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What are housing prices doing in the area where you live? In Southcentral Alaska where I live it has remained pretty stable the last two years considering how other markets have crashed. I bought my current home eight years ago and the value has doubled, at least in the eyes of the city appraiser! I would like to take advantage of a low market somewhere for a second home/rental purchase but still see it declining even more. I love the Portland/Eugene/Medford/Bend areas of Oregon as well as the coast but still see a very inflated market in most areas. I have family in the PDX metro area as well as Seattle (I own a small home there I bought years ago) so they keep an eye on the happenings there. I am interested in Montana and Idaho but have heard of some good opportunities in many areas of the country. I have heard some crazy stories about the market in Michigan as well as the Twin Cities area. Whats happening where you live?
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You can buy a house cheaper than you can buy a car in Detroit. It’s not that bad there, but from what I here (my folks live in southern Michigan) and read the RE market is in the gutter there. Here in the Chicago area some areas are better than others. It took us 9 months to sell our house last year, and we were considered fortunate. Far too many became suckers in the RE craze thinking they should expect double digit returns on their house and/ or a rental home. They never even looked at the historical rate of return on RE. I even had a friend and his wife who bought a much bigger house and said they where buying it for investment potential. I wanted to hit them across the head with a 2x4! Some people even think the RE is better than the stock market. Over the last 70 years the stock market has averaged around 11% whereas RE has averaged 3%, and when you subtract inflation it’s zero. The last ten years RE has done really well, but I look at things over 20-30 periods of time. Don’t get me wrong you can make money in real estate, but those that do are doing it full time and know what they are doing. Not the wannabe flipper. Ben Stein has written some good articles on RE lately. Below is one.
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Freakout,
It sounds like you might have a good working knowledge of the housing marking in the Portland, OR Metro area.
Housing prices continue to rise and new homes continue to be built here. My 2007 Thomas Guide reports that 1,218 new STREETS have been added since its 2006 edition! Again that is STREETS, not houses, added in just 1 year.
Recently, a study came out that showed Portland was one of the LEAST affordable areas to live when you compare salaries to the price of housing. People who relocate out here from the Midwest are appalled at the cost of housing compared to what they are used to back home.Comment
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The price of my house is still double what it was when we bought the joint in '01. It will take a little longer to sell than when we bought this place, but it still costs a lot to live here. They have flooded the condo market though and are now having to rent out new units because they can't sell them."Greatness is not an act... but a habit.Greatness is not an act... but a habit." -Greg JenningsComment
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The market in Florida has been quite an interesting one.
We bought our house in 2000 and payed 335,000 for it. About 3-4 years later the market here was just crazy. We had people calling our house and asking if we would be interested in selling. Homes like ours were going for 850,000.
Presently, the market, even though better then it was a few months ago, is still heavily a buyer's market. However, the buyers aren't flocking in. looking to cash in on a good opportunity.
We were fortunate enough to know a couple that was interested in buying our house. Unfortunately, the couple that look to be buying it are two lawyers. Control-freak lawyers.
In Florida, buyers can drop you 50,000 easy, no questions asked. The market should get back, but, for now, it's pretty bleak.
Hopefully, we'll be able to go through negotiations smoothly and move up to Maryland.
"I've got one word for you- Dallas, Texas, Super Bowl"- Jermichael FinleyComment
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Here in CT it's taken a slight dip. Not anything that makes it affordable for the first time home buyers. I'm amazed at how much 'further' out people are willing to live and still commute into the city......................has alot to do with the prices being what they are.Comment
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What part of Florida? I have a friend in Orlando looking to put his home onthe market. How long is it taking people to sell their house? I've read Florida is among the highest in the nation in foreclosures. My thinking is that has to be tanking home values in some areas.Comment
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My wife and I love the Portland area, she would like to get something in town (NW of course) and I want something a little more rural...were going to hold off for now until things cool down.Originally posted by oregonpackfan
I have a couple of things I base any RE purchase one, I would want to live there, being able to rent it easily and the price of course. My grandparents used to live in Brookings so I am familiar with the southern coast and I think I'll look into Port Orford next time I'm down...I have fond memories of that stretch of coast roaming with my grandparents.
Portland is a town known for its planning so I'm a little surprised it has grown so much so fast...must be across the river to the north.
My youngest daughter who was going to school in Portland now says she is going to school in Bend next fall so I'm looking around there as well...talk about a crazy market...that place has grown!C.H.U.D.Comment
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Out of curiosity, where in Connecticut do you live?Originally posted by packinpatland"I've got one word for you- Dallas, Texas, Super Bowl"- Jermichael FinleyComment
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I live in Naples, which is in SW Florida, right on the coast of the Gulf of Mexico. 3 years ago, this place was the boomtown of the USA, even higher then Las Vegas. If you were looking for a new home you'd have to enter a raffle with thousands of other people. If you walked into a gated communities' office they'd shoo you away, not caring about you. That's how busy it was.Originally posted by LL2
Now, they'd be treating you like royalty, begging you to buy a home.
How long does it take people to sell their house? Put it this way, it's come to the point where a lot of people aren't even bothering putting their house on the market, because the chance of them selling it are minuscule.
It's like this all across Florida. No where is immune."I've got one word for you- Dallas, Texas, Super Bowl"- Jermichael FinleyComment
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What about the Keys?Originally posted by BallHawkC.H.U.D.Comment
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I'm in the southeastern section, near New London. By rail, only 1hr 45 min. from Grand Central.Originally posted by BallHawkComment
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I know someone who bought a condo somewhere in Florida a few years ago...I think it was one of those deals where people were paying for someone to stay in line for them just to get a chance to buy one of these places. Crazy.Originally posted by BallHawkC.H.U.D.Comment
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Freak Out,Originally posted by Freak OutMy wife and I love the Portland area, she would like to get something in town (NW of course) and I want something a little more rural...were going to hold off for now until things cool down.Originally posted by oregonpackfan
I have a couple of things I base any RE purchase one, I would want to live there, being able to rent it easily and the price of course. My grandparents used to live in Brookings so I am familiar with the southern coast and I think I'll look into Port Orford next time I'm down...I have fond memories of that stretch of coast roaming with my grandparents.
Portland is a town known for its planning so I'm a little surprised it has grown so much so fast...must be across the river to the north.
My youngest daughter who was going to school in Portland now says she is going to school in Bend next fall so I'm looking around there as well...talk about a crazy market...that place has grown!
Brookings, which is on the Southern Oregon Coast, is very attractive as it is known as the "Banana Belt" of the Coast. Because of ocean currents, it is warmer and has less rainfall than most of the Oregon Coast. Prices are very high there as retirees from California are buying up land there.
The growth of Portland is on all 3 sides--east, south, and west. As you know, the Columbia River is the northern border. The entire Vancouver area is also growning.
In Central Oregon, the Bend-Sisters area is growing and very high-priced. If you buy in Sisters, you may run into Dan Fouts, former U. of O and Charger QB. He makes Sisters his permanent home.Comment
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I recently read that approx. 2,000 people a day move into the 'valley of the sun' otherwise know as Phoenix ( and all it's 'burbs').
Being that it is a desert, in the midst of a long drought, how long can they keep this up? Eventually the water has to give out.
I lived there in the 60's, the humidity was in the low single digits, not so anymore. Yes, it's still dry, but with all the lawns, pools, 'lakes'........they even have mosquitos now.
Housing is very reasonable.
But then when California has the 'big one', AZ will be oceanfront.
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