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Houses average about 2500 sq.ft.. The lots
are less then a 1/4 acre. Some are zero lot line. Anything larger
then that goes for over a million. The area is northern California. No
pool, no lake view, some only have a view of the neighbors back yard.
About 3 years ago my wife and I went through a new
development and I told her they were asking over $750,00 for openers, no
upgrades, no landscaping. Her remark was the houses were worth about
$250,000 at most. She was right. Those same houses are on the market
today for $1,300,000 to $1,900,000. Lots 6000 to 9000 sq.ft.
Like the markets, it not what it is worth, it is
what someone else will pay for it. Real estate is in the parabolic phase
of the cycle. Circa 1998-2000 for the internet stocks. there is a reality
check coming for a lot of people.
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
jvc689@xxxxxxx
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">realtraders@xxxxxxxxxxxxxxx
Sent: Sunday, July 25, 2004 9:07 AM
Subject: [RT]-Homes
Just so it is clear.Where are these houses located? How
many square feetof 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 weremostly cinder block, stucco and buyers in a
lot of cases had to pay thewater and sewer assessment. People were buying
houses and putting them upfor sale in a year. It seemed like the greater
fool theory to me. Pricescome down when mortgage rates go up since
affordability on "buying houseon 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 lakeside/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 becausethe lot costs go up. I know of people who
bought multi houses, rent themand 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 thepolicies 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 isnearing its
end. After all, when one looks back in history, none haveever
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 theircars, in order to buy homes
that start at $900,000. The> average price of homes here is going
up about $3000 per week. Last weekthe 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 thestock market did,
but a 20% drop will hurt a lot of people. It willalso 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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