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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To: The Wharf who wrote (30707)	5/5/2005 6:19:03 PM
From: GraceZ	Read Replies (1) of 306849

I just keep wondering where in blazes the income is coming from to keep those prices going up. My 30 year old niece just signed a contract on a 750k house. Both she and her new husband have very decent incomes and a pile of family money to throw into the mix (grandparents on both sides just died and left them a trust). It's hard to find something that cheap where they are looking even though that would be higher end where I live. Nothing I could say, would keep her from buying a house right now. They just got married and they want to start a family. He's a RE developer who works for his family's very successful NJ commercial RE development company, they are familiar with the risks and they have the resources. The RE cycle doesn't care much about family formation. They really don't want to live in a rental. Besides rents are high in the Princeton area for anything decent. I saw the first "price reduced" sign on a newly finished house today a few miles away. Cracks are starting to show.

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