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Chuck,
There are many people who do make money by selling their primary residence and moving to a less expensive area. I know people who lived in bungalows on the west coast, and then purchased mansions when they left. If someone lived in Naples, and then retired elsewhere, they could downsize and make a very tidy profit living purchasing a home in most other areas of the US. -- Starbuck -- Sacha Guitry - The little I know, I owe to my ignorance. wrote in message oups.com... NOYB wrote: "Starbuck" wrote in message ... NYOB, Harry and Kevin are the only ones who are upset that you have done so well with the housing market. They are jealous. Actually, it really seems to bother DSK the most. He has sent the most doomsday warnings my way...but he is followed closely by Gould. DSK doesn't have to work hard to beat my number of warnings; I sent you one. Get thou to Amazon.com and purchase a book: Extraordinary Popular Delusions and the Madness of Crowds. Then sing along: All Around the Hurricane Zone Where wages are in trouble The housing prices rise and rise 'Til "pop" goes the bubble. You know, NOYB, at one time I was under the impression you had a couple of bucks or so. People with money don't launch a thread to to announce "look how well I'm doing financially." Besides, how many houses do you own in Naples. One? Que lastima, Doc. That's not an investment- (unless you decide to go pitch a tent down on the beach and rent it out). If you sell it for $99999999999999.00, you'll surely have to spend at least as much to buy another. You're no richer, and no poorer than if your house were worth $29,000.....you still need a place to live. Until you don't need a place to live, you can't extract a dime. |
This is exactly what happened in Houston during the oil boom and bust period
in the 80's. 6000 sq. foot homes were selling for $200,000 due to all the bankruptcies. Banks were doing anything to clear their books of homes people could not afford to buy. -- Starbuck "External reality is sort of an affectation of the nervous system." -- Jaron Lanier wrote in message ... On Sun, 18 Sep 2005 18:07:34 GMT, "NOYB" wrote: There are too many baby boomers looking to retire down here. The real bust will happen when SS goes upside down, the market tanks and private pensions start failing. The first time one of those boomers actually loses money on a bad investment in a home things will start tumbling pretty fast. It will really affect "want" houses worse than "need" houses but all will see the effect. The real problem will be people who owe a lot more than the home is worth. They may end up just walking away from the mortgage. Banks are stuck with a lot of hard to sell property that is a negative cash flow. They end up cutting their losses and taking what they can get. That is when things tumble. A nice waterfront property with salt water access will always demand a premium but a lot of those McMansions that are just depending on ambiance and a gate guard are going to be screwed. |
wrote in message oups.com... NOYB wrote: "Starbuck" wrote in message ... NYOB, Harry and Kevin are the only ones who are upset that you have done so well with the housing market. They are jealous. Actually, it really seems to bother DSK the most. He has sent the most doomsday warnings my way...but he is followed closely by Gould. DSK doesn't have to work hard to beat my number of warnings; I sent you one. Get thou to Amazon.com and purchase a book: Extraordinary Popular Delusions and the Madness of Crowds. Then sing along: All Around the Hurricane Zone Where wages are in trouble The housing prices rise and rise 'Til "pop" goes the bubble. You know, NOYB, at one time I was under the impression you had a couple of bucks or so. People with money don't launch a thread to to announce "look how well I'm doing financially." This wasn't a "look at how well I'm doing thread". This is a continuation of a thread in which you and/or DSK debated the possibility of a crash in the Naples market. You both felt is was inevitable, and I disagreed. I created this thread to bask my assertions made in the other thread. I'm sorry if you took it the wrong way. |
"Starbuck" wrote in message ... Chuck, There are many people who do make money by selling their primary residence and moving to a less expensive area. I know people who lived in bungalows on the west coast, and then purchased mansions when they left. If someone lived in Naples, and then retired elsewhere, they could downsize and make a very tidy profit living purchasing a home in most other areas of the US. Or they could do a reverse mortgage and retire off the 1000% increase in equity that they accumulate over the the next 25 years. |
"thunder" wrote in message ... On Sun, 18 Sep 2005 18:07:34 +0000, NOYB wrote: I figure that once the NE slows, we'll soon follow. They'll be a slowdown, but never a correction. There are too many baby boomers looking to retire down here. The SW coast of Florida used to be mostly midwesterners. But the housing prices in the midwest aren't keeping pace with the prices down here. So we're seeing more buyers from the NE, the West, and overseas. You bought your house for the right reasons, as a place to live and additionally, long term. I don't see you at risk, long term, but geez, "never a correction." All the warning signs are there. I agree. But I don't think prices will "correct". They'll plateau and stagnate, but not fall significantly. Demand is increasing exponentially with the baby boom population retiring. I read somewhere that speculators are a third of your market. I've read up to 40% in some areas like Punta Gorda. It's much, much lower in Naples. You have people in the industry openly denying the bubble will burst. Guy, remember "bust" is part of the "boom and bust" cycle. It ain't an "if", it's a "when". I agree with you. I see the market cooling, but I just don't believe that you'll see significant price corrections. Naples/Marco saw over a 35% price increase in the 2nd quarter alone (4 months!)...putting it #1 in the country in appreciation for that quarter. My brother looked at a villa yesterday that the seller closed on in July 2005. She bought it pre-construction in 2004, so the price was locked in. Regardless, in July, it closed for $209,900. My brother was too late yesterday. It sold for $350,000. Two months and $140k profit. And she had two offers on it already. |
NOYB wrote: "Shortwave Sportfishing" wrote in message ... On Sun, 18 Sep 2005 17:42:30 GMT, "NOYB" wrote: When home prices hit the outer stratosphere, the number of potential buyers admittedly shrinks. But the Naples luxury market is still in boom mode, local agents say, despite forecasts of a housing bubble that some predict eventually must burst. A slowdown? You will get your turn and sooner than later. It's already starting up here in NE. I figure that once the NE slows, we'll soon follow. They'll be a slowdown, but never a correction. There are too many baby boomers looking to retire down here. The SW coast of Florida used to be mostly midwesterners. But the housing prices in the midwest aren't keeping pace with the prices down here. So we're seeing more buyers from the NE, the West, and overseas. Major money types are calling the Naples real estate market just what it is, a mini-bubble, and it's going to burst. |
Kevin,
The Wall Street Journal says one has to be careful of any market that has a large increase in a short period of time, but they are suggesting caution, not a forecast of a bust. Who are these Major Money Types and do you have a link to their predictions? Do they own a "Desmo"? -- Starbuck .... Hard work never killed anybody, but why take a chance? wrote in message oups.com... NOYB wrote: "Shortwave Sportfishing" wrote in message ... On Sun, 18 Sep 2005 17:42:30 GMT, "NOYB" wrote: When home prices hit the outer stratosphere, the number of potential buyers admittedly shrinks. But the Naples luxury market is still in boom mode, local agents say, despite forecasts of a housing bubble that some predict eventually must burst. A slowdown? You will get your turn and sooner than later. It's already starting up here in NE. I figure that once the NE slows, we'll soon follow. They'll be a slowdown, but never a correction. There are too many baby boomers looking to retire down here. The SW coast of Florida used to be mostly midwesterners. But the housing prices in the midwest aren't keeping pace with the prices down here. So we're seeing more buyers from the NE, the West, and overseas. Major money types are calling the Naples real estate market just what it is, a mini-bubble, and it's going to burst. |
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On Mon, 19 Sep 2005 08:11:12 -0400, "Starbuck"
wrote: Chuck, There are many people who do make money by selling their primary residence and moving to a less expensive area. I know people who lived in bungalows on the west coast, and then purchased mansions when they left. If someone lived in Naples, and then retired elsewhere, they could downsize and make a very tidy profit living purchasing a home in most other areas of the US. That's what I'm gonna do! -- John H "All decisions are the result of binary thinking." |
On Mon, 19 Sep 2005 09:22:34 -0400, "Starbuck"
wrote: Kevin, The Wall Street Journal says one has to be careful of any market that has a large increase in a short period of time, but they are suggesting caution, not a forecast of a bust. Who are these Major Money Types and do you have a link to their predictions? Do they own a "Desmo"? You stopped him cold! -- John H "All decisions are the result of binary thinking." |
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