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

To: John Vosilla who wrote (97896)12/20/2007 12:37:20 AM
From: Drygulch DanRead Replies (2) | Respond to of 306849
 
John, I am quite tuned in on the "...SF are $500k+ for a shack..." having sold a number of properties in this general area.

Plus I understand the "...any one know what the disparity was like 30 years ago..." West coast part of this comparison. 30 years ago the house I am sitting in would have sold for about $75K. 50 years ago it was newly built and sold for $5,800 or slightly more. Today or rather next month, when I sell it, it will garner something like $800K and take under a month to sell.

The underlying reasons for this steady dramatic price escalation has little to do with the house itself but much more with its precise location as well as world population trends. Remember the old location axiom.



To: John Vosilla who wrote (97896)12/20/2007 12:03:32 PM
From: Jim McMannisRespond to of 306849
 
RE:"still it boggles my mind that home prices are still under $50k in decent hoods in so much of the midwest and upstate NY while close to the big cities like NYC, LA and SF are $500k+ for a shack..any one know what the disparity was like 30 years ago?"

It's all about cashing in and retiring to desirable areas or second homes. Has been for a long time. Plus that tax free $500k no one seems to want to address.


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