You can almost say ditto for the Tampa/St. Pete/Clearwater/Sarasota Area.. Trump has a building going up in Tampa and all the yankees are scoffing at having an office in there. Great, more Trumpishly inflated commercial real estate.. Joy..
Good proxy market for New England where I am. Thought a bottom in aggregate RE activity may have formed in the Summer and Fall of 06 however some data I follow now suggests another down leg may have begun in Jan 07. I did not expect this latest development at all.
I would agree. I have lived in Austin since 1994 and have not seen any noticeable downtick in real estate here. We never saw the wonderful upswings of SD, NY and LA.....but we haven't lost anything either. Here's hoping we participate in the next glorious housing bubble....could use the extra $$$ (even if it is net worth and only perceived at that)
\ actually its not trump, they are just using his name, it seems trump is moving more into the role of a marketer than into real estate(as the building down in palm beach is the same situation)....also the one here in tampa aint gonna be built
It'll be built, I guarantee it.. He needs some more time to lobby.. It's sad that a man with his business ethics is the top brand, so to speak.. Very sad...
Built my last custom house in late 2005 and have been out since. The writing was on the wall down here in Texas. We had 400- 500k spec houses being built where I live when the average income is about 60k per house. One of these 400k house is across the street from the 350k custom house I built and it was finished in may of 2005 and the builder is still sitting on it as of today.
I remember back when DELL cut all those people back in 2000 and the neighborhood where my inlaws lived had 8 to 10 houses for sale on every street starting in about april/may of that year.
It's quite sad isn't it? Samething happened in Shenzhen over the last two years. Put in an offer for a 1 bedroom apartment 2 weeks ago, 425k RMB for 44sqm, asking price was 450k. The greedy owner dropped 5k twice, all within a week. Guess I will stay out of the market for now.. Anyway, it's interesting to see how the US Real Estate is going..
Here in beautiful St. John, IN. new construction has slowed considerably. We've been experiencing about 300-500 new homes being built annually for nearly 10 years and this is, or I should say was, a very small town. Desirable in many ways not the least of which is we're only 35 miles from Chicago for the commuters. In my neighborhood, homes are about 10 years old and currently list in the 250-400K area. When one goes up for sale, which is still rare, it takes about 3-4 months to sell now as opposed to less than 30 days a couple years ago. New construction goes for about 350-600K and has slowed alot. A home I looked at last summer going for 450K is still on the market and is now listed at 399K.
I've been renting a place just outside Silicon Valley that didn't sell last year. They're willing to renew now for another year rather than try to sell in this year's market. Having said that, prices are flat to slightly down here. I suspect the market clearing price will be off around 10% under last year's numbers.