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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Micawber who wrote (11830)7/28/2003 5:37:37 PM
From: TradeliteRead Replies (3) of 306849
 
I'm so glad you just shared that. The reason things are happening the way they are happening in your area is simple-----SCARCE LAND. I don't even have to live there to know this.

This gives me the perfect opportunity to say the stuff that always has raised hair on the backs of the necks of the real estate bears on this thread and gets me sneered out of town: Real estate never really goes down in value, and no one is creating any more land--not in your town, not in any town where lots of people want to live.

If you can foresee the day when good buildable residential land suddenly becomes easily available and cheap in your area, give me a call. I'll round up some buyers who will drive prices back up in your area in no time.

By the way, builders are paying much more than that for lots in my area, with old homes on them destined to be torn down. Current price on one acre with one-acre-per-dwelling zoning in my zip code is around $1 million. My mental price on my half-acre lot (forget the house, although it is not necessarily small or a tear-down) is a minimum of $600K.

People in my town are now paying $400-$500K for 3-4 bedroom homes on quarter-acre lots with no room for garages, only to add another story on the house or gut the whole thing and start over.

Good luck to YOU.....if you own property in your town, you ought to be very happy.
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