing is trying to maintain the ridiculously high prices on homes! If they would just let the prices fall back to reasonable levels - intelligent and normal people could begin to buy again. As it is with the bailouts the gov't is helping to maintain prices that are still above two times average salaries. IIRC the latest numbers show that the average price of a home (in the US) is still around $178K, but that would mean that the average household is pulling in $89K per year - NOT!!!

-gastropod

 

[trendlover]

Quote from gastropod:

That is PRECISELY what so pisses me the fu[k off about the "bail outs." By bailing out the banks and mortgage companies, all the gov't is doing is trying to maintain the ridiculously high prices on homes! If they would just let the prices fall back to reasonable levels - intelligent and normal people could begin to buy again. As it is with the bailouts the gov't is helping to maintain prices that are still above two times average salaries. IIRC the latest numbers show that the average price of a home (in the US) is still around $178K, but that would mean that the average household is pulling in $89K per year - NOT!!!

-gastropod

If that is why they bail out the banks (to keep house price high) but average income can not afford that house, why do that? They want to sell more houses to the future, yes?
So they have to make a monthly payment for the house lower so (most) people can buy. So will they make 60 year fixed rate morgage?

 

[wartrace]

Quote from gastropod:

That is PRECISELY what so pisses me the fu[k off about the "bail outs." By bailing out the banks and mortgage companies, all the gov't is doing is trying to maintain the ridiculously high prices on homes! If they would just let the prices fall back to reasonable levels - intelligent and normal people could begin to buy again. As it is with the bailouts the gov't is helping to maintain prices that are still above two times average salaries. IIRC the latest numbers show that the average price of a home (in the US) is still around $178K, but that would mean that the average household is pulling in $89K per year - NOT!!!

-gastropod

The average household income in the U.S. is 45,000 usd. Being generous we can allow 2.5 anual income for housing. Average house should be 112,500 dollars.

 

[gastropod]

Quote from trendlover:

If that is why they bail out the banks (to keep house price high) but average income can not afford that house, why do that? They want to sell more houses to the future, yes?
So they have to make a monthly payment for the house lower so (most) people can buy. So will they make 60 year fixed rate morgage?

Japan has 100 year mortgages - yes, you read that correctly - 100 year mortgages! F'ing unbelievable - they have to provide proof of having children...
http://tvnews.vanderbilt.edu/program.pl?ID=127764 That is what happens when the dumb fu[ks are in charge - they bail out the banksters and screw the public!

Wartrace - I completely agree - that is the absurdity of the whole thing!

-gastropod