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Old 05-03-2016, 04:53 PM
 
Location: Nebraska
3,259 posts, read 1,643,420 times
Reputation: 2898

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It is amazing how things have changed since 2008 as the unemployment is half of the rate it was and the equity prices have nearly tripled. Home equity has doubled also.

It seems like there is an arrogance in the West currently that the high economic tide will never end.

It is amazing the amount of construction in Western cities.

Las Vegas for example has nearly 9 billion in hotel/casino and club construction projects that will be finished by 2019. They are also planning on floating lots of government debt for municipal projects.

There is an arrogant aura in the air. I lived here in 2013 and it is totally different now. There are several times the amount of luxury cars I saw back then, they have many new pending luxury housing communities on the way.

The strip is crowded with Millenial Calfornians cashing in on their state's economic boom and spending thousands on the weekends going to clubs and ordering bottle service and listrning to DJ's.

I know California also in a cycle of thinking that the housing market will just go up and up and that they will never have repeat again.

In Denver there are 500 square foot duplexes going for $340,000. There are 1700 square foot homes asking 775,000.

Californians claim that there are an unlimited amount foreign investors and venture capitol that will buy homes that a million dollars in Irvine that would be $150,000 in Omaha or Des Moines.

I live near the strip and it is amazing the amount of Californians weekend vacationeers driving luxury cars in the six-figures that are brand new driving carelessly.

The same thing is going in Phoenix it seems over the last year there has been a large financial firm or large IT sales firm opening every day. Many of the financial firms moving to Phoenix specialize in higher interest rate loans and high-risk customers. Many of the IT sales firms are California based app-firms.

Overall, judging by the home price surge in the west it seems like there is alot of irrational exuberance out here that the good times will never end.

It seems outside of maybe New York and Boston the eastern part of the country is still rational and the Midwest and South while doing better then they were have not really changed much.
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Old 05-03-2016, 07:26 PM
 
4,525 posts, read 2,700,551 times
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Irrational exuberance means there's no basis for the price. That's not true in most expensive places. This isn't 2006 when people were paying huge prices only to avoid future increases and with negative equity.

In a growing region, housing prices tend to be connected to developent costs. That's the pressure valve. In LA and the SF area, development costs are astronomical. So the pressure valve only kicks in at high price points, and prices say high.
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Old 05-04-2016, 05:29 AM
 
1,292 posts, read 1,131,983 times
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Until last fall, Houston.
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Old 05-04-2016, 08:14 AM
 
Location: Arvada, CO
13,242 posts, read 24,486,539 times
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You mention Denver.

It is now irrational for people with normal sensibilities (it didn't use to be), but it isn't irrational for people who see the value in living here.

I don't know what's going on there (maybe somebody could clarify), but somewhere that seemed much more expensive to me than it should be: Nashville, TN.
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Old 05-04-2016, 08:52 AM
 
3,618 posts, read 1,575,529 times
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I think san franciscos insane rents and housing costs has a lot to do with the limited space, its weird to see oakland becoming gentrified. I am amazed at oaklands rent increases
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Old 05-05-2016, 03:12 AM
 
Location: Tucson/Nogales
17,464 posts, read 21,309,443 times
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Quote:
Originally Posted by floridanative10 View Post
I think san franciscos insane rents and housing costs has a lot to do with the limited space, its weird to see oakland becoming gentrified. I am amazed at oaklands rent increases
Limited space, oh come on!!! If you want to see what a city can do with limited space, go look at Manhattan!

San Francisco could easily handle a million or more people!

It's not the space issue with San Francisco, it's the Nimby's!

The "Kings" and "Queens" of the hills in San Francisco all but determine what can or can't be built there, and there better not be any blockage to their views of Alcatraz or Angel Island!

A high rise or 2 near Fisherman's Wharf! Dream on! Ain't never gonna happen!
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Old 05-05-2016, 04:35 AM
 
Location: Pittsburgh
3,145 posts, read 2,838,971 times
Reputation: 2858
Quote:
Originally Posted by lovecrowds View Post
It seems outside of maybe New York and Boston the eastern part of the country is still rational and the Midwest and South while doing better then they were have not really changed much.
Despite what the media and cheerleaders say, people are leaving most northern cities for the suburbs. The burbs and college towns are the real boom.
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Old 05-05-2016, 07:06 AM
 
Location: Boston, MA
8,791 posts, read 7,735,440 times
Reputation: 7699
Quote:
Originally Posted by mhays25 View Post
Irrational exuberance means there's no basis for the price. That's not true in most expensive places. This isn't 2006 when people were paying huge prices only to avoid future increases and with negative equity.

In a growing region, housing prices tend to be connected to developent costs. That's the pressure valve. In LA and the SF area, development costs are astronomical. So the pressure valve only kicks in at high price points, and prices say high.
Only is totally is.
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Old 05-05-2016, 12:24 PM
 
21,237 posts, read 30,486,189 times
Reputation: 19706
Irrational exuberance? Orlando.

It's among the fastest growing in terms of job creation (of the sub-$15 an hour, part time variety mostly) and population gain with rental housing values and other costs such as insurance no where within the means of most residents comfortably. It's the poster child for unsustainable growth and is going to wind up a hot mess unless something changes in the foreseeable future.
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Old 05-05-2016, 07:00 PM
 
4,525 posts, read 2,700,551 times
Reputation: 4134
Quote:
Originally Posted by bjimmy24 View Post
Only is totally is.
I have no idea what you're trying to say, or what's behind your opinion.
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