“The place was virtually empty and no jabbering mutts speaking Spanish.”
That is a mixed blessing. When those guys weren’t stealing the place blind, they were spending money, which keeps the demand for material up and therefore the supply cheaper. But the other aspect is, and I checked this with the buyers at ACE and Gulfcoast, the amount of building is WAY down. That’s because the Biden administration gave out low interest loans to stimulate the economy, so we are overbuilt, which has caused the supply of homes and apartments to increase and the sales of same to crater. This will depress the economy, and Trump will be blamed.
The prices of those homes will drop, but it will be delayed as when they sell at lower prices the institutions holding the paper then have to report the loss, which will affect top level bonuses. So the delay will be as long as they can make it.
There are thousands of non-performing loans in the NY area some of which haven’t been foreclosed on in years because the one sure way to predict if performing loans will fail is to put existing owner’s upside down by increasing supply.
I see your point.
In my little subdivision on The Jersey Shore, built sometime in the late 50’s there are all single family homes that were built at a time when land was cheap and material expensive.
My home is barely 1,100 sq. feet but my lot is 80 feet wide and 150 feet deep.
Recently the house across from mine was bought by a realtor, fixed up real nice, total renovation , a Class A job but as yet I haven’t seen anyone looking it over.
Blather’s blather.