hows housing in your backyard?

Quote from Pa(b)st Prime:

Ft. Lauderdale: Homes are selling if priced right. Prices seem to be filling in 04-05 levels. 20% lower than the 06 highs. Many new listings continue to hit the market. Most are in the JIC stratosphere category but a few are cutting new ground to the sell side.

Property taxes and hurricane insurance are prohibitive to new buyers. A non-homestead mil home in Lauderdale comes with 20k in taxes, 8k insurance and year round landscaping and A/C costs.

Condo market is also down hard but everytime Chavez opens his mouth another new condo project in Miami sells out!
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You can almost say ditto for the Tampa/St. Pete/Clearwater/Sarasota Area.. Trump has a building going up in Tampa and all the yankees are scoffing at having an office in there. Great, more Trumpishly inflated commercial real estate..

Joy..
 
Good proxy market for New England where I am.

Thought a bottom in aggregate RE activity may have formed in the Summer and Fall of 06 however some data I follow now suggests another down leg may have begun in Jan 07.

I did not expect this latest development at all.
 
Quote from MR.NBBO:

IN AUSTIN TX:

Things have been dead/declining since 2000-2001 (tech bust in a tech town). Things were on fire from mid 1990's up to the bust.
NOW: 2006 Q2 and forward.
Things are definitely moving again. We participated in none of the "mega moves" that the country has seen in the last 5 years...but now catching up--when everything else is heading' south across the nation.
I'd say things are up 8-12% over the last 3/4 year.


IN HAWAII, HI,
Things have definitely cooled off. A big portion of the residents here are from California....so, where California goes, so does HI--but much more muted. Inventories are stacking up, but prices haven't come off too much, yet. DOWN about 8-9% in 2006.
Things are still selling-even in upper ends (min. 1.5-2mil.+++), but quality property is being demanded, with all the selections to chose from now. Probably a bit of overhang to clear out here yet.
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I would agree. I have lived in Austin since 1994 and have not seen any noticeable downtick in real estate here. We never saw the wonderful upswings of SD, NY and LA.....but we haven't lost anything either. Here's hoping we participate in the next glorious housing bubble....could use the extra $$$ (even if it is net worth and only perceived at that)
 
Quote from Matt24SPFL:

You can almost say ditto for the Tampa/St. Pete/Clearwater/Sarasota Area.. Trump has a building going up in Tampa and all the yankees are scoffing at having an office in there. Great, more Trumpishly inflated commercial real estate..

Joy..
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actually its not trump, they are just using his name, it seems trump is moving more into the role of a marketer than into real estate(as the building down in palm beach is the same situation)....also the one here in tampa aint gonna be built
 
Quote from otcstockfund:

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actually its not trump, they are just using his name, it seems trump is moving more into the role of a marketer than into real estate(as the building down in palm beach is the same situation)....also the one here in tampa aint gonna be built
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It'll be built, I guarantee it.. He needs some more time to lobby..

It's sad that a man with his business ethics is the top brand, so to speak.. Very sad...
 
Built my last custom house in late 2005 and have been out since. The writing was on the wall down here in Texas. We had 400- 500k spec houses being built where I live when the average income is about 60k per house. One of these 400k house is across the street from the 350k custom house I built and it was finished in may of 2005 and the builder is still sitting on it as of today.
 
Quote from MR.NBBO:

IN AUSTIN TX:

Things have been dead/declining since 2000-2001 (tech bust in a tech town). Things were on fire from mid 1990's up to the bust.
NOW: 2006 Q2 and forward.
Things are definately moving again. We participated in none of the "mega moves" that the country has seen in the last 5 years...but now catching up--when everything else is headin' south across the nation.
I'd say things are up 8-12% over the last 3/4 year.
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I remember back when DELL cut all those people back in 2000 and the neighborhood where my inlaws lived had 8 to 10 houses for sale on every street starting in about april/may of that year.
 
Quote from volente_00:

One of these 400k house is across the street from the 350k custom house I built and it was finished in may of 2005 and the builder is still sitting on it as of today.
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It's quite sad isn't it?

Samething happened in Shenzhen over the last two years. Put in an offer for a 1 bedroom apartment 2 weeks ago, 425k RMB for 44sqm, asking price was 450k. The greedy owner dropped 5k twice, all within a week. Guess I will stay out of the market for now..


Anyway, it's interesting to see how the US Real Estate is going..
 
Here in beautiful St. John, IN. new construction has slowed considerably. We've been experiencing about 300-500 new homes being built annually for nearly 10 years and this is, or I should say was, a very small town. Desirable in many ways not the least of which is we're only 35 miles from Chicago for the commuters.
In my neighborhood, homes are about 10 years old and currently list in the 250-400K area. When one goes up for sale, which is still rare, it takes about 3-4 months to sell now as opposed to less than 30 days a couple years ago.
New construction goes for about 350-600K and has slowed alot. A home I looked at last summer going for 450K is still on the market and is now listed at 399K.
 
I've been renting a place just outside Silicon Valley that didn't sell last year. They're willing to renew now for another year rather than try to sell in this year's market.

Having said that, prices are flat to slightly down here. I suspect the market clearing price will be off around 10% under last year's numbers.
 
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