Ah look at this way... you won't see a 50% drop in value....
Second owner homes here only 3 months ago wer going for about 50-60 dollars a sq. ft. in a nice neighborhood...
The house I own now went for $120 per sq. foot in 1980.
Sold 4 yrs. later for $80 per sq. foot...
Sold 2 yrs. later for $40 per sq. foot...
I bought it for about $50 per sq. foot about 17 years after it was built.... 1997.
Market price only 3 months ago... about $65 per sq. foot. - I know because I bought my neighbors house.
There are homes going up for about $140 per. sq. foot right down the street... that's over a hundred percent increase in 3 months! Same house in San Diego would go easily for about $500-$600 per sq. foot.
There is no way that will be maintained... I'd say the screwing is about to happen. In my world, that will occur when the price of oil drops back below $45 per barrel and long term interest rates climb back to about 6.5-7.5% range.
Joe Moya
Second owner homes here only 3 months ago wer going for about 50-60 dollars a sq. ft. in a nice neighborhood...
The house I own now went for $120 per sq. foot in 1980.
Sold 4 yrs. later for $80 per sq. foot...
Sold 2 yrs. later for $40 per sq. foot...
I bought it for about $50 per sq. foot about 17 years after it was built.... 1997.
Market price only 3 months ago... about $65 per sq. foot. - I know because I bought my neighbors house.
There are homes going up for about $140 per. sq. foot right down the street... that's over a hundred percent increase in 3 months! Same house in San Diego would go easily for about $500-$600 per sq. foot.
There is no way that will be maintained... I'd say the screwing is about to happen. In my world, that will occur when the price of oil drops back below $45 per barrel and long term interest rates climb back to about 6.5-7.5% range.
Joe Moya