CAR
You are picking and choosing whatever argument it takes. All real estate is local and I’m talking about this market. I dont care about every area. When I moved here years ago SD was in a very different part of its cycle than the east coast. Nationally RE markets have rarely if ever to my knowledge moved in unison. What happened the last couple years was not common in the history of residential RE prices in the US. Now that we are back closer to a sense of normalcy I see no reason why they will continue to move in unison with other parts of the country.
Around here we arent relieing on retirees or 2nd homes buyers to prop up our market but you pulled up “some mythical group of bulls” using that argument around here to fit your argument.
As time goes by a house like the one on Babilonia becomes more dated and more functionally obselete. It does not surprise me that something like that could lose value. Additionally one house does not a market make. All it takes is one buyer to want an odd ball house like that and in 2002 they may have gotten luicky and found the only one out there. Unless you have seen the house in person and understand all the issues with it, you can truly understand what was going on with that one.
Regarding the area, it is not the area per se that is problematic but the locations of specific albeit many of the home there. As for the more mainstream areas around here, I see plenty of buyers ready willing and ABLE to buy them all as long as they dont have major flaws and are priced appropriately for the current market they are trying to sell in.
As for investors, you are pulling one out of left field again to support your argument. Around here investors arent buying the homes with few exceptions, they are buying in the low end markets.
