wrote in message
...
On Mon, 20 Jul 2009 17:57:44 -0600, "Canuck57"
wrote:


"Calif Bill" wrote in message
news:_LudnWJ9qPVWV_nXnZ2dnUVZ_gSdnZ2d@earthlink. com...

Undervalued? Maybe more in line with what housing should cost.

Leaves more money for a boat!

But seriously, it at least takes out the pumped up land prices. My guess
is
that it will stay this way for some time. Oh, some areas will bounce
back,
but others will fall further.



It is interesting how it shook out here (Naples Ft Myers). If you are
in an established neighborhood the prices reset to 2003-2004. but
sales are slow. People who can accept that can sell their house.
Waterfront is still pretty valuable as long as the 2006 peak didn't
confuse you.
If you are in a new neighborhood that was built out in the boonies,
even if it is gated, golf course, mini mansions you are in free fall.
Those are the ones where people just walked away and the country club
folded. (something like a third of all gated communities).
The funny thing is $80,000 trailer price never changed much through
the whole roller coaster ride. There is an "adult" park up river from
me with water access and they are still getting $70-80k for a 25-40
Y/O trailer.
You can get a 4 bedroom, 3 bath, pool/spa, never lived in home, in
Lehigh or the Cape for that. ... as long as gang tags on the garage
door don't bother you.

Sounds like a good deal, as long as you can own a rifle or handgun for when
the gang comes by for the TV or the car.