Article

2004-10-30 Britain

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Posted by Mark Espinola 2004-10-30 6:10:59 AM|| || Front Page|| [6 views since 2007-05-07] Top

#1 There will be a correction in real estate values more along the lines of a decrease in the rate of properties appreciation and perhaps a slight decline in value, but it's all a cycle. Back in the late 80's people were bailing out of condo's around here for 20K less then they bought them for, and are now kicking themselves because the are worth 4 times what they were originally.
In this area of the country I've read estimates that there will be complete build-out within the next 20 years, and since there is only so much real estate and people will always want some - prices certainly will not collapse.
The ninnies have been crying the sky is falling over real estate for the past 5 years, mostly because they are the ones that can't afford to buy any.

Posted by JerseyMike 2004-10-30 8:08:32 AM|| 2004-10-30 8:08:32 AM|| Front Page Top

#2 House prices may fall by up to a quarter over the coming years, one of Britainâs top economists said yesterday.

If only housing prices here in SV would fall at all...

Posted by Bomb-a-rama 2004-10-30 10:26:00 AM|| 2004-10-30 10:26:00 AM|| Front Page Top

#3 Ain't gonna happen Bomb-a-rama. There are too many young professionals with relatively high incomes and new families stuck in the rental trap to allow prices to actually decline. Most listings are still selling in days with a lot getting offers above the asking prices. Bleah.

Posted by AzCat 2004-10-30 10:30:47 AM|| 2004-10-30 10:30:47 AM|| Front Page Top

#4 Avg house price here in San Diego is $500,000 (+/-). I worry my three kids will never have the chance to remain here and own their own home (at least until they inherit my ~~debts~~ money...)

Posted by Frank G 2004-10-30 11:12:55 AM|| 2004-10-30 11:12:55 AM|| Front Page Top

#5 I, Frank G being of sound mind and body did spend it all.

Posted by Shipman 2004-10-30 11:15:27 AM|| 2004-10-30 11:15:27 AM|| Front Page Top

#6 Don't worry, Frank, the doctors will take care of the inereitance problem.

Posted by Mrs. Davis 2004-10-30 11:17:50 AM|| 2004-10-30 11:17:50 AM|| Front Page Top

#7 SSSshhhhh - the $ hopes are the only reason my children acknowledge me

Posted by Frank G 2004-10-30 11:23:36 AM|| 2004-10-30 11:23:36 AM|| Front Page Top

#8 I don't know whether we are in a bubble, but I do know that a precondition for an unsustainable bubble is most people not recognizing that one is occuring. If there is a bubble, a 25% decline is probably too optimistic. Pessimism and forced liquidation will likely take it down much further.

Posted by phil_b 2004-10-30 6:23:03 PM|| 2004-10-30 6:23:03 PM|| Front Page Top

#9 Like I said, now's the time to get in on the ground floor of Tunisian eggs. Everyone has to eat and eggs are food as well as inexpensive industrial building blocks.

Posted by Shipman 2004-10-30 8:20:41 PM|| 2004-10-30 8:20:41 PM|| Front Page Top

#10 True that desirable locations in the bubble-icious east and west coasts are scarce and that high-quality school/housing districts there will probably hold their value. However, there's another factor that's not well understood yet and that could let some air out of the bubble in coming years: a remote workforce connected with broadband.

Most service industry jobs, incl finance, consulting, creative and high tech professional jobs, are not location-dependent.

Therefore the best solution to SV's and the NE corridor's ridiculous housing prices is continued migration of professionals and professional jobs to neighboring low-cost, desirable locations like the Rocky Mountains, rural Pennsylvania/VA/WVA etc.

Posted by lex 2004-10-31 12:36:59 AM|| 2004-10-31 12:36:59 AM|| Front Page Top

#11 Only constraints are availability of broadband and two hours or less from a decent-sized airport.

Posted by lex 2004-10-31 12:38:01 AM|| 2004-10-31 12:38:01 AM|| Front Page Top

#12 Off-topic or abusive comments deleted]

Posted by Joe 2004-10-30 8:06:13 AM|| 2004-10-30 8:06:13 AM|| Front Page Top

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