The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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From: deeno	12/16/2004 4:58:55 PM
	Read Replies (2) of 306849

I thought I might take the temperature of the thread by posing what I see as a change in house buying attitude that might manifest itself into .......I have no idea. Location Location Location. The mantra of real estate. Seems to be being replaced by allure of "new construction" Let me make a few constants. I am not in the real estate industry. (or selling any real estate) I live in Southern California. (where it really IS a nice place to live) So I am admittly talking about 1.5 MM and up properties. (hence, why Im asking the thread for their thoughts) assume that schools are equivlant, crime,taxes,shopping, and all those little nuances of a community a VERY similar. I have noticed, across the board, older houses (say more then 5 years) on more mature parts of the community are commanding less money then new constuction on much smaller more congested lots/community. A quick example. 6 year old house listed for 2.4 million 6,000 SF house on 4 acres goes begging while a new tract devlopment a mile away has 6,000SF new stuff on half acre lots are being snapped up at 2.4 million. Even houses on the same street getting 1MM more then the older homes even though the new stuff has less acres, hand holding neibors and less desireable (flood plain or traffic or no lanscaping) but truly really nice new houses. Im only using these as an example to ask the question do you feel that current buyers are more interested in the house then the dirt? Please lets forget the "well its the other side of the tracks" (actually the opposite is true). or "problems with this house" (there are many examples of similar occuraences). Both houses have many amenities and are beautifuly kept and clean, though obviously the new ones have the latest and greatest gadgets and decor. Why do I ask? Well IF people are finding that this attitude prevalent around the country then either we are buying very quickly depreciating assets (more of a consumable then an investment) or we will need to create disposible housing. So whats your feeling? people still buying the property with a house on it or are people buying a house thats on a property?

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