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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: John Vosilla who wrote (31638)5/20/2005 12:56:16 PM
From: KMRead Replies (1) of 306849
 
Dallas is still in denial. Properties aren't selling very well but people won't lower prices. This is a very superficial city and people would rather die than admit financial distress.

In the late 1980s and early 1990s here, they finally gave up the ghost and there were some astounding bargains. I expect to see that again as it is even more overbuilt now than it was then. Our law firm's clients were, among others, the FDIC, RTC, Bonnet Resources, NCNB's liquidation group, etc. We spent several years on bankruptcy cases that were occasioned by the real estate turndown. Appraisers and developers ended up in prison. Looks like there's a new gang of idiots in that business again, though. It's always different this time.

Houston is a different place than Dallas. I grew up in Houston. That market is probably closer to reality. Be very circumspect about coming in here. It's got a long way to drop yet.

This month's D Magazine has a nice piece about all the lake houses at lakes in the area (some several hundred miles away) going for $300K to over a million. Insane. Who is paying that? When the dump hits here, those will be the first things on the market. I don't know who in their right mind would be paying those prices.
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