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Just so it is clear.Where are these houses located? How many square feet
of living space doe one get for $900,000 and what is the lot size?
I doubt that there is any place that a quality house can not be built for
$100 per square foot plus lot.
Many people just buy large vanity houses for two people and no children.
So ego plays into financial home choices also.
I ran into the same experience looking in Cape Corral, FL. Houses were
mostly cinder block, stucco and buyers in a lot of cases had to pay the
water and sewer assessment. People were buying houses and putting them up
for sale in a year. It seemed like the greater fool theory to me. Prices
come down when mortgage rates go up since affordability on "buying house
on minimum margin" make payments higher...obviously.
You can still buy magnificent Beach front homes in Myrtle Beach for around
$1,000,000 , 3 BR 2 bath Ocean front condos for $330,000 and lake
side/back/front homes just a few miles from the beach for less than that.
Likewise the houses here go up with each new development extension because
the lot costs go up. I know of people who bought multi houses, rent them
and plan to sell about five years later for handsome profits.
Just my take. It is not always as clear cut as it seems.
Sincerely,
John
> Another interesting lookback into history is the 1930's. Compare the
policies Hoover implemented after the roaring 20's to what's going to be
'proposed' this week in MA.....
> ----- Original Message -----
> From: Pete Hallock
> To: realtraders@xxxxxxxxxxxxxxx
> Cc: NQoos@xxxxxxxxxxxxxxx
> Sent: Saturday, July 24, 2004 7:36 PM
> Subject: Re: [RT]
>
>
> Ira,
>
> Prices going up? I like to think of it as our currency continuing to
> lose value. Legal tender laws are the only thing saving it.
>
> It's only been a little over thiry years since Nixon cut the dollar
> loose to float. Perhaps the grand experiment with our fiat currency is
nearing its end. After all, when one looks back in history, none have
ever endured. Have a great weekend.
>
> Pete Hallock
>
> www.xlibris.com/duped.html
> ----- Original Message -----
> From: mr.ira
> To: real traders
> Cc: NQoos@xxxxxxxxxxxxxxx
> Sent: Saturday, July 24, 2004 7:14 PM
> Subject: [RT]
>
>
> The housing boom must be near an end. There was an article in
> today's paper about people lined up 2 days in advance, living in their
cars, in order to buy homes that start at $900,000. The
> average price of homes here is going up about $3000 per week. Last week
the average price was $500,000, today it is $503,000.
>
> The housing market here is like the stock market in 1999 and 2000.
> I don't think the housing market will fall to the same degree as the
stock market did, but a 20% drop will hurt a lot of people. It will
also reflect upon some commodities, housing stocks and housing
> related stocks.
>
> Of course there is no inflation. Just ask the government.
>
> Have a good week end. Ira.
>
>
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