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

To: ChrisJP who wrote (23055)	8/8/2004 9:21:52 AM
From: Tradelite	Read Replies (1) \| Respond to of 306849

<<no one wants to live in a smaller closer-in home>> Several years ago, I would have agreed with you in terms of where I live. But since then, and actually over the past 10-15 years, the older homes have been so heavily upgraded/improved/renovated/replaced on a limited amount of available land that this option of buying a small/old-fashioned/affordable home has almost disappeared. Those few "homes with potential" which remain do sell quickly in the best neighborhoods. Homeowners in the past 10-15 years (where I live) have sunk thousands/millions into upgrading the existing close-in housing stock, and it's no wonder the prices have gotten so high....In many cases, the homes are now worth the high prices people are asking for them, and owners have been able to find buyers willing to pay up for previous improvements made by others.