[Wanda Johnston]

Where do you live in Italy? And why are you leaving it, it is such a lovely country. I will be taking a trip there this year and have never been to Lake Como, is it terribly expensive.

[Bob The Builder]

Wanda

Yes. Italy particularly has gotten silly expensive. 8 bucks a gallon for gas. A modest hotel is 200 bucks and up and if you have a few kids like me, they do not stay free. A pair of Timberland shoes that costs 30 bucks in n outlet store in the states is over a hundred here. But a cappucino is still reasonable as is pizza.

We have been here 4 years. We had two kids here. So now they are 1,3 and 5. The Italian school system offers a wonderful 18th century education. Unfortunately....

I do not want our kids to fall too far behind. Although I would rather they learn the Italian language, history and culture than making Hand Turkeys and playing Nintendo.

A move to CT will be a new cultural experience for us as well. We are a Chinese American family originally from California where we could no longer accept the pressure to conform.

The real estate market seems to be beckoning us back. We sold out in November 2005. Thank goodness for the internet. I never even met my broker until a year after the deal was done.

What town are you located?

[Bob The Builder]

Oh. Wanda.

I live in Assisi which is in Umbria. Depending on how long you are staying in one area, you might consider renting a room or a small apartment.

[skytrekker]

Bob

All of western Europe has become expensive- real estate also. RE in Britain and Ireland is more overpriced then the USA was at the peak 1-2 years ago. Spain is very overpriced. France especially in Britanny and Bourdeax was a bargain not too long ago, no longer.

I talked to a Realtor yesterday, she did not try to hard too cover up how tough things are here now in Connecticut for real estate.

[Bob The Builder]

Sky

I just got back from CT last week. Some realtors out there are still in denial. They remind me of the blackjack players that hit on 12 and draw a face card and still tuck the card back under the chips. One told me that people who bought two years ago will be fine.

That being said, I have been presented a deal where the seller bought in 2004 for 1.03 and put another 300k in for a guest house and is now asking 900k. I am going to wait it out another several months to 24 months. When sellers and realtors stop saying they are okay, then we will finally be in seller capitulation which is where I want to buy.

[skytrekker]

Bob

someone who bought here two years ago is pardon my language 'screwed'.
A more honest Realtor I spoke to yesterday advising my neighbor said things where 'not good' and finding buyers was difficult.

Housing here has not fallen yet- yes they are still in the denial stage- that will change next year believe me. Prices could fall here 15-20% -easy, over the next few years. Good luck.

[Bob The Builder]

Sky

I do have sympathy. I was in this position in the late 80s early 90s.

The unfortunate thing is that sellers are thinking that the 15-20% decline is from where they hoped to sell it at. A starting place would be 15-20% from where it was bought 2 or three years ago.

Realtors are trying to hold out the recent comps as those that closed in the last 2 years. I would not count any deal that was entered into before September.

I saw this one house where the sellers bought in late 2005 for 460k. The house was bought in 2002 for 260k. They were puzzled that they had no buyers at 500k.

[skytrekker]

Bob

sadly to say it will be a blood bath- it is just beginning, the biggest credit and housing bubble is in the 3rd inning of unraveling.

You have an aging population in the USA-like western Europe- but the safety nets that have been in place there for decades-are just about absent here. I feel you are smart enough to draw your own conclusions.

[Kim McLaughlin]

Have you found a town like Stars Hollow yet? I am anxious to get out of California. I don't want too go into too much detail until I hear from you!
~K~

[itscolduphere]

Originally Posted by skytrekker

Bob


A more honest Realtor I spoke to yesterday advising my neighbor said things where 'not good' and finding buyers was difficult.

Housing here has not fallen yet- yes they are still in the denial stage- that will change next year believe me. Prices could fall here 15-20% -easy, over the next few years.

Finding myself nodding my head in agreement with your posts on this subject... I would never have thought 10 years ago that I would be a voluntary renter again now for several years. I'm trying to wait it out a bit before buying again in CT. The trick is to find a rental that doesn't have safety issues... rents in CT are horrible. I'm in NC in order to get the s.f and mod cons I require until getting back up there!

But isn't CT lovely! I lived there 3 years, can't wait to get back. But yes, you nailed it when mentioning that sellers are in denial there. I have been watching and watching the MLS, nothing's gotten better IMHO. I've only seen offerings such as the return of listings from previous years that had trouble selling. Hopefully I will find an acceptable rental in the coming months. Perhaps more will resort to renting out for lack of prospective buyers.