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Western North Carolina The Mountain Region including Asheville
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Old 05-11-2009, 04:28 PM
 
1,129 posts, read 1,932,686 times
Reputation: 550
Quote:
Originally Posted by rubber_factory View Post
Like my area, Asheville's home prices were driven up by external factors, not internal ones. That is to say, it wasn't growth in Asheville's economy that caused prices to rise, it was an influx of external wealth from New York, New Jersey, Florida, Northern Virginia, etc.
So? Are they going to blow up the mountains and burn down the forests and close down the art galleries and block off the blue ridge parkway and close down all the restaurants and change the climate? If not, then people with money are still going to move to/visit Asheville to enjoy all that it has to offer, and the home prices here will continue to trend higher than in other cities of comparable size.

Quote:
The majority of us now understand that this external wealth was an aberration, as we've seen about $30 trillion evaporate from global equity markets to correct the aberration.
Retirees desiring to move to a particular location is not an aberration; it is a trend -- and one that is not going to be stopped by financial bubbles bursting or economic downturns. Obviously, that trend will slow, and as we've seen, the housing market has taken a big hit. But the sky ain't fallin'.

Quote:
Claiming that "Real Estate is local", and therefore prices won't fall, is to ignore the fact that external factors caused real estate to rise in the first place.
Straw man.

Prices have already fallen . . . they just haven't fallen to the levels that the doomsayers keep expecting, with their twisted logic about how they think markets work.
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Old 05-11-2009, 04:38 PM
 
Location: Wherabouts Unknown!
7,457 posts, read 10,783,895 times
Reputation: 8260
NC_Paddler wrote:
Prices have already fallen . . . they just haven't fallen to the levels that the doomsayers keep expecting, with their twisted logic about how they think markets work.
I invite you to bring your level headed voice of reason to this thread ( Real Estate Market / Inflation / Recession / Depression ) in the Colorado forum. Be forewarned that it is heavily populated by the doom and gloom crowd. A little bit of common sense would lighten things up a bit. I'm glad that I came upon your posts in this thread.

BTW, over here in Colorado, the sky is still up there where it's supposed to be! Glad to hear that it's still hanging up there in Asheville too. According to some, it should have fallen by now.
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Old 05-11-2009, 04:55 PM
 
141 posts, read 210,028 times
Reputation: 87
Quote:
Originally Posted by NC_Paddler View Post
So? Are they going to blow up the mountains and burn down the forests and close down the art galleries and block off the blue ridge parkway and close down all the restaurants and change the climate? If not, then people with money are still going to move to/visit Asheville to enjoy all that it has to offer, and the home prices here will continue to trend higher than in other cities of comparable size.



Retirees desiring to move to a particular location is not an aberration; it is a trend -- and one that is not going to be stopped by financial bubbles bursting or economic downturns. Obviously, that trend will slow, and as we've seen, the housing market has taken a big hit. But the sky ain't fallin'.



Straw man.

Prices have already fallen . . . they just haven't fallen to the levels that the doomsayers keep expecting, with their twisted logic about how they think markets work.



Data to back up the assertion that prices have bottomed?
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Old 05-11-2009, 05:02 PM
 
141 posts, read 210,028 times
Reputation: 87
Quote:
Originally Posted by CosmicWizard View Post
NC_Paddler wrote:
Prices have already fallen . . . they just haven't fallen to the levels that the doomsayers keep expecting, with their twisted logic about how they think markets work.
I invite you to bring your level headed voice of reason to this thread ( Real Estate Market / Inflation / Recession / Depression ) in the Colorado forum. Be forewarned that it is heavily populated by the doom and gloom crowd. A little bit of common sense would lighten things up a bit. I'm glad that I came upon your posts in this thread.

BTW, over here in Colorado, the sky is still up there where it's supposed to be! Glad to hear that it's still hanging up there in Asheville too. According to some, it should have fallen by now.
Sorry, Colorado is doomed. We're getting all your filthy rich retirees. By the way how well are the high end homes in Aspen, Breckenridge, and Vail etc moving these days?

Aurora hit hard by recession - The Denver Post

High-end sales resort to auction - The Denver Post

A quieter March in Aspen | SummitDaily.com

Economy could force home buyers, builders to cut back | PostIndependent.com
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Old 05-11-2009, 05:40 PM
 
Location: Lowcountry
764 posts, read 952,440 times
Reputation: 410
Quote:
Originally Posted by jstubbspt View Post
[/b]

Data to back up the assertion that prices have bottomed?
It is very obvious that NC_Paddler does not have a clue about basic economics....some of his 'statements' are good indicators.
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Old 05-11-2009, 05:55 PM
 
Location: Lowcountry
764 posts, read 952,440 times
Reputation: 410
Quote:
Originally Posted by NC_Paddler View Post
So? Are they going to blow up the mountains and burn down the forests and close down the art galleries and block off the blue ridge parkway and close down all the restaurants and change the climate? If not, then people with money are still going to move to/visit Asheville to enjoy all that it has to offer, and the home prices here will continue to trend higher than in other cities of comparable size.

So the economic downturn effecting the rest of the country has already passed by WNC? Sounds like it's a sellers market again!!!!

Retirees desiring to move to a particular location is not an aberration; it is a trend -- and one that is not going to be stopped by financial bubbles bursting or economic downturns. Obviously, that trend will slow, and as we've seen, the housing market has taken a big hit. But the sky ain't fallin'.

I don't think anyone said the sky is falling.

So how do you suppose they will pay for all this overpriced property? WNC should have learned a valuable lesson by relying on retirees to fuel its economic engine. I must have missed something.

Straw man.

Prices have already fallen . . . they just haven't fallen to the levels that the doomsayers keep expecting, with their twisted logic about how they think markets work.
Give it time.... They will continue to fall, more so in the higher end.

....with their twisted logic on how markets work. Care to explain that one?

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Old 05-11-2009, 05:57 PM
 
Location: Lowcountry
764 posts, read 952,440 times
Reputation: 410
Quote:
Originally Posted by CosmicWizard View Post
NC_Paddler wrote:
Prices have already fallen . . . they just haven't fallen to the levels that the doomsayers keep expecting, with their twisted logic about how they think markets work.
I invite you to bring your level headed voice of reason to this thread ( Real Estate Market / Inflation / Recession / Depression ) in the Colorado forum. Be forewarned that it is heavily populated by the doom and gloom crowd. A little bit of common sense would lighten things up a bit. I'm glad that I came upon your posts in this thread.

BTW, over here in Colorado, the sky is still up there where it's supposed to be! Glad to hear that it's still hanging up there in Asheville too. According to some, it should have fallen by now.

Great....it takes two...
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Old 05-11-2009, 06:51 PM
 
1,129 posts, read 1,932,686 times
Reputation: 550
Quote:
Originally Posted by CosmicWizard View Post
NC_Paddler wrote:
Prices have already fallen . . . they just haven't fallen to the levels that the doomsayers keep expecting, with their twisted logic about how they think markets work.
I invite you to bring your level headed voice of reason to this thread ( Real Estate Market / Inflation / Recession / Depression ) in the Colorado forum. Be forewarned that it is heavily populated by the doom and gloom crowd. A little bit of common sense would lighten things up a bit. I'm glad that I came upon your posts in this thread.
No thanks -- let them wallow in their own pessimism . . . misery loves company, as they say, but it's not my job to convince them that the world is not going to end.
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Old 05-11-2009, 06:55 PM
 
1,129 posts, read 1,932,686 times
Reputation: 550
Quote:
Originally Posted by jstubbspt View Post
[/b]

Data to back up the assertion that prices have bottomed?
It's hard to carry on a rational conversation with someone who doesn't even bother to read what I wrote.
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Old 05-11-2009, 07:15 PM
 
141 posts, read 210,028 times
Reputation: 87
My expectation is for home prices to fall to a price point where median home price meets median income level. The historical norm has been median home price equals 2.5 to 3.0 x median income which has already been stated on this thread. You threw out the first straw man by equating this decline to the housing holocaust in inner Detroit; no one is claiming you'll be able to pick up a home for that price.

Median Home Price in Detroit = $7,500 | The Big Picture

I'm sorry that you're ignorant of the macro economic underpinnings of the current economic down turn. Keep on believin' in Cramer.

On the other hand I'll take a Meredith Whitney's prescience of our current economic conditions.

Video - CNBC.com

By the way take a look at her work as an Oppenheimer Fund banking analyst to see how accurate she has been in forecasting the problems that still afflict our major Banks.
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