Is your Real Estate Market Dead?

[wallacehobbs]

Hello all,

I was wondering if your particular Real Estate Market is sill
selling houses or is it Dead?

I have one for sale now in Pine Knoll Shores, NC  $70K under Tax value
and no offers, and the Rest of the Area is Dead...

Here in Horsham my next door neighbors house is still for sale at $30K less
than they were recently going for, and there are others still each week in
the paper. The market here is almost dead?

So what is happening in YOUR market?

Why exactly do you think this is happening?

When do you think it will improve?

Remember, all Real Estate is Local so this is what I am asking...

Feedback Please!   

[Dave T]

Isn't Pine Knoll Shores a coastal community catering to the second home and vacation rental market?

If so, then I completely understand that your market is dead right now.  It may resurrect itself once the recession is over.

[fdjake]

DEAD HERE.....But the DEALS are incredible!!  BUYING land like it's going out of style!!!!

We are entering into a DEFLATIONARY DEPRESSION.  This is a VERY UNIQUE economic event.  

ALL asset classes FALL during this time.

GOLD
OIL
STOCKS
REAL ESTATE
CLASSIC CARS
VINTAGE GUITARS


The interesting thing about a deflationary depression/recession is that CASH is the ONLY asset that actually RISES in Value!!!

We're all used to INFLATIONARY recessions, where business slows as prices RISE.....NOT THIS TIME FOLKS.

I'll give you all ONE GUESS as to the last time we had a DEFLATIONARY event??????  Come on...THINK!!!

If you guessed THE GREAT DEPRESSION...........YOU WIN!!!

Now your all asking HOW CAN CASH increase in value when everything else is FALLING????

SIMPLE.........That CASH buys MORE as time goes on.....We all know that cash usually buys LESS as time goes by.....but during this event YOUR CASH will buy you more of EVERYTHING!!!

Here's what $21K bought me last week.....FROM AN EX-MORTGAGE BROKER!!!!!!

http://s303.photobucket.com/albums/nn148/petemfa/Viper/?action=view&current=VIPER001.jpg

THOSE WITH CASH WILL RULE THE WORLD!!

[Dave T]

fdjake,

You bought Pete's car?  He was a big proponent of the straignt option but disappeared from the forums about a year ago.  Is he doing OK?

[fdjake]

Pete's doing great....

Funny...all his predictions are coming true

He sends me messages from a little known town near the Swiss Alps.  He's a big PORSCHE guy so he likes to stay close to Stuttgart inorder to get regular factory service on his Carrera GT.  I hear he recently made a killing on VW stock.
He told me recently to buy all the FORD stock I could get my hands on...

Straight options are a BEATIFUL thing.....more bang for the buck than anything I've ever seen in real estate......Ah, well, aaa...at least that's what I've HEARD.

[propertymanager]

Yes, my market is dead.  I'm going to a tax lien sale this week which is supposed to have several properties being sold for $1,500 to $4,500.  I'm "just looking".

Mike

[GRIDcorp]

      The market here in Pittsburgh is still o.k. I see investors from all over the country coming here, Philadelphia, California, and Texas to name a few. Deals are still to be had here and in our region. Especially considering the fact that an average 3/2 home in a decent school district sales for under $200K. I was working on a rehab a few weeks ago for an investor and one of our prospective tenants informed me of 3000 Section 8 vouchers that were just O.K. ed. Combine that with the demolition of several housing projects of considerable size and that market is brisk.

      I just keep advertising for investors and knocking out there projects next year I'll have enough saved to do my own.

[justin0419]

In my market, I see houses in certain price ranges still selling while other price ranges are rotting on the market.  So far I'm seeing houses still moving in the $25K-35K range and around $75K as well.  Things outside of those are just sitting there.  Most prices are holding steady.  Some drop slightly.
Lending has become a little more difficult, but not impossible if you have good credit and 15% or so down. 

[wallacehobbs]

Isn't Pine Knoll Shores a coastal community catering to the second home and vacation rental market?

If so, then I completely understand that your market is dead right now.  It may resurrect itself once the recession is over.

Yes Dave it is.  The Pine Knoll Shores area has about 65% full time residents, then a mix of second homes and long term and some weekly rentals.

[diogom]

Dead in Dallas, GA

Cheap houses in Atlanta seems to be moving