"Peter Wiley" wrote in message
. ..
Katy, with the exception of waterfront property, there is probably no
real
estate in the state of Michigan that's significantly overvalued. Even
the
waterfront property, probably. Agreed, the real estate market in
Michigan
is
fairly poor, but there's the economy again. Now soCal and soFla are
another
story entirely. I've read recently that some areas may be overvalued by
as
much as 40%.

John Cairns

Have a conversation with our realtor. He sends us gobs of articles
about it every week...I ahte realtors...wish we didn't have to use
one...

No such thing as overvalued or undervalued in a free market, except in
someone's perceptions. It's worth what you can sell it for, when you
want to or have to sell it. Period.

What a person paid for it is totally irrelevant.

I agree with you about changes in use driving up prices to where some
activities are no longer economic. Sydney, where I used to live, has
almost no industrial waterfront left because the yuppie scum all wanted
waterfront apartments and then didn't want their view disturbed by
industry, or their peace & quiet disturbed by power tools.

PDW

That's what these fellas are referring to, what the thing is ultimately
worth. Do a little googling and check out real estate prices in soCal.
Houses that would sell for 250k USD anywhere else in the country with the
exception of a few other bubble areas are selling for 750k or more. The
pundits are concerned about what the the 750k houses might be worth down the
road, when the bubble bursts, mainly due to the fact that much of the US
economy is driven by the housing/retail sector. There are a LOT of folks out
there that are apparently living the good life off of the equity in their
houses!

John Cairns