Re: And they say the property market is falling ?

On Fri, 18 Apr 2008 19:30:16 -0700, John Larkin
<jjlarkin@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx> wrote:

On Fri, 18 Apr 2008 22:46:49 +0100, "john jardine"
<john.jardine@xxxxxxxxxxx> wrote:


"John Larkin" <jjlarkin@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx> wrote in message
news:tooh04hbtusoaqm6cts7pm10fpjbkkrqem@xxxxxxxxxx
On Thu, 17 Apr 2008 23:53:28 +0100, "john jardine"
<john.jardine@xxxxxxxxxxx> wrote:


"Eeyore" <rabbitsfriendsandrelations@xxxxxxxxxxx> wrote in message
news:4807306D.47EDF1A2@xxxxxxxxxxxxxx
This one's on sale just about 50 yards from me.
http://www.rightmove.co.uk/viewdetails-17369749.rsp?pa_n=1&tr_t=buy

That's a MILLION dollars !

Graham


The South sneezes and us oop North catch flu. This one was £3 million 6
months ago :)
http://www.rightmove.co.uk/viewdetails-14697977.rsp?pa_n=19&tr_t=buy


Egad, dropped by a factor of six?

Around here, houses go for 300-500 k$ per bedroom, with very little
land, so that's not a bad deal at all.

John

Sadly twas an untruth on my part. Just a wry comment on the pricing
differentials across the UK.
Like for like, properties in St Albans, Harpenden etc can take a 600% price
premium compared to those further North.
So a S.F. 3 bedroom could run to $1.5e6. Jeez, that's almost London
pricing!.


You can get a dumpy fixer-upper in a bad neighborhood for less, maybe
$200K per bedroom. A few years ago, word got around that San Francisco
was cheap by world standards (Moscow, London, Seoul, Tokyo) and that
condos here would be a good investment. So there are cranes everywhere
you look, building tens of thousands of ugly high-rise condos. They're
all rushing to get to market now, probably anticipating a bust like in
Florida. I can't imagine where all the jobs could come from to fill
them.

The commercial market boomed amazingly in the mid-late 90's, and
crashed with the dot.com bust. It's just now recovering. We bought our
workplace, a former fortune-cookie factory, just about at the bottom.
I know too many people who bought their houses at the peak.

Something weird is going on economically that I don't understand. I
think maybe there's too much money around but not enough good ways to
invest it.

John

I have been watching that for at least 20 years. I knew that dot.com
would dot.bomb. I just guessed a little early on the timing by about
a year.
When the housing market in Sacramento was starting to climb i knew it
would be a bubble, because a huge increase in supply was about to hit
the market. Then all the funny loans started to appear and i knew
speculators were driving it and did not know any of the basics of real
estate investing. "Just jump on the bandwagon while the jumping looks
good." Far more liquid money than brains. I was only about 2 months
off on the beginning of the flat spot and the real start of the
downturn. I underestimated how badly the funny loans would amplify it
and how thoroughly it would be reflected all across America. Once it
got steep i could foresee the foreclosures, and that my house would be
someday soon worth what i bought it for.
I am starting to look for where new investing is occurring before the
prices change much. It is very difficult for me to find so far.
.

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