Real Estate in your area ???

[bear]

Well,
There are a lot of horror stories out there..but RE in fairfield County is still holding up pretty well price wise. Sales are slower. People are still building and adding and expanding but that is slowing as well. There are some reductions in price but usually on the homes that were overpriced to begin with.
We're lucky here because of our proximity to NY and Stamford/Greenwich. There are many high paying jobs and suburban housing is usually always in demand. There is a lot to like about the area AND a lot to not like but RE is ALMOST always a good investment here.
On another side of the coin..my brother bought a nice new construction, townhouse in the Placida FL area 3 years ago and watched it double in value. They are now selling for the same price he paid and from what I understand there are a lot of projects in trouble down there...
Not only a recession problem but an unfair tax :nono: situation that is turning 'snowbird" buyers totally off in addition to huge insurance rate hikes near water???
How is it going in your area???

bear

 

[Agent 0659]

Sucks around here!!!

 

[dawgball]

Nashville's real estate is staying pretty strong.

 

[MadJack]

my house has been on the market for 3 weeks and they have shown it once.

new sub-divisions are going up all over the place here in all the price ranges.

i think the market is still steady around here but houses in my price range have a lot of competition. god knows how long it's going to take to sell this thing.

my interest rate in 5.1 but i did a 3 year balloon and it's due next march :scared

 

[smurphy]

Vegas boom and bust. Record levels of unoccupied homes and homes for sale. It was innevitable.

 

[SixFive]

my house has been on the market for 3 weeks and they have shown it once.

new sub-divisions are going up all over the place here in all the price ranges.

i think the market is still steady around here but houses in my price range have a lot of competition. god knows how long it's going to take to sell this thing.

my interest rate in 5.1 but i did a 3 year balloon and it's due next march :scared

can you not refi? How far away are you moving?


Real estate around here is flooded. Prices haven't really dropped though unless you need to sell and have to take a lowoffer.

 

[MadJack]

can you not refi? How far away are you moving?


Real estate around here is flooded. Prices haven't really dropped though unless you need to sell and have to take a lowoffer.

yeah, i can refinance but i'm hoping it sells before i have to. i'd hate to refinance and then it sells. know what i mean? not moving far just getting something smaller, this place is a lot of wasted space that we don't use or need. too big.

 

[SixFive]

yeah, i can refinance but i'm hoping it sells before i have to. i'd hate to refinance and then it sells. know what i mean? not moving far just getting something smaller, this place is a lot of wasted space that we don't use or need. too big.

take on some boarders! You could put a sign up front


MADJACKS BOARDING HOUSE

:142smilie

 

[BADTODABONE]

Just saw a few results of a condo foreclosure auction in Miami.....1/2 price from a year ago..:scared

 

[ImFeklhr]

Crap here is still impossibly overpriced.
Guess I will rent for life. :shrug:

 

[taoist]

take on some boarders! You could put a sign up front


MADJACKS PLAY-N-POKE HOUSE

:142smilie

Liquor in the front and poker in the rear.... :shrug:


:SIB

 

[DoubleDown]

I'm in Vegas ( Summerlin, by RedRock Casino). They had a bank forclosure auction a few weeks ago with close to 70 houses for auction. They expect 3 to 4 more auctions in the future.

It will take til 2010 til the Vegas market is strong again. :nono:

 

[Louie diamond]

6,000 vegas forclosure in August alone. 3 x's July's.

 

[Agent 0659]

6,000 vegas forclosure in August alone. 3 x's July's.

:scared :scared :scared

 

[skulldog]

Broker for 20 years, this is the worst I;ve seen!! and it's only going to get worst.

I handlle REO(bank owned) properties for several large co and they said this is just the tip of the iceberg.

Some areas of the country are do ok, but the large markets are getting hammered or are about to.

Vegas and FLA values were inflated by the "flippers" they came in and drove the locals right out of the market. FLA will came back before some of the other markets because it draws from overseas.

In MA the market is dropping 1.5 % per month, but that's not what the news says, they spew that values are off 6%.

If your considering buying wait at least 12 months.

 

[Glferboy21]

The Austin and Houston markets are staying pretty strong, as there are strong demands for workers in this area.

 

[dawgball]

I also think real estate will remain okay in many areas where the "make a quick buck" flippers did not thrive.

This is no different than the tech bubble in the stock market. There was a temporary softening on all securities because of the panic driven by the bubble. But the companies that "suffered" the most drop were the ones who had benefitted from the most undue increase.

I do agree with skulldog that there is absolutely no rush in buying a home right now. There will be better deals in the near term.

 

[Cie]

My house did not flood during Katrina, thus it is not an easy sell around these parts. Houses that are selling include completely renovated homes. 70 years cottages like mine that have been updated are moving. Unfortunately, I am in a position where I will either have to sink 20 dimes or more into some updates, and hope to get it back on the sale, or sell as it is and lose from where I bought Pre-Katrina.

Regardless, I need to make a move one way or the other because we bought a 75'x122' lot in Lakeview and am going to build on it sooner than later. I would be willing to stay where I am for a while, but with 2 boys under 2YO, we are QUICKLY outgrowing what we have.

 

[Skipper]

Knoxville, TN stays pretty strong. We keep getting all the Florida and Cali people who can't afford it there anymore:142smilie

 

[hawkeye]

Depends on the area--many foreclousres but less than the last 2 years--my area (NW sub of Denver)the value is up a little about 4%