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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: RonMerks who wrote (6361)	9/12/2007 1:08:56 PM
From: SwingTrader2006	Respond to of 50024

Let me give you a little dose of R-E-A-L-I-T-Y Ron. Went on a trip to Lake Tahoe (Ca.) last month and visited a friend who lives in real nice town just outside of Sacramento (on the way to tTahoe). So he and his wife try and convince me that it is a "great time to buy a few houses" in their area for investment purposes. So we drive around to get a look at what is happening. I've never seen so many FOR SALE signs and "BANK OWNED" signs on the fron lawns of homes IN MY LIFE. They took me to a very nice new development where the builder (Signature Homes) is building 120 new homes. They've completed 75% of the build. After talking to the sales rep, I discovered that the people who bought last year paid about 100K more than what the builder was offering right now. Was looking at a 3400 sq. ft. home that was to be completed in Dec. of this year for $580k. That same home sold for $690K - $740K just a year ago for a bare bones house (no upgrades included). But NOW, the builder is so hard up that they are throwing in granit slab counters, upgraded tile, cabinets, and another 20K upgrade incentive to spend how you'de like! THIS IS A FIRST HAND SCENARIO IN "RED HOT" CALIFORNIA!! Oh my....this is just the beginning of the tank in real estate my friend. Make no mistake about it. I told the sales rep., "thank very much, but I think it's too early to be be buying anything right now." She immediately quipped, "Well, we've already droppes our prices quite a bit and I don't see the market going down any farther than it already has." I winked at her and said I'd be in touch next year.