For a fun read, visit our discussion on Real Estate from a while back:
http://mnlop.blogspot.com/2006_09_17_archive.html
http://mnlop.blogspot.com/2006_09_17_archive.html
posted by mnlop at
1:03 AM
a day in the life of another day
posted by mnlop at
1:03 AM
1 Comments:
Yeah, I think it holds up fairly well. However, the market is in such bad shape that the price pressure is creeping up on the urban areas as well. I'm pretty sure the current "value" of my place is at or below $400k. Just up the street (i.e., towards San Marino) there's a house on the market for $500k. For kicks a couple of weeks ago I picked up a new home guide, and sure enough prices are dropping like rocks in places like Murietta, Temecula, and the other way-out-there outlying areas in So Cal. One can score a "slightly used" house in those areas for well south of $300k. The new ones generally start in the high $200k to $300k range. I wonder if the "correction" will be sharp enough to knock off the profits someone might have made from developing the land in the first place. Ah, to have owned vast tracts of land in those areas in 1998, and sold in 2005...
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