In New York, everyone is really greedy and don't want to face the fact that prices need to come down. The realtors want everyone to sell for a high price of course, so they can make a higher commission. They have huge mortgages to pay. The towns want the market high, so they can justify making you pay $15k in property taxes for some 1920 built dump of a home. So everyone wins, except for the young people who are starting out in life and can't afford to pay $800k for a dump. That's why places like NC, SC, TX, and GA are growing. Plenty of cheap homes, near the cities, with a great quality of life. I live in Georgia and things here are very affordable. Check out some of the homes you can get here for under $200k, and only 30 minutes from downtown Atlanta, in a safe town... http://www.realtor.com/search/searc...p=1&sid=a591bfe777914666bb45877e4ef6f88b&pg=3 http://www.realtor.com/search/listi...b&pg=4&lid=1092957883&lsn=40&srcnt=555#Detail http://www.realtor.com/search/listi...b&pg=5&lid=1096781020&lsn=50&srcnt=555#Detail http://www.realtor.com/search/listi...b&pg=7&lid=1093543330&lsn=61&srcnt=555#Detail http://www.realtor.com/search/listi...b&pg=2&lid=1074487382&lsn=19&srcnt=362#Detail http://www.realtor.com/search/listi...9&pg=3&lid=1083897690&lsn=22&srcnt=434#Detail
This is gonna offend a lot of New Yorkers In short, quality of life in New York sux. True, great restaurants, great theatres, high paying jobs in Lower Manhattan. But, if you are young, you are too busy working your ass off trying to make it in this town, so how many nights a year can you go for the eats... if you are older and have kids, there are much better places to raise kids and enjoy family life.. I think in the next 10-20 years, we will see a massive shift in the working life style. technology will allow people to work from anywhere in the world, and having the same experience as if they are in the same room face to face. we have seen steady increase in telecommuting in the past years, but bigger broadband pipes will really enhance productivity while lowering cost at the same time. Imaging all the Manhattan firms can operate from GA or NC, paying much lower rents, while all the employees can put in 2 extra hours work per day, without sacrificing effectiveness in communication. Places like GA and NC are imo good area to invest. Why would any sane people want to stuck in the Manhattan rat hole, jammed in the subway (which smells really nice) for any hour to work, while they can enjoy the nice life in the country.
I'm not sure if there is still a drought. I don't hear about it any more. We have had rain and as far as I'm concerned, there have been no water problems.
That's because he's looking at the bigger picture here. The USA has such a terrible 'herd' mentality,that's why it's a country of such extremes,it's all one-way traffic.Everyone's either out-bidding the next person for fear of missing out on a great deal or everyone's too scared to do anything unless someone else has tested the water,hence the mad scramble to buy any real estate in sight and now a dead market. Most of the people predicting that the housing market goes even lower will probably never end up buying a house.
In the unlikely event of a further downturn they'll be posting on here calling for another 25% drop,they'll only be interested if it's for free!
Well, if anyone wants to bet on housing dropping 40% more, I'll take that bet all day long. Never happen. You might see a market in So Cal or Fla drop some more, but there is no way housing drops on average another 40% nationwide.