Are RE prices rising or falling where you live?

[bear]

Much has been said related to the "bubblelike" real estate appreciation. Recently I've heard that prices are beginning to fall in certain sectors of the market..(including Vegas). Is there any truth to these reports??
I live in Fairfield CT and I see the market softening in spite of low rates... Appreciation has been strong for the past several years(15% per) but I see a few properties reduced in price and more houses on the market. No wholesale problems as yet. Seems like more forclosures in nearby Bridgeport however......

For those who watch it..How is the market where you live??

bear

 

[bear]

Florida is particularily interesting....I was in N Fort Myers in Feb. and while prices were rising in what seemed to be a sellers market....I saw huge volumes of houses "for sale" which, to me, hints at a buyers market??? Went to Placida/Cape Haze area and looked at homes in the high 3s and now the same are high 4s........Curious about a market that hot...????? any insights.......heard it said that N Fort Myers may be next to take off ??


bear

 

[skulldog]

Bear here in se Ma, it's taking longer to sell a house. 320-370 range is a bitch!! but over 400 and under 300K are still moving!! The market is starting to turn in the northeast and it will eventully make it's way to FLA.

GL

 

[ScreaminPain]

So.Calif, namely Orange County, is still hot, because the interest rates are still low
Avg. house sells for $600,000.

A friend listed his condo for $450M, had 3 offers the first day and sold it for $25M over his list price.

This can't keep up.....

 

[AR182]

real estate is still very hot out here in arizona......

there are situations where there are multiple offers.....people offering thousands over the asking price......& people making offers without even seeing the property....

from what the 'experts" have told me.... they think it's going to continue.

 

[wcb4]

ar182, what part of scottsdale are you in? my parents just moved down there, and they absolutely love it. i have, along with my old man, been starting to invest in re down there. kind of scary in a way, because for the last couple years a blind man could've made 30-40% roi. lots of opinions on when/if it will cool off. i am of the belief that there will be no "bubble burst", mostly due to the huge # of baby boomers still looking for 2nd home/retirement destination and the fact that everything in arizona is still a bargain to all the californians coming in. what is your stance on the market? just curious, would love to hear your perspective as a "local". thanks, bo.

 

[AR182]

wcb4,

i live in a section of scottsdale called pinnacle peak.

it's beautiful here for about 8-9 months out of the year.....now is the "bad" weather but prefer the the heat to the cold.

you're right that a blind man can succeed here in real estate.....

as myself a baby boomer......i started investing in az. since 1999......over the years have sold 5 rentals & presently own 3 with my last purchase was just a few weeks ago...trying to get it ready for rent before the football season, as i don't like distractions when i lose my money(lol).

i can't predict what the future will hold, & neither can the "experts", but i also don't see the bubble bursting anytime soon with everything that is being built or will be built...ie.....cards new stadium on the west side & the proposed river walk (similar to san antonio) that will cover parts of the valley.

where do your parents now live ?

if you & your father would like to talk further ask jack for my e-mail address.

 

[wcb4]

ar182, thanks for the reply. my parents live in scottsdale ranch. they are really enjoying it thus far. my mother is an artist and has participated in some shows down there ("celebration of art", which i think is about at the 101 and frank lloyd wright). different clientele for her down there, as my parents are midwest to the core. have you gotten involved much in the "conversion craze"? there has been a lot of money made the last couple years on those things. getting tougher now though. need a new angle of some sort. would love to talk more, i'll get your email soon. thanks again.

 

[AR182]

wcb4,

scottsdale ranch is a beautiful area....i live further north.

interested in seeing some of your mother's work....let me know when she is another art fair.


i tried to get into the conversion market.......but i was either shut out because some agents were controlling that conversion or there was a lottery where you had thousands of people trying to get on a list to buy 1 of 50 or 100 unit properties

after i closed on my present property (end of june), my real estate agent called me up & told me that she finally made a connection on a conversion. by the paradise valley mall (are you familiar with the area).she told me that the units were 2 br,2 ba., 1200 sq. ft. & going for $300,000.

i told that i wasn't interested.......but she sold 6 units in 1 day......all to out of sate buyers...sight unseen......she made a cool $54,000 gross in 1 day.....not bad !!

looking forward to hearing from you.

 

[wcb4]

ar,

i am somewhat familiar with that area (pv mall). i have spoken to people on a couple different conversions over there, one of them is probably the one your agent was speaking of. tuscany, aderra(this is probably it), or a new one, milano terrace. gonna try hard to get in on milano terrace. it is located a little east of tatum and shea. that area, being pretty close to paradise valley, as well as desert ridge, is becoming more and more attractive. and if you are on the east side of tatum, you get a scottsdale address, which does not weigh lightly on the minds of builder or investors. ah, should probably just do this via email! i'll get in touch in the next day or two. thanks.

 

[smurphy]

I think the Phoenix area can look at Vegas to see where they will peak - since it's primarily the same Californians driving the prices of both cities. I think Phoenix should stay pretty hot for another 15% or so.

Vegas definitely plateaued and even dipped a little. I just sold my house there. Bought it 3 years ago for 265, and sold it for 460. I think it's kind of a renters market now. I noticed that when sales prices doubled, rental prices only went up about 33%. Everyone it seems owns a rental property there, and many of them go uninhabitated for long periods.

I did have 'seller's remorse' for a while. Don't know if cashing out was the right move, but now I'm liquid, baby!

Might look into Utah. They are still very underpriced there and when the Californians finish up with Phoenix that's where I predict they go next.

 

[AR182]

wcb,


you're right aderra is the conversion where you had to in the lottery.


smurphy,

glad to see that you made a score with your property.....i like to see people do well.

listen pal. next time i see you dinner is on you & i don't mean some chinese food...........we're talking steak !!

murphy quote:" I'm liquid, baby!"

try depends (lol) !!!

hope your father is doing well.

 

[smurphy]

Thanks AR! Reservation already made for Morten's. See you soon!

Pops might finally be ready to leave Scottsdale for his new home in Tulsa in a week or so. 3 tough surgeries and over 3 months of depressing stay in the Life Care Center has really taken it's toll. Hopefully he can get a good window of health and at least somewhat enjoy his retirement. Another stint like this and I think he'll give up.