housing not bubbling

Quote from Madison:

interesting entry on Mish's blog - excerpt:



http://globaleconomicanalysis.blogspot.com/2006/05/abandon-ship.html
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Its going to take a while for Miami to fill out those condos, but its going to happen much sooner than people think.

As for the people walking away from deposits, no wonder!
if they were stupid enough in the first place to buy in the wrong location, then sure better loose 50k than 200 trying to sell it.

bottom line is that in Palm Beach county, communities in the right locations are still selling out and will continue to do so.
 
Quote from ssternlight:

Having grown up in the area (Rancho St) I find it a "bit" of a surprise that the bite is on this fast. It's a desirable area -- although $3M is a big push for most of those places. What part are you in?
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White Oak - South of the Boulevard - in the hills

Yes, the area is very desirable but prices have got out of whack. Some owners trying to get 3.3 to 3.8 million for their homes in my area. Three years ago these residences were 1.2 to 1.8 million.

December 2005 to January 2006 is when I noticed a change. And It was fast.

Within a 1/4 mile radius there are 25 to 35 homes for sale (Zelzah, Valley Vista, etc.). I know of only one sale in the last 60 days. Compared with last year, when homes were selling in 30days or less for all price ranges, now.... properties just sit.

I know of two homes above the 3 million level which did not sell and were taken OFF the market.


Regards,
Dave
 
Quote from wdscott:

White Oak - South of the Boulevard - in the hills

Yes, the area is very desirable but prices have got out of whack. Some owners trying to get 3.3 to 3.8 million for their homes in my area. Three years ago these residences were 1.2 to 1.8 million.

December 2005 to January 2006 is when I noticed a change. And It was fast.

Within a 1/4 mile radius there are 25 to 35 homes for sale (Zelzah, Valley Vista, etc.). I know of only one sale in the last 60 days. Compared with last year, when homes were selling in 30days or less for all price ranges, now.... properties just sit.

I know of two homes above the 3 million level which did not sell and were taken OFF the market.


Regards,
Dave
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I see a lot of for sale signs here in Carlsbad. In one subdivision built 2 years ago and directly across from OPE elementary school are two for sales next to each other with one right across the street from those two.

There were 200 some odd homes built in the development and I would guess about 10-15 are up for sale and have been for a while. I go through there ever day on the way to put up my daughter.

I think that this selling season is make or break for a lot of people.

John
 
Quote from wdscott:

White Oak - South of the Boulevard - in the hills

Yes, the area is very desirable but prices have got out of whack. Some owners trying to get 3.3 to 3.8 million for their homes in my area. Three years ago these residences were 1.2 to 1.8 million.

December 2005 to January 2006 is when I noticed a change. And It was fast.

Within a 1/4 mile radius there are 25 to 35 homes for sale (Zelzah, Valley Vista, etc.). I know of only one sale in the last 60 days. Compared with last year, when homes were selling in 30days or less for all price ranges, now.... properties just sit.

I know of two homes above the 3 million level which did not sell and were taken OFF the market.


Regards,
Dave
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I'll have to do a drive by the next time I am in the area. There area a gazillion condo's in Marina Dely Rey and they keep building more. It sounds somewhat like the Florida situation from what other's have said.
 
Quote from wdscott:

within 2 blocks of my residence:

Encino, California



Qty

6 - 3million+ homes for sale

8- 850,000 - 1.3 mil homes for sale

2- homes with REO (real estate owned signs) bank foreclosed



And...................................................


Nothing is selling.


Dave
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on Etiwanda south of Ventura, as soon as you turn of off Ventura there are 3 houses for sale on the right side, next to each other and one house across the street.
 
Quote from Arnie:

I

3. Strong demand due to household formation and rise in household wealth.
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Are you joking or you're just easily fooled by the illusion of wealth vs real wealth. Bet ya, 90% of those cars were financed or leased.

Only real wealth growth was among the top 5-10%, everyone else have lost earning power while experiencing high inflation. In general, the average net wealth in USA has went down if you actually consider the insane leverage have undertaken. Also, count in the depreciation of the dollar, helps you see things in perspective.

Foreclosures in Queens & Long Island up high. Inventory in NJ is high, little sales. It's the beginning of the end, lol.

But seriously, I would only worry if the dollar took a dive, meaning someone is starting to jump ship. Once that starts, it's all over.
 
Quote from Hydroblunt:

Are you joking or you're just easily fooled by the illusion of wealth vs real wealth. Bet ya, 90% of those cars were financed or leased.

Only real wealth growth was among the top 5-10%, everyone else have lost earning power while experiencing high inflation. In general, the average net wealth in USA has went down if you actually consider the insane leverage have undertaken. Also, count in the depreciation of the dollar, helps you see things in perspective.

Foreclosures in Queens & Long Island up high. Inventory in NJ is high, little sales. It's the beginning of the end, lol.

But seriously, I would only worry if the dollar took a dive, meaning someone is starting to jump ship. Once that starts, it's all over.
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I agree with you and at the same time a cheap dollar would be bring foreign investors to buy our assest more cheaply, including real estate. For example, alot of Americans, bought seconds homes in Canada when the CD was in 70's, now in the 90's I don't think so.
 
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