Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: Ilaine who wrote (91214)	4/6/2001 7:44:55 PM
From: XBrit	of 436258

<<Doesn't the California housing market go through boom/bust cycles regularly?>> To some extent. It's hardly a single market. SoCal was wiped out in the Aerospace bust in the early 90's... some friends down in Simi Valley declared BK and walked away. NoCal was hurt in the same period, but not as bad because it's less military-industrial. The Bay Area has had a baseline upward trend for many years because it's a valley surrounded by hills with inadequate freeways leading out. Example, my house in San Jose. Probably was worth 300k at the peak in 88 or so. I picked it up for 227k at the bottom in 93. It got up over 500k by end-2000 (we have comps). I expect it to bottom around 400k in the coming bust. Now take my neighbor (please). Identical unit, and he is trying to sell. $510k asked, so far no bites, only a few people even looked at it. 2 weeks and counting. My neighbor's experience leads me to make the following prediction: the Bay Area residential RE bubble is doing a Hindenburg soft landing right now, on a rainy Friday afternoon, as I type this message.

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