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: Elroy Jetson who wrote (57842)	7/17/2006 2:15:57 AM
From: Wyätt Gwyön	Read Replies (4) of 306849

i have a relative who idiotically bought an SD "luxury" condo in late 04 with the idea of flipping...and has been trying unsuccessfully to sell ever since. what kind of retrace can we expect on condos, in terms of percentage decline from peak? it seems to me the country may come to rethink its infatuation with "luxury" condos in the years ahead, and some of these places could become slums in the not-too-distant future. here in Austin "luxury" condos have extremely high monthly fees. i have heard $800-900 a month for some condos costing 400-500K. what happens if the neighbors stop paying the fees? i also question whether all these car-centric Southwestern cities, like Dallas, SoCal, Austin, etc., without traditional urban living can really achieve sustainable downtowns when downtown living primarily consists of high-end condos and the only "mixed use" is bars and Starbucks, not a very organic type of downtown living to my mind.

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