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Strategies & Market Trends : Bob Brinker: Market Savant & Radio Host
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To: Skeeter Bug who wrote (15430)12/6/2001 9:06:38 PM
From: Kirk ©  Read Replies (2) of 42834
 
Down "Only" $70K in CA real estate in a year? That is probably for an "average home" that went from $540K to $470K (just guessing)

The $1M to $2M homes are probably down 20-30% on average from the peak... At the peak, $1.4M in Los Altos would get you a 45 yr old home on 1/4 acre on a quiet street with no remodeling.... Granted the schools are the best in the State, but the real estate here really has some huge swings. Always has.

A friend told me of a buddy of his that had a home where he was OFFERED $6M for it (behind Stanford, not sure what city but expensive land!). They declined then about a yr later he wanted to sell and was working hard to get $4M for it.

I think it can be much like buying AMAT... try to not buy at peaks and make sure you like the property at the price you paid for the long term as real estate here fluctuates quite a bit.

actually, 10-20% on a $500K home just about gives you your buddies $70K decline. REALLY tough if you came up with $100K down payment only to see 70% of it vanish. Sorta reminds me of the difficulty of buying QQQs... :)
The time to buy here is when companies are having layoffs and your job is secure. I did that for the two times I bought and it really paid off for me.
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