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Old 07-03-2007, 05:08 AM
 
Location: Las Flores, Orange County, CA
26,346 posts, read 80,765,097 times
Reputation: 17411

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Good News if you are a buyer.

I hope this URL stays alive. Too bad we can't copy and paste text.

Luxury Homes & Luxury Real Estate Blog Blog Archive Luxury Homes Are in Vast Oversupply (broken link)
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Old 07-03-2007, 10:51 AM
 
Location: Colorado Springs
4,330 posts, read 4,354,278 times
Reputation: 15269
Ten years ago I had an opportunity to buy a "Luxury" home. But my first rule of home buying is to consider resale.

Everyone I know who has bought a very expensive house has had it custom built. They were very particular about what they wanted and had the means to get it. Nothing wrong with that, but it makes resale difficult.

I think a Luxury house is a poor investment.
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Old 07-04-2007, 02:44 PM
 
Location: Missouri
109 posts, read 352,556 times
Reputation: 24
Default better news to come

Quote:
Originally Posted by Charles View Post
Good News if you are a buyer.

I hope this URL stays alive. Too bad we can't copy and paste text.

Luxury Homes & Luxury Real Estate Blog Blog Archive Luxury Homes Are in Vast Oversupply (broken link)

Nice article, with comments from very well known people. Considering their livelihoods are at stake with simmering home sales, it was refreshing to here most be candid.

Springs as well as the rest of the US will see more of a correction than we have seen to date, IMO. Will it be as deep as the late 80's housing slump? With sub-prime default rates increasing who knows what will happen. If interest rates climb I shutter to think what will happen.
As the military presence increases, most lower to average priced homes should remain strong in sales. Military towns can be tricky to predict as well as predicting the percent retirees(Baby Boomers) will make the Springs their home, or one of their homes.
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Old 07-04-2007, 04:26 PM
 
20,308 posts, read 37,797,930 times
Reputation: 18082
Quote:
Originally Posted by Hondax View Post
.... Military towns can be tricky to predict as well as predicting the percent retirees(Baby Boomers) will make the Springs their home, or one of their homes.
We chose to live here in retirement. Funny, our $550k home here would be a million back in Fairfax County, Arlington, Falls Church, or Great Falls, VA, etc. We left that awfully crowded and gridlocked area for here, got a "million dollar home" for half price. Homes here for a million are truly sumptuous, marvelous stuff. I've seen million dollar homes here, that if on a hillside in Aspen or Vail would be many millions in price. Location location location.

I hope the sellers move these great homes. Retired boomers with a million to spend are a boon to any area - don't need schools, jobs or roads to get to work, just a way to spend money and pump up the city/state economy.
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