Without knowing the history of pricing in an area it's difficult to ascertain if this is truly a hard sell off. For instance the home kiddy-corner to my back yard just sold for 1.2 That was a huge concession. The seller (who never lived in the house) started out at 1.8. He bought the place in 03 though for only 700k (plus a couple of hundo in renovations). Another home kiddy corner to me in front sold two weeks ago for 1.6. It was listed for ONE week. The last time it traded was in 04 for 1.4. It was 500k in 98 or so. So yea of course stuff is off the 05 levels. But is it down to 03 prices? If you guys want to see a REAL hot market, look at homes in zip 34102. Naples is a bit weaker also. That means cottages have slipped from 1.7 to 1.5, lol.
Couldn't agree more about the dot com and real estate bubbles, question is what's the next sucker investment? Where are all the real estate agents/flipper going to go? I can foresee some serious money coming back into the market, like serious dumb piggyback follow the trend type cash. But maybe I'm just being a bit cynical because I can't afford to buy that one bedroom condo for 450,000, actually, thank god I didn't!
. November 20, 2006 SouthAmerica: Last week I met a friend of mine who is living in Ramsey, NJ, and he told me that one of his relatives - a real estate agent in Ridgewood, NJ - after meeting his relative 3 or 4 weeks ago he was told that the value of his house in Ramsey had gone down in value in the last 12 months from $ 600 k a year ago to an estimated current value of $ 500 k. His relative also told him that no property valued over $ 1 million dollars were being sold in Ridgewood, or in that area of Bergen County, NJ. If you have a property for sale with a price above $ 1 million then you are out of luck, since there are no buyers right now. (The Ridgewood area in Bergen County is an upscale area here in NJ. - Not far from Manhattan.) .
The new Ritz going in on Michigan Ave. is only 40% sold last time I checked... 900 North Residences STILL available... Trump...available Sangri La...available Mandarin...available Those would be the premier residences going up in Chicago.
funny you mention that.....i was in ridgewood,wyckoff,ramsey & allendale yesterday looking at open houses.wanted to see where bergen county prime real eastate stood & get a feel on the desperation of the sellers..............while we came in some,these sellers are still holding there ground for the most part.i`ve never met a bunch of nasty realtors in my life....i mean flat out f-ing nasty with wise ass answers & rude questions........if there was`nt another couple in the house at the time,i would`ve laid this one out cold,no problem dragged her into a closet.my girlfriend was getting that sick feeling in her stomach ,she informed me,when i`m about to snap & blow up. with that being said,it tells me the realtors are definitely frustrated.....only so many buyers for all of them to eat. another coincidence for us traders was a house in wyckoff that was kick ass & offered at 799K...............went to check out the guys office & realized he was an amex market maker in tobacco stock options.spoke to him for almost an hour & discovered he was moving back to ramsey where he & his wife grew up. these 800K house are only off 100k & still holding strong.......no where near capitulation so we are no where near a bottom ...imo