The Real Estate Market is Dead - Luxury Hi-rises dont move at all ! ! !
 

I will be starting a new adult site that will feature ex real estate agents and brokers fucking and sucking. I shall call it.

RealestateAgentsex.com

Ha ha ha...

It's not dead, but I certainly wouldn't be selling right now. It is, most definitely a buyer's market.

Raven, I think that the luxury hi rise segment here in Miami is dead. Other parts of the market maybe not but that is the segment that I was invested in but have now sold all of them. Today I am buying old two story building located near or on the beach. They are doing great. I can get them for $230 sq/ft, fix them up and sell at $350 sq/ft. The luxury hi rise go for $400-500 sq/ft today and I don't think I can get that in a resale today.

Different markets are going different ways as well. Some places like Miami are a little over built right now, with too many pricey hi rises and such and not enough of what people want or can afford.

Remember that the values (and sale prices) of existing homes has gone through the roof in the last 10 years in Florida as well, and that has profoundly changed the market.

There are other markets in the US that are hot again, but the south seems to be in a slowdown.

Alex

i was just in ft lauderdale and its definately slow there too..

I'm in the Pacific Northwest...I watch the market...I believe Seattle was named the most overpriced city...:)

We live about forty minutes south and from what I can see house prices are dropping.....good time to buy....or stay. But sell? Not now. I truly hate buyer's markets...they are like surfers...they want it all for a dollar. :)

The metro areas that had their real estate market pushed up via speculative buyers are collapsing significantly, because they are all out of the market right now.

The supply to demand ratios are 3 times what they were a year ago.

Interest rates are higher so its harder to qualify buyers.

Price to income ratios are off by a factor of 2 times in many areas. Where the average person makes $50K a year you can't have a healthly market if homes are priced at a mean average of $400,000.

The bottom still has a ways to go. I think prices could drop 30% to 40% off their highs very easily in the next couple years.

Without discounting you can't move a property easily now for about 6 months to 1 year's time on the market, in most cases. That impacts sellers ability to buy another property until they get out of that one they're selling. So you get a very challenging cycle that becomes dysfunctional unto itself.

This coming from a guy who changes his screen name 10 times a year due to banning , who waits on waterfronts for his next..hahahahamodel , to show, and who scams people left and right. A guy who is CONSTANTLY ridiculed by his peers here on GFY and refuses to show at trade shows due to a for coming assbeating. Do a search on SOBEGIRL and you will see.

$700-$2000/sq ft for condos in New York.. all you guys paying less then that are very lucky and everything is moving as always

I'm sure there are certain areas that won't feel the pain, although, if I remember correctly, in the 80's...the Japanese got caught badly and had trouble unloading their bloated real estate in New York and other metropolitan cities.

Disturbingly, KRL, I listened to a news report on incomes in my area....that have dropped by something like 21% since 2001. With the mean average of home prices here around 290-400,000, I don't see how anyone can afford a new home.

Plus, the creative loans are just scams.....nothing down..interest only....arms that blow up in your face as prices drop....

Raven, I was reading the same thinga bout Japan and found it very interesting. For over 15 years now the real estae market there has been flat or going down. All that in a place with such a overcrowded population. You would think that would never happen in a place like that. KRL, do you have a background in finance?

I always thought it amusing, that, Japan, who did not win the war with us, decided to buy us instead. :)

They own so much real estate in Hawaii and the states and now countries like China are buying up our ports. Interesting. World domination? Buy the land.

sure, hi-rises. but what about houses

wait till next hurricane season

Investors are scared of southern coastal property right now beacause of a possible Katrina repeat.

We've had an insane real estate market for the past few years in Vancouver and it's just beginning to taper off. Right now most working people can't afford to buy homes at the current prices which is bad for the rich folk because if workers can't afford to live in the city and are forced to move away, there's nobody to do the work. Hopefully our markets have peaked and will drop back to more reasonable levels soon. Although with the Olympics coming here in 2010, the drop may not occur until after they are over.

I live in Bellingham and prices seem to have leveled off but are not going down.

This was in the PI yesterday about home prices in King County.

Cooling? Housing prices here still on rise

You got that right. If you live anywhere else consider yourself very lucky. Property in NY is still high, still selling and I unfortunately don't see a major softening coming. They are saying it will be flat, but not a drop like in other places. If it stays flat for 7 years I guess you can consider that the drop everyone is expecting.

Just last week there were two luxury hi rise condo sales launches. One had Seal performing in the lobby and the other had John Legend performing in it. Both of them are now 75% sold. All at cost and all starting at $800k for a 1 bedroom.

Seal and John legend.. Maybe I should shoot some porno in the lobby of one to sell some condos.. what do you think? Or how about this.. Buy a condo and get a girl with it? There was an old movie like that.. Soiilent Green I think it was with charlton heston..

Farm.com just sold for $200,000 yesterday.

:thumbsup :1orglaugh

Was just checking the other day there are some nice condos in brooklyn too bad they are like 1.5 million

I can see that in King County....

It's not that our home is dropping like a rock. But, a market appraisal between last year and this year shows a slow down of pricing.....in Pierce County and we live in a highly desirable neighbourhood, given it still has trees and more than 5000 square feet of land.....with a 3200 square foot house...I swear, developers should be shot for that one and the counties that approve it....

I agree!

Egomancer

I was just in Panama City Beach and the high rise market is still very strong there.

Better for me :)

naaaaaaaaaaaaaaaawwwwwwwwww I want it for Fitty Cents :Graucho

KRL was farm.com yours?? You were a smart cookie for getting those other domains when you did.. and selling when you did too.

Philly's real estate on the Delaware riverfront has EXPLODED in terms of what people as asking and getting for houses.

We have seen a offer to buy 10 times what we paid a year earlier for on the same property .... Yes, we are selling out and already got another place that has an offer for 12 times what we paid.

Gotta love Casino's coming to your town.

Fuck luxury hi rises... but around the country you can still easily find undervalued real estate. Anyone wanting to invest can contact me, I watch real estate like crazy and I know some good areas.

Is that fitty cents American? ey? :)

Sorry baby.........no comprende EH:Oh crap

In my area, it's still a seller market; and most of the properties left on the market or junks no one would buy 10 years ago.

of course here in LA its a sellers market for sure!

Oh, yeah, that's European for EH! Bebe!

Real Estate in the US is about to become one big ass burial ground for all the people who dumped their debt into their houses and expected them to be an ATM for life.

Very true, If you have two adjustable rate mortgs.. the first and the equity line you are going to be in big big trouble. I see all the time now around here you can put down just 3% and buy a pre con condo. A year ago it was 20%.

3% is going to be a disaster as a lot of these folks won't be able to come up with the funds to close. It looks like trouble to me. What are current housing starts numbers. Are they still going ahead full steam?

I've seen mortgage lenders and banks take zero down.....that's where the trouble lies...and these interest only loans....whew. Just to buy a house.

Isn't it interesting to see the feed back from real folks from different areas in the country and the world? If you ask a real estate professional you never know if what they say is really true.

Thats good.. Here's a slogan you can use..

"Real estate sales suck, now our agents do!" :thumbsup

That is very funny. You should start an entire thread with that. Good one man!

Yeah, that's where all the nicest new properties are right now IMHO. A lot of em are right on the riverfront.



Herb, aren't they only putting slot machines down there? I recently went in on a mixed residential/commercial building on Front street.

OMG its SOBEEEEEE

Just bought a nice condo conversion for 290 $ sq/ft one block from the beach. That is a nice deal I think.

I have no idea where you saw that. But this is like almost completely contrary to what is happening. Prices are still rising in seattle, and it definetly wasnt named the most overpriced city...

Edit:

Nevermind I saw where you both the washingtonians live. Move out of the sticks.. no one wants to live way the hell out there

It's still too early to tell. If this persists for about a year of solid negative growth then you can say that the market is 'dead'

I wish they would put gambling here in Miami Beach. That would rock.

I still dont think i'd ever go there

I believe there's a gambling boat in Biscayne Bay.

If they ever turned some of the hotels into casinos it would officially be the country's sin city. I don't think the world is ready for that much sin. :1orglaugh

Whats wrong with that, its still cheaper then manhattan. Dont forget about the NY transfer tax which is around 4%. So you will have to pay another $60k to the city when you buy that 1.5 mil condo.

I LOVE NEW YORK :upsidedow