On 2/24/2009 11:22:40 PM, Dan M ([email protected]) wrote:
> Thanks John!
> Those were pretty much the kinds of arguments I was seeing in 2006-2007
> that
> made me anticipate the bubble bursting.
> Do you see the correction lasting 12 - 18 months or perhaps longer?
I
won't argue with the basic premise, because I saw it too...especially for
the coasts, NV, etc,
Sure, those areas were what tipped me off that something was up, though to
be honest, I anticipated the bubble bursting only in the highly priced areas
with the rest of the country riding it out mostly unmolested. I saw the loan
problems as being a parallel situation and never expected such a dramatic
implosion.
but I have found that it is more expensive to live in a
1350 sq. foot apartment that's
not as nice as my house than it would be if I
bought my old 2950 sq. foot house at the price I sold it, paid 20% down,
and
lost the interest on the down payment money. This figures in all the
costs
of maintenance, the but not the 400 sq. foot of storage for furniture
and
books and stuff that we are storing until we move to wherever Teri gets a
call.
Down on the far south side of town, also on the pricey side of real estate,
1000 sq ft runs $800 - $1000 depending on how nice the appointments are. Of
course there is a price level above and one below, depending on ones income
bracket.
On the whole, up on the north side of Houston,
it's cheaper per sq. ft. per
year to own than to rent. I think that's
very unusual for the US, so I
think Houston is just below the live because of expensive downtown
rentals....if we weren't hoping to leave soon, it wouldn't make sense to
rent.
Right now houses in Clear Lake are quite inexpensive. Prices are way down
from 2005 levels. 10 - 20 percent in many cases. When I was first
recognizing the bubble, I noticed a lot of billboards advertizing homes in
the 400-500K range and I wondered who in the hell were buying these homes. I
still have no idea.
For John, one of the better real estate sites I visit is HAR.com
xponent
Da Moneez Maru
rob
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