Wow scruffy – I’m amazed…. That moderate earners (40-50K per year) are tearing down houses and buying 6 million dollar lots!
Are you kidding? What does the super high end have to do with anything? Other than Republican theft and greed? There is more money in the highest end than ever before. This is not the nation, it’s not even reality other than for the .01%!!!
My old neighborhood sold for 2M-2.1M in 2004, 2.2-2.5 in 2005 and went back to 2M-2.1M in 2006. My neighbor didn’t get out in time, his house is on the market for 7 months now at 1.8M-2.2M. I suspect he will sell for 1.85M or less. He would have sold (with a new sports court, poolhouse, etc.) for 2.4-2.5 if he had sold in 2005.
His house only shows 40 days on the market. Seems every time you change a Realtor – you can lie. The actual information in this market is minimal, misleading, and corrupt.
Home sales are DEAD in that 2 acre – wealthy, but not super-wealthy neighborhood. Remember – you are ONLY seeing the houses which actually sell! The houses which are selling are selling because they are really great houses. The rest of them (with a single flaw – such as a smaller back yard, no pool, too close to a road, or ANYTHING else – sit on the market.
Comparing the super-high end has no basis in reality! Also – it’s easy to buy a house, it’s very hard to sell one in a market like this. Your information is as misleading as it is simplistic.
p.s. My cousin is a realtor. His house has been slightly overpriced as he keeps pricing it where is should have been a year ago. It has sat for 9 months, he is in a reverse am mortgage, and he is in desperate shape.
I’m here in Wisconsin on vacation. Same deal…. Many houses for sale and many being taken off the market. It won’t be a dramatic fall (unless more market forces start a crisis which I think might happen), it could unravel for 10 years. We are in a crisis but at the beginning – smart money will take a slight hit now and get out.
I am not a bitter renter – living in an awesome house. would rather buy, but am going to wait and see how much more damage will happen.
Last point – I’m one of the anti-religious fighters… Just having some fun and not spreading it to all blogs… One major thread only. And if that’s not appropriate – sorry. There isn’t much different in the market except the Schaudenfraud in waiting for more misery. It’s a very human experience, sad but true. Are you a 6 percenter?
