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In 2 years or so, there will be some cooling off as the rates hit a threshold that starts to bite the market and may cause RE prices to drop or stay flat. I recently refi at 3.375% in 2017, I don't think the rates will be this good for a long time or may never be back this low.
When was the previous one before 2006 because I don't remember it. I don't see a crash unless the banks and wall street find another scam to pull on the American public. A cooling off yes, a crash, no.
For the sake of the next generation (younger Millennials, gen Z), they could use a real estate crash and a rental cost plateau (or crash, but why get hopes up)?
Did you mean $6M or $60M? Can't think of anything in this area that would have cost that much to build, not even the Parillo mansion in Lincoln Park.
Maybe I'm off on the amount, I've seen multiple figures listed in terms of what it cost to built, I've seen it published as low as 25 mill and as much as 60 mill in different articles. I believe it was last purchased for just under 3 mill and I think they are trying to get 10 for it now. I believe its currently for sale
Maybe I'm off on the amount, I've seen multiple figures listed in terms of what it cost to built, I've seen it published as low as 25 mill and as much as 60 mill in different articles. I believe it was last purchased for just under 3 mill and I think they are trying to get 10 for it now. I believe its currently for sale
Yes, It's up for $10.9M, even by that villages standards, that's a lot of money and I hardly see it as a vacation getaway, you never know, I say there is a buyer for every house.
p.s. the video was quite amusing to me, I thought I was in Beverly Hills, CA.... nope
Last edited by photogal9; 05-10-2018 at 08:05 AM..
Correction coming. I've been watching the market here in central Florida for almost two years. Two houses in my hood are still empty after two years waiting for that dream buyer because they are priced way too high Starting to see a bunch of price reduced listings as sellers get a wake up call after trying to test the market.
My favorite ones are the owners who list and then do a 20,000 grand price cut in 7 days. WTH?
Correction coming. I've been watching the market here in central Florida for almost two years. Two houses in my hood are still empty after two years waiting for that dream buyer because they are priced way too high Starting to see a bunch of price reduced listings as sellers get a wake up call after trying to test the market.
It's already happening were I live. Listing's were going under contract within days, what I put on the market on Nov 30, '17, was under contract by Dec 2, closed in January. Now, some listing's will go under contract within a week or so, yet quite a few other's have been sitting stale at over +45 days on the market, with price drops, or worse, at original list.
“Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it.” - Warren Buffet
Last year, I bought a lovely home in a good area, and I had to outbid two other buyers to get it. I'm told that this year, the market is even hotter, and that houses are being sold within hours of being listed.
I've got a couple friends that are Realtors, and they're telling me that the market is super-heated right now with no sign of cooling off.
Have we come to the end of another real estate cycle? Are prices going to drop off a cliff soon?
All markets are local down to the zip code, neighborhood within the zip code and block. Great swaths of the US have not recovered to 2006 prices. I live and work in one that remains 20-25% under former peak values, especially at higher price points.
There have been and will always be local bubbles and busts throughout the US.
Yes, It's up for $10.9M, even by that villages standards, that's a lot of money and I hardly see it as a vacation getaway, you never know, I say there is a buyer for every house.
p.s. the video was quite amusing to me, I thought I was in Beverly Hills, CA.... nope
Originally listed for $25 million.
30,000 sq ft. 22 car garage. 2.5 acres. Property taxes $95,000/yr.
Those who are ready, willing and able to afford properties in this range, usually prefer to build their own, rather than buy someone else’s vision of perfection.
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