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

To: Jim McMannis who wrote (106835)	2/26/2008 1:33:47 PM
From: Broken_Clock	Read Replies (1) \| Respond to of 306849

I have a friend that bought a low end lot in South Point at the last peak in 91. He paid $6,500. Taxes and HOA are $1,300/yr. His neighbor sold his lot for 40k 2 years ago. My friend is selling his this week for 8k. He needs the $$$ and in the 96-97 trough those lots were $2,500. Timing is everything even on a vacant lot.

To: Jim McMannis who wrote (106835)	2/26/2008 11:17:37 PM
From: John Vosilla	Respond to of 306849

Funny as there are tons of distressed homes in all price ranges selling at late 1990's prices today.. Older houses all day long in the $50-70k range, newer 2k sf on oversized lots in gated communities in the $120-140k range.. Lot residual value in PSL is close to zero until we get back in balance, values rise a bit and new construction becomes feasible again.. If remaining lots remain in strong hands and never drop below $25k then home values will quickly jump in a year or two.. Needless to say I like the houses as the better investment these days unless you buy for $5k at auction..