| Prices of real estate are overblown |
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sam1000
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You can't get squat for $600k here in LA unless it's in gangland or way out in the boon docks.
I don't know about the CNN data. I live in Glendale, CA. On CNN the median price of a home in Glendale is listed as $507k, however using that criteria I searched remax and found only 3 matches of delapidated tiny condos. The 3 bedroom house down my street was listed for $929,000  There were some decent houses like the one below going for around $750-800K.
http://remax.realtor.com/Prop/1049907758&gate=remax
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Tue Oct 18, 2005 4:42 am |
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godzilla
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| Re: Prices of real estate are overblown |
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quote:
Originally posted by xboxundone
We do have alot of people now that are speculators. I believe that he (Greenspan) is giving them a warning.
I on the other hand is getting ready for the bubble to bust. Why, because this is where you can pick up properties dirt cheap and by the dozen...
Speculators are always everywhere. whether in bull or bear market. The question is the timing that the bubble will bust. I believe you are right here. But when the bubble is going to bust no one knows. If only we can look into the crystal ball. By the way is there anyone here that have any property in Malaysia?
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Wed Oct 19, 2005 8:35 am |
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jlee1224
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Let's try to get good facts in discussion, instead of making fun of each other's mommas and such.
It is no surprise that people are buying too much home on their incomes. The lowest interest rates anyone of us has ever seen will do that. Creative financing with interest only loan variations will do that. Dangerous NEG AM loans will do that.
But this doesn't really directly relate to "Will there be a housing bubble?" question.
Techs bubbled because there were more sellers than buyers. By a lot. When you get down to the nitty gritty, this is what defines a bubble, and makes prices fall.
So, will there be more sellers than buyers in the housing market? I think so, but definitely not to the point of the tech stocks. Why? Because people actually live in homes. They don't trade homes willy nilly. They aren't easily "traded".
I think there will be a housing plateau, perhaps a slight drop in prices. Are we at the peak? No one really knows. And obviously, it depends on your local housing market. This is why the normal Joe off the street cannot jump into the housing market right now and make money flipping properties as he may have done a year ago or 5 years ago.
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Wed Oct 19, 2005 2:02 pm |
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vectorz
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And that's what everyone said the LAST time real estate crashed in the late 80's. And the time before that.. and the time before that..
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Wed Oct 19, 2005 4:13 pm |
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workaholic
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Well firstly Im glad to see that wee spat in the first page of this forum has ended nicely. I am unsure as to where people are coming from though (maybe it's just different down here) At the moment prices are still rising slowly and it doesn't look as though they are going to fall in a great hurry.
Would like to know of sites that I can get stats etc on what you get for your money up there as it seems so different.
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Thu Oct 20, 2005 9:03 am |
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vectorz
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Just as a closing statement, I just wanted to let you guys know you're right. The market ISN'T overblown. Please hold on to your real estate, it's a GREAT time to invest. With that in mind, please read:
http://money.cnn.com/2005/10/21/news/newsmakers/barrack/index.htm
"I feel totally safe playing polo on a field full of pros," says the bronzed 58-year old. "But when amateurs are all over the field, someone can get killed. They have more guts than brains. They charge after every ball and don't know when to hold back."
'nuff said. End of discussion.
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Mon Oct 24, 2005 8:15 pm |
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sam1000
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This weekend Suze Orman also stated in her own words "THE TIDE HAS TURNED"... the market is seriously cooling off. She stated that in the NJ area home listings were up 50% and houses were taking a lot longer to sell. Add to this the fact that every week the mortgage rates are going up and up, I can't see how this can be a positive thing to support any growth.
Many home owners are in denial. It's time for them to take off their rose colored glasses and accept that the cycle is going to start it's downward trend.
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Tue Oct 25, 2005 4:15 am |
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vectorz
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Shhh... why are you letting the cat out of the bag. I want them to hold on to their real estate so that they can prove to us that they are right.. that there ISN'T a housing bubble.
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Tue Oct 25, 2005 5:11 am |
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Rolo
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quote:
Originally posted by sam1000
She stated that in the NJ area home listings were up 50% and houses were taking a lot longer to sell.
I would think that's 'cos New Jersey sucks. 
"Expect me when you see me."
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Thu Oct 27, 2005 10:04 pm |
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bong12187
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quote:
Originally posted by vectorz
Shhh... why are you letting the cat out of the bag. I want them to hold on to their real estate so that they can prove to us that they are right.. that there ISN'T a housing bubble.
Just out of curiousity, what kind of real estate investment are you holding? You must be selling all of them off too? huh? Tsk. Tsk. Tsk.
I know that you are being sarcastic but your comments doesn't make sense to me at all. Those who are or will hold on to their properties are investors who continue to receive passive income. These investors (if theye were smart and bought low) do not concern themselves about bubble or bust in real estate.
I think what you are honing on are those speculators who buys properties and try to sell for a profit (flippers). If this is the case, it is too late for your words of wisdom because they are all trying to sell now. This is the reason why you are seeing prices go up and in some market, movement of real estate is starting to slow down. And those guys are not gear to hold those properties for a long haul. I pity those speculators.
I really can't blame those speculators and in fact, i'd like to thank them. Because of them, my properties appreciated or doubled within the last 3 years. I am now going back to the bank and refinanced so that I can get more cash in preparation of this meltdown so I can buy more in a lower end. No, I don't plan to sell my properties. I'd hang on to them and milk them as long as I can.
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Thu Oct 27, 2005 10:46 pm |
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vectorz
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I own a show box and some toothpaste. Why don't you stop caring about me and worry about yourself? 
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Thu Oct 27, 2005 10:49 pm |
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bong12187
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quote:
Originally posted by vectorz
I own a show box and some toothpaste. Why do you stop caring about me and worry about yourself?
Hahaha because i worry about others who might follow an amateur like you. As I can easily see, you really don't know much about real estate nor own many properties to know the market. You are like those damn cowboys with big hats but really have no cattle. LMAO
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Thu Oct 27, 2005 10:53 pm |
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vectorz
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Ha, now I know you're desperate. Keep guessing! 
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Thu Oct 27, 2005 10:55 pm |
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bong12187
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quote:
Originally posted by vectorz
Ha, now I know you're desperate. Keep guessing!
LMAO Very intuitive... Been reading some of your posts about real estate and they are really not worth much.
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Thu Oct 27, 2005 11:01 pm |
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vectorz
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Ok. You know best 
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Thu Oct 27, 2005 11:03 pm |
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