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

To: Wyätt Gwyön who wrote (36102)	7/23/2005 10:29:31 PM
From: KM	Respond to of 306849

It hasn't caught up with supply since the early 1980s. We're still waiting for that. It ain't gonna happen. There are two reasons. Nobody wants to live here. They do because they have to (job or family reasons). Houston and Dallas are not quality places to live and work. Austin is. An anomaly in Texas. There is an infinite supply of land in all directions and there is absolutely no distance too far for these commodity builders to throw up their cheaply built junk. In Dallas, there are suburbs nearly to the Oklahoma border now. Anybody who thinks they're going to get rich in residential real estate here is just fantasizing. The only chance for that to happen is if there's another 1980s type crash and the very high end delcines 40% like it did then. People who bought those houses (in Highland Park in Dallas and River Oaks in Houston) did very well. The rest . . . .forget it. I don't think Texas is ridiculously cheap. I think it's overvalued by quite a bit and will come down as hard or harder as anything else. And I've lived here since 1989. I would not buy here