PRICE PRICE PRICE replaces location, location, location

[mrlucky110]

The price of any house can and will change. The location will NEVER change! (Save those who decide to move a slab house on one of those huge trucks, but I never considered those things houses to begin with)!
Buy in a lousy location and you are forever stuck there.

[AndrewMensch]

Originally Posted by London Girl

Good illustration of why location is so important - particularly when taking resale into account.

You are correct... a better location will get more money regardless of the market.

As the OP, my point was the old saying "the three most important things about real estate are location, location, location" has been replaced by price as it always is in a market that is trending downwards.

[iluvcj]

Originally Posted by srnyong

I was just theorizing from the seller's perspective.
Most of these nice condos that I am looking at have very strict lease policies, not more than 25% of units can be leased at a time. So obviously there is a long waiting list to even make your unit available for rent.

As a buyer, I can only shop foreclosures and not feel ripped off. In one of the condo buildings I am shopping, resales are listed between $300K - $400K, while foreclosures are listed at $220K - $250K.

This is what I dont understand. In my brother's neighborhood in the bay area, he paid $700,000 with a substantial down payment (taken a huge loss but payments are affordable)for his house that's now worth $550,000. There are at least 10 forclosures in the immediate surroundings priced in the mid to high $400,000. They are building new homes in the same subdivision for $620,000 and by the way they are not selling

[AndrewMensch]

Originally Posted by iluvcj

This is what I dont understand. In my brother's neighborhood in the bay area, he paid $700,000 with a substantial down payment (taken a huge loss but payments are affordable)for his house that's now worth $550,000. There are at least 10 forclosures in the immediate surroundings priced in the mid to high $400,000. They are building new homes in the same subdivision for $620,000 and by the way they are not selling

Nobody ever said that people are smart.