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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: patron_anejo_por_favor who wrote (910)	10/17/2001 7:04:15 AM
From: nextrade!	Read Replies (1) \| Respond to of 306849

Office Glut Millions of square feet of commercial real estate are set to open in a city that's already facing 20 percent vacancy rates sfgate.com

To: patron_anejo_por_favor who wrote (910)	10/18/2001 10:36:13 AM
From: playavermont	Read Replies (1) \| Respond to of 306849

Have a friend down in the western suburbs of Boston (about 35 miles west).... This weekend he tells me about his home and or land search that has been ongoing for about a year and a half. Said prices and sales of over $375,000 have stopped in their tracks... Prices are dropping... examples: Listing for $475,000 4 months ago: now $379,900. $386,900 in July now $346,000... with the realtor saying that the seller is very "motivated" and that he would be happy to "type up" any offer for her consideration... 2 Colonials in an upscale neighborhood have been on the market since July in the $550,000 range... Both have dropped to $479,000... 12 months ago you would have seen them go for $575,00 with 3 bidders fighting over it! And finally the best story of all! A landowner he was dealing with in making an offer at 35% below her ask back in June. She flat out rejected it...in essence laughed in his face... she called last week and left a message with his wife that said she would like to talk about selling the land and the last offer that was made in June was "reasonable"... How the tide has turned!! And to think... It probably has a way to go!! People who bought between October of '99 to June of 2001 are going to be real upset to see their values decline over the next year or so....