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Where I am the average price of homes in some areas
have gone from $450,000 to $750,000 in just one year. But as the Shrub
says, there is no inflation.
----- Original Message -----
Sent: Saturday, September 11, 2004 11:39
AM
Subject: [RT] Real Estate
Well I am finally seeing it happen in real time...in the
community I live.
I am active in Homeowner's Association in my Myrtle
Beach, SC community.
We are Lakeside and just 5 minutes from the Beach with
the new roads.
I saw a list of the homes owned by people from CA and WA
and it is
growing. Apparently there is a network of over 2000 people
dealing with
select realtors who find fast growing and escalating value
areas in new
communities here and elsewhere.
The out of staters are
buying homes here and renting them for $1050 per
month which covers
mortgage and practically all expenses with some left
over for repair. In
speaking to one from WA, he can not afford to retire
where he lives plus he
believes the escalation in value here will give him
a better profit than
the stock market. Apparently, his particular effort
was started by a group
of stock investment club women who are also doing
this.
It is having
a negative affect on our Family community since many renters
are college
students...away from supervision...FWIW. But that is being
gradually dealt
with.
I am thinking about doing a few properties myself. There is no
let up in
demand here.
Just
FYI.
Sincerely,
John
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