Posted on 09/25/2006 8:41:42 AM PDT by GodGunsGuts
Sep 20, 2006
4 Major California Home Markets See Drop In Prices
(AP) LOS ANGELES A real estate research firm says the median price of a California home increased last month at the slowest annual rate in nine years.
Four counties actually saw price declines. Among the largest real estate markets, according to DataQuick Information Systems, the steepest drop was 6.7 percent in San Mateo County. Other decreases were seen in Marin County (2.3 percent), San Diego County (2.2 percent) and Alameda County (1.5 percent).
Appreciation in Sonoma, Santa Clara, San Francisco and Contra Costa counties was essentially flat.
The statewide median price was $472,000 in August, a 3.5 percent hike over the year-ago period. It was the slowest increase since June 1997, when statewide home prices rose just 2.8 percent.
(© 2006 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
whoops -- should be two hundred thousand apiece.
I never said they did. It's the Willie Greens who have the mood. Usually foul.
If I were a smart broker in a secondary market, I'd round up five dentists to put in two thousand a piece, buy forclosed property, then rent it back to the original owners with an option to buy.
Sounds like a good idea. Make sure to include ex-Texan, he needs to finance his retirement on the Italian Riviera.
Actually, that's not bad advice.
I tend to dislike dentists, but I've never met a dentist yet who didn't have two hundred thousand sitting in a money market.
The beauty part of the scheme is that the brokers would do the deal, pass Go and collect $200 and then collect a management fee each month for collecting rents and looking after the properties.
Housing Bubble Burst?!?!? More like a slow leak...my house in the Calif. Central Valley: up 205% in 10 years, down 1.2% in the last 30 days...still up 4.7% over the last year. They aren't making any new land! ('cept in Hawaii!)
Prices still going up in my area of San Jose.
What you do see is that it is now a buyers market. Buyers can actually take their time to purchase a home.
You are not seeing multiple offers on homes. However, if a home is priced right, it will sell. The house across the street from me sold in a day.
Also, sellers are having to make sure their homes are fixed up.
A few years ago, sellers could sell their homes looking like crap (literally). Homes were not fixed up to sell. Sellers didn't even clean up their homes. Buyers were willing to take homes as is. We sold our home, and the buyers didn't have us do anything to it.
Also, the more expensive homes are taking longer to sell. Homes above $2million are taking a lot longer to sell.
Now, back when we initially bought our home fifteen years ago, the market was flat for 5 years. It had taken a dip just before we bought our home (our home dropped from $375K to $325K). After five years, homes went up a lot. Then around 2002-2003, homes dropped in prices.
So far, I haven't seen homes drop in price. I've just seen it switch from a sellers market to a buyers market. Actually, it's more like the rest of the country. It takes about 1-2 months to sell a home, and the homes have to be fixed up.
My mom was a real estate agent in Dallas when I was growing, and she was always shocked at the California market. It was the total opposite of Dallas. It was always a buyers market in Dallas, and homes rarely made gains in prices like they have in California.
They aren't making any new land! ('cept in Hawaii!)
Real estate is like a memorable kiss -- location, location, location. In some parts of the country they are giving land away if you promise to live there for a set amount of time.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
Five dentists = 20 properties.
Bundle the properties in groups of five dentists.
Like I said, I never even brought up gold until I bumped into you guys. Once you guys learned that I trade gold, you haven't been able to let go of it ever since. If you don't want to hear about gold so much, quit bringing it up.
I tried to explain that to Toddster before, but he wasn't having any of it.
That was before he heard my dentist scheme...
I vote Republican. Doesn't that place me on the conservative side of the political spectrum?
There have been real estate busts in countries with some of the world's highest population densities.
OK...but define "bust"...up 250% and then down 100% is not a "bust" over say 10 years...
Actually, down 100% is pretty much a bust.
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