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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: Lizzie Tudor who wrote (21200)6/2/2004 11:29:56 PM
From: SpekulatiusRead Replies (1) of 306849
 
Industries like the RE industry that put out false statistics irritate me somewhat, however
Lizzie, with all due respect, i don't believe that the RE RE statistics are rigged. Based on the example of your example of a house in the Peninsula that was priced at 1.2M$ in 2000 while the median was closer to 400k, it is quite easy to explain that the median can rise, while the 3x more expensive house stays flat. The median homeprices gives you an idea what kind of price movement you might expect with a house that is priced close to the median. I presume, that if you had bought a house in the Bay area at the median price in 2000, you would have enjoyed an appreciation close to what the median home price appreciation. This is what I am seeing with my house (which I bought 15% below the median) and I presume that it will hold true in most areas as well. But what does a median appreciation from 400k to 500k mean for a vineyard property priced at 2M$? Nothing. Essentially, this I the situation that you have been experiences and it be explained plain and simply without assuming that somebody rigs the statistics. That being said, i am not a RE bull but so far from what I can tell, I see strength, in the lower and middle end of the market throughout the Bay area. I don't know for 1M$+ houses in areas where dot-comers where rushing to buy houses in 1999/2000 but for the average Joe in the Bay area, the home price appreciation has been pretty nice, overall.
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