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Old 10-03-2007, 08:13 AM   #61
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So riddle me this, why are is there so much new construction going on in so many of these sun-belt locales given the impending decline? It seems no matter where I travel I see tons of new cookie cutter communities springing up.
I thought that too, but those projects were in the works for a long time. I got a letter form Del Webb telling me that they have scrapped a project I was interested in. The Wiregrass community in Florida is no more. Since it was in the planning stages when this housing slump hit it was easy fro them to pull the plug. I bet a year from now you don't see much new development going on in the Sunbelt. Just my 2 cents.

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Old 10-03-2007, 08:35 AM   #62
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Now, several units are back on the market ranging from #1101, a 418 sq. ft. studio unit facing Diamond Head for $639,000, to #3301, a 2 bdrm, 1,406 sq. ft. unit facing the ocean for $3,288,000."
I miss the Islands, or at least the Islands as they were half a century ago when I was growing up there. But even a 418 sq ft cell in Heaven itself would not be worth $639,000 to me!

Prices like these are astonishing and even entertaining to me now that I live in a lower cost area.
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Old 10-03-2007, 08:42 AM   #63
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In my neighborhood, the house is selling if the price is correct. From my observation, the price should be the 2003 price, which is 10 to 15% lower than the 2005 peak.
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Old 10-03-2007, 10:30 AM   #64
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If I didn't know better, I'd think Greenspan went short on the U.S. stock market and the dollar. He sure seems to be trying to talk them down these days...
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Old 10-03-2007, 11:34 AM   #65
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If I didn't know better, I'd think Greenspan went short on the U.S. stock market and the dollar. He sure seems to be trying to talk them down these days...
I wonder if his investments are still being monitored by the SEC or other independent organization since he still has some influence in the markets.

I'd love to peek over his shoulder to see what he's investing in these days.
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Old 10-03-2007, 12:17 PM   #66
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In my neighborhood, the house is selling if the price is correct. From my observation, the price should be the 2003 price, which is 10 to 15% lower than the 2005 peak.
This would be a whole lot more useful if we knew where this was. Or, if you are cloaked, approximately where it is.

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Old 10-03-2007, 12:22 PM   #67
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I'd love to peek over his shoulder to see what he's investing in these days.
in an interview he would not divulge his asset allocation. He did admit that he was broadly hedged in a number of foreign currencies.
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Old 10-03-2007, 01:02 PM   #68
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I wonder if his investments are still being monitored by the SEC or other independent organization since he still has some influence in the markets.

I'd love to peek over his shoulder to see what he's investing in these days.
I don't think he has as much influence as he thinks he has.

I agree that he may still have a little influence, though.
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Old 10-03-2007, 01:05 PM   #69
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I don't think he has as much influence as he thinks he has.

I agree that he may still have a little influence, though.
He doesn't have power over interest rates any more, but he still makes the news when he has something important to say.
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Old 10-03-2007, 01:13 PM   #70
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Old 10-04-2007, 12:04 PM   #71
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He doesn't have power over interest rates any more, but he still makes the news when he has something important to say.
I don't think he has anything "important" to say anymore. He's out hyping his book and trying to drum up consulting contracts. He probably will say or do anything to keep himself feeling "in."

I wish he would just shut up and go away. I don't know why the press hangs all over him.
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Old 10-04-2007, 12:22 PM   #72
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I wish he would just shut up and go away. I don't know why the press hangs all over him.
Simple:

- doom & gloom attracts attention, so they will always cover it
- people are used to paying attetion to Greenie, so teh media has an easy in
- maybe they owe him some favors and helping pump his book is an easy way to settle up
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Old 10-04-2007, 04:10 PM   #73
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I wish he would just shut up and go away.
Andrea's tired of him hanging around the house. She married him for better or worse but not for lunch...

I bet he burns through lunchtime conversation companions fairly quickly.
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Old 10-05-2007, 09:58 AM   #74
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He's just trying to answer the same question that we all hear "What do you do all day?" Someone needs to tell him to join this board.
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More Housing Inventory Data-Look at Seattle!
Old 10-05-2007, 02:27 PM   #75
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More Housing Inventory Data-Look at Seattle!

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Old 10-05-2007, 03:17 PM   #76
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By way of comparison:

One of the largest and nicest properties in my cul-de-sac was bought in '05 by a would-be flipper. They paid $600+k, and then sunk (guess) $100k into it. Put it on the market in '06 for $850k. Sat for almost a year and was foreclosed this spring. The house has been empty for upwards of a year, and has deteriorated. Now on the market asking $499k. I am tempted to at least look and make a lowball offer.
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Old 10-05-2007, 04:04 PM   #77
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...I am tempted to at least look and make a lowball offer.
Still today what some sellers and real estate agents people consider low-ball offers are not low enough.

Prices have gone up so much in some markets that an offer of 40% to 50% of peak selling prices is more like what the fair price should be. I've seen real estate in my area (northeast) that is selling (or trying to be sold) for double what I would ever offer.
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Old 10-05-2007, 04:21 PM   #78
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I've seen real estate in my area (northeast) that is selling (or trying to be sold) for double what I would ever offer.
Ditto. I live in the NE and think that prices have a long, long way to fall -- either in nominal dollar value or in real value as inflation chips away over time -- before we hit the bottom of the housing market around here.

Hence, any lowball I'd make today would look more like a "grounder" ...
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Old 10-05-2007, 04:54 PM   #79
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Is the to-the-winner-go-the-spoils segment of the govt workforce really that large that it drives real estate prices in DC? I didn't think it would be large enough to have such an impact. But you know that area way better than I do.
In short, my answer is NO! I'm a born and raised in DC guy currently living in Laurel, MD and those areas mentioned by Jay_Gatsby are sub-markets in my opinion. Many who buy those homes can afford whatever and it has minimal effect on median price range homes. Many appointees and elected officials maintain a family residence back home also. I do agree that homes are sitting for extended periods and sellers are generally asking for '05 market prices (which are 5-10% below '06), so overall the homes that actually sell are in the 10-15% below peak price range, but it's hard to tell about concessions. I believe people are unable to lower prices in many cases because of minimal equity and granite countertops. The pending rate re-adjustments are likely to have more impact than the other factors, IMO. Market for suburban townhomes could be in the 20-25% decline from peak range.
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Old 10-05-2007, 07:15 PM   #80
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Funny thing about a 20-25% decline from the 05 "peak" is that you're only back to the 04 prices. That's why I am still a seller in this market.
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