ABC News top story Home Buying... Real Estate.. Scary!
 

Just like Lars' thread pointed out. Speculators are driving prices through the roof!

Average price for a home is over $200k

Fucking amazing!

Over 200k?
That all?

Here in Amsterdam you can buy a 1 car garage for 200k.

in LA, you can buy enough plywood to build a home for 200k

in Maui you can have a nice vacation for 200k, but you sure as hell ain't buying anything.

In Jersey, you can a one bedroom condo.

In Northern Wisconsin you could by a 5 bedroom / 3 bath / 2 fireplace house with 2 1/2 car garage on 1/2 an acre.

:thumbsup :thumbsup gotta love the midwest

That's funny, in Winnipeg you can buy a beautiful big house for 200k

http://www.mls.ca/PropertyDetails.as...ertyID=3591714

DH

Ja if you're into Arctic living! Nothin' like them wolverines, bears and 10ft snowstorms to make a feller feel homesy :)

Actually, I'm a mountain/northern man m'self so I wouldn't mind a bit.

Problem is real estate in the northern territories won't be going up anytime soon because of oil and weather.

The partying is in the southern states. Bikinis, booze, badness.

I'm moving to Canada!

check out the average price in California, 200k won't even buy a very small empty lot

Oh I know. California is ridiculous. NY City too. Even Brooklyn is crazy. I don't know how people are getting by.

The story focused primarily on speculators and people rushing to become real estate brokers. It's an epidemic. Peopel looking for a fast buck.

As long as people are stupid, real estate will be a moneymaker. If you do it 24/7 and have some rehab skills it still is the fastest way to becoming a millionaire in a year there is.

The story also focused on how Real Estate beats stocks hands down. Expect RE to continue to beat stocks. Makes alot of sense though except it's getting to the point where the only way for someone to afford these high prices are the 30-40 fixed.

Gad, this shit is making me rethink my need to be greedy.

hmm...maybe i should take a few classes on Real Estate at my local tech school this fall :winkwink:

4% or less of realtors own real estate investments nationally

Real Estate Brokers are one of the highest earning working class now...

In Tennessee you could buy a nice 4 bedroom on over an acre.

If you want to live in "a half decent" place in Canada, $200k don't get you shit:Condo in Vancouver

ya but then u are living in Winnipeg!

I tell the other animators/cartoonists I know in the mainstream to back up their shit with real estate know-how.

It's like talking to a brick wall. So they end up cryin' the blues about money and what-not and some of them have made a million or more and pissed it away on dumb shit.

If you had a million bucks free and clear and got into real estate within a month or two with just $100k of that to invest with you could buy up $5 mill or more of investment properties and within 5 years sell that shit for $20 mill.

Some people get it, some people don't.

Yeah........if your selling homes in Beverly Hills and Bel Aire!!!!!!!!! In California, we now have over 450 thousand Realtors. If that number of people occupied a city here, it would be the 8th largest city in the fucking state!!!!!!!!!!! :1orglaugh

A friend of mine told me about a friend of his that purchased ten acres in the Great State of Tenn! Built a custom 3 thousand square foot home. Total package, 250 grand! Not too shabby! :thumbsup

Am I the only one waiting for the bubble to burst so I can swoop in when these speculators have guns to their heads and an itchy trigger finger and pick up amazing places for next to nothing? ;-)

Something similar arround here .

The bubble ain't gonna burst UNLESS interest rates rise drastically and they damn sure will UNLESS terrorism and/or natural disasters occur.

If you are going to make money, you had better do it within the next couple of years.

The only thing that'll save humanity is a breakthrough in medicine and energy.

That or some super powered aliens land and put our asses in check.

The latter don't seem likely so we need some new Einsteins.

That's because no one wants to live in Wisconsin.

Cover of Forbes magazine too.

Playboy's Miss May is giving up modeling to take up real estate investing. The end is near.

Disagree. Market bubbles disconnect from the underlying fundamentals. That's what makes them bubbles. There were no fundamental reasons behind the outrageous NASDAQ bubble that crashed in 2000. It was lots of people trying to sell to the next bigger fool at a higher price. You know, like condo flipping.

"If the elevator operator recommends buying, you should have sold long ago."

Currently $2million for our 3 bedroom here in Key West, FL... rising $700,000 per year. :helpme

houses keep on going up, and peoples income is staying the same

IN North Florida, you can pick up a really nice house and some real acreage for 200k. And probably have enough left over for a new car.

Things will come down with a bump at some point.

Here you can get with that (also keep in mind the dollar aint worth shit compared to the euro) a house with 3 rooms, 3 bathrooms, a garage for 3 cars, a small garden (for poll, bbq,whatever) and 2 extra rooms (to use as office,etc..)

Shame the VAT is going to raise 2%... :S

I'll still go by my pop's advice, buy land, build something on it and somebody will want to buy it.

The average Manhattan apartment price remains over $1m. :warning

look what 500k will buy you on Long Island.

http://c21images.cendant.com/C21/100...529E3DA510.JPG

http://www.century21.com/buy/propert...5179& bSite=N

And that house has no basement, a 70X70 plot of land,,,$8400 per year in taxes.

10 years ago you had your choice of any house in that neighborhood for $79k

where? i'd buy one and rent it if that's the case.

That's why I'm happy I don't live in NY anymore... Once I graduated, I was out! Where I live now, you could buy a 3,000 sq foot house in a great school district for around 250k, either new construct or semi new (5yrs or less)

I think the most telling statistic was something I read in this week's BusinessWeek - two years ago, 8% of the mortgages taken out nationwide were interest-only, now 31% are interest only. In San Diego county, 81% of mortgages are interest-only or ARMs.

People are counting (BETTING) on the fact that houses always appreciate - pure speculation..

My bet for the cause of the collapse is when other countries decide enough is enough and they stop financing our deficit. Interest rates will rise 2-4% overnight, and those ARMs/interest-only mortgages will be a prison..

I don't think people realize how precariously this economy is balanced on ultra-low interest rates. There are a multitude of things that could cause interest rates to jump.

By your definition there is no real-estate bubble, at least in south florida. See this article in the Sun Sentinel Very low invetory and very high demand = higher prices. For things to change something has to change the supply/demand picture, like highere interest rates or a recession.

the furuncule is about to burst... I give it less than 3 months

holy...shit

This must be an evil plan to bring (or try to) the masses to redneck states where properties ain't worth shit :1orglaugh

why anyone would live in NY-Cali or Florida with those extreme volatile markets is beyond me. I will stay firmly planted here in the midwest and enjoy my 4 seasons, not to mention pricing :1orglaugh

I just got back to the office from a final walkthough on a Townhouse my girl and I are buying in Atlanta. Closing on Friday. 325,000.00

4 stories. 2 bedrooms. 4 bathrooms, 2 car garage, Office, Wet bar and a huge Roof top deck.

This is Midtown Atlanta by Piedmont Park. Most of the homes are 750k to 1.2 Mil.

taxes in long island are a bitch

this is an actual current listing over here right now....
this is what $625k will buy you on Maui:

3 bed / 1 bath, 1200 sq ft cinder block house in the center of Kahului (Walmart, Costco, Sears, etc.... the shopping area) no view, and nowhere near the beach.

http://devsh0p.com/stuff/kahului000.jpg

http://devsh0p.com/stuff/kahului001.jpg

http://devsh0p.com/stuff/kahului002.jpg

http://devsh0p.com/stuff/kahului003.jpg

http://devsh0p.com/stuff/kahului004.jpg

http://devsh0p.com/stuff/kahului005.jpg

http://devsh0p.com/stuff/kahului006.jpg

http://devsh0p.com/stuff/kahului007.jpg

http://devsh0p.com/stuff/kahului008.jpg

Its funny how many people buy homes and dont take into concideration the property tax

Well said, not just that... just basic living expenses (gas, cable etc)

I'm already buying poersonally, but I'm talking for investment...

there's another post here about interest only loans...there can be a shock value on an interest only loan when the payment goes from $1200 per month to 2000+ I look for some of those to default and some desperation spreading...I'm counting on/hoping for some of that to take advantage ;-)