so prices haven’t droped that much in CV and some other upper middle class areas?(rich’s graphs say the same)
True they haven’t dropped as much, but they didn’t rise as much, either. If you look carefully at Rich’s charts (particularly the one copied below), you see that high-priced homes were not as overvalued during the bubble as the low-priced homes.
Therefore, by the time housing bottoms I don’t think you will see the same percentage decline in the high end as we will see on the low end, for the simple fact that the price distortion was not as great at the high end.
Thanks SDR and urbanrealtor for the examples. Values have fallen farther than I had thought.
However, I’d be wary of condos with underwater HOAs. No telling what the true cost is if most units vacant or not paying monthly dues & deferred maintenance building up.
Also, expect higher vacancy periods & turnover in such neighborhoods along with more maintenance costs on those older buildings.
Thanks SDR and urbanrealtor for the examples. Values have fallen farther than I had thought.
However, I’d be wary of condos with underwater HOAs. No telling what the true cost is if most units vacant or not paying monthly dues & deferred maintenance building up.
Also, expect higher vacancy periods & turnover in such neighborhoods along with more maintenance costs on those older buildings.
Thanks SDR and urbanrealtor for the examples. Values have fallen farther than I had thought.
However, I’d be wary of condos with underwater HOAs. No telling what the true cost is if most units vacant or not paying monthly dues & deferred maintenance building up.
Also, expect higher vacancy periods & turnover in such neighborhoods along with more maintenance costs on those older buildings.
Thanks SDR and urbanrealtor for the examples. Values have fallen farther than I had thought.
However, I’d be wary of condos with underwater HOAs. No telling what the true cost is if most units vacant or not paying monthly dues & deferred maintenance building up.
Also, expect higher vacancy periods & turnover in such neighborhoods along with more maintenance costs on those older buildings.
