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Mike
I am originally from Michigan (one block out of Bloomfield Hills) but moved
to Southern California in 1982. I did see where Michigan home prices have
really skyrocketed.
I originally bought a beautiful home here in 1983 (we rented a year) on
Mulholland Hwy. 5,000 square feet, giant spa with a waterfall into the
pool, etc. for $369k. Sold it for $460k I believe a year or two later.
Wrong location. If I had bought in a nearby subdivision, could have sold it
in one-quarter the time for $750k. Learned my lesson. Location, location,
location.
Bought in a beach community (to reduce the 4.5 hour round trip commute time)
five blocks off the Pacific for $442,000 in 1987. 2,200 square feet, tiny
lot, great schools and wonderful community. Prices peaked in 89-90 for my
house around $650k then dropped down to around $500k. My little hovel is
now worth around $700k, I believe. In the whole city there are only, I
believe, 4 homes on the market under $600k. Anything that's habitable is
sold in hours with multiple offers. What happens is that the house goes on
the market for broker's viewing on Friday and a public open house on Sunday.
It usually receives multiple offers by Friday night. The selling broker
then tells everyone that they will be opening the offers on Sunday, or
whatever day. The sellers then counter everyone and then all the buyers
submit bigger offers. Now, this is true for houses $700k and below as well
as for more expensive homes, if they are 'under priced' :).
BTW, those prices hold for used homes as well. A 3,700 square footed in the
next block is on the market for $1.1mm and a 4,000 sq. ft. is on the market
asking $1.3mm. Oh, and we have no views, etc.
Guy
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]
On Behalf Of Michael Robb
Sent: Friday, June 19, 1998 12:18 PM
To: metastock@xxxxxxxxxxxxx
Subject: Re: Times are a changing? Bonds&Equities
Guy:
Where are you? Michigan? Those are remarkable prices for new homes. Our
prices here are inflated beyond what someone from Cleveland was willing to
pay to relocate, but they are no where near what you are talking about.
Here 4700 s.f. can go for $425 +, a 3700 s.f. across the street was on the
market a year at $379 and finally sold for $270+. A house worth $140 in 79
could bring $189 today.
Mike
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