[quote=deadzone]captcha, the following comment is exactly why I don’t belive the high end will continue to hold up like it has so far:
“most people who buy property in the $1M+ range put 50% or more down. These are “move-up” buyers who have cash from the sale of another property or buyers who intend to purchase with all cash. In at least 50% of buyer-households in this category, there is no “employed” person in the true sense of the word.”
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That’s bearishgurl, right? If she said it it must be wrong.
I understand your frustration. I also understand your arguments, I used to argue the same.
For whatever reason people kept paying for houses more than what made sense to me and it is possible that ‘what made sense to me’ can be substituted with ‘what I could afford.’ Eventually I managed to ‘steal one from the bank’ and I stopped caring.
Anyway, my point was that you might make a mistake I did if you simply reject what sdr is saying just because he’s a Realtor® and you don’t like what he says.
Personally, I am intimidated by strangers and I am an immigrant. That limits my circle to either ethnic or professional, but even I know several people who can afford $1MM house and either bought one in the past couple of years or might buy one in the next couple of years. And they just keep coming popping up.
