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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: neolib who wrote (127794)6/7/2008 3:46:12 PM
From: John VosillaRead Replies (2) of 306849
 
'People were begging $900K for 1200sqft flat roofers 12-18 months ago, and $800K now.'

So what do these gems rent for today? An idea what the gross rent multiplier would have been in the mid 90's or what the multiplier to median household income was? That will tell you if these houses are slightly overvalued or destined to crash hard. Sounds like you need a lot of debasing, $5k/month rent, $300k+ household income plus ability to finance jumbo loans with good rates in this environment to make it work.

This is stark contrast to parts of FL where you can pick up homes of that size that were worth $225k+ in 2005 for a mere $60-70k off MLS now which is close to what has also happened in Sacramento and Stockton a mere 80 miles from SV..
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