Biden: I did that!!
How many times have people been warned to leave before the crash?
And they just raised my appraised value again.
(Somewhat unexpected)
S U D D E N L Y
U N E X P E C T E D
My wife spent last week visiting a friend in Boise and I picked her up on Sunday. There is construction everywhere and people are still flocking there.
There will come a time when those 60+ year old cookie cutter homes that were built in the 40s and 50s in S. CA, that sold new for 15k, will go from 600K++ to 300k...And even at that price, for what you’re getting it’s a flat out rip off.
1950s: Rebellious young people including veterans of WWII took up cheap residence in the San Francisco area, some playing bongos and jazz music, others writing poetry and fiction. The Beat Generation.
1965-1975 Hippies and Haight Ashbury.
Later: Lawrence Ferlinghetti, poet, publisher and founder of City Lights Bookstore decries the total gentrification of the S.F., with yuppies, hedge fund traders and millionaires taking over all real estate. In Ferlinghetti: A Rebirth of Wonder, 2009 dvd.
Now if the city sinks all the way down the old days could return.
Sold our house in San Francisco in 2016, as recently as Sept it was estimated at over $2 million, now back down to $1.6, lost $400,000 in 8 months.
LA-OC real estate prices are still way beyond what traditional American buyers can afford. Housing prices here are being driven and kept high by foreign investment money and Wall Street institutions, often the same thing. They are impervious to interest rates.
From $1.2mil to $1.0mil?
You pays your monies, and you takes your chances.
They’ll get soaked again when the leftist taxes don’t drop with the value.
One doesn’t lose or gain money until a transaction is completed. It’s all theoretical until than.
In the short term the only ones advesely affected by a drop THEIR LOCAL house market valuse are those in need of selling their house in the short term and among them only those who paid more than the current market value of the house. Provided someone is not in need of selling or if in need of selling bought at a price below the currrent market value, the current market values are not a material concern in the short term.
And usually, for most folks, these matters are short term and of shorter duration than the length of time remaining on the maortgage.
Being overly concerned about current market values on houses is no different than being too short sighted on stock market values. Many losse are “paper losses” only that will be overrun in time by an upward swing in the markets.
I always did find it hard to tell the difference between Boise and Salt Lake City. They’re so much alike.
The city will eventually have to pay people to live there.
I see Oakland leads the way so to speak. The Athletics move to Vegas is a sign I guess. Raiders already there.
