The power of money flow should not be underestimated. When you live in a top city, you are not just competing against local or national money - the real estate market there is driven by global money... It's just like attending a top school - suddenly you realize that there are some really brilliant students from around the world that really do know their @#$%. Bigger pond, bigger fish... I have lived in a couple of the US majors and I do not understand what people do for a living to afford the real estate, the cars, the yachts, the clothes, restaurants. To me, it is across the board capability to live fat - though the real estate is typically the most notable component of that.
============= Exactly; Mavericks Look out mountain neighborhood has some good buys. Hey jasonj; nice flipped home , much ''new interior '' complete with nice iron security fence for between $700-750 ,ooo, in south central LA. The learning channel did a 30 minute show on that flip Expand your borders, man
Honolulu - average price around $630K, and that will get nothing you folks on the mainland would call a "nice place," at least not one where you won't have to spend a couple of hours in traffic each day going to and from work. A friend of mine has a home in Phoenix he bought recently for around $245K that's around 2500 square feet (living area), 4 bedrooms, 2.5 baths, big yard, jacuzzi, etc. Same place here would easily go for $700K if not 750K... Houses are on the market longer now, I think almost two months on average, but the prices keep creeping up. Seems we're lagging behind the mainland when it comes to housing trends. "The price of paradise" has been our mantra, but the price is getting far, far beyond the average person's means...
im actually in maui right now man is this place nice, never been to a better place in my life now here is a place where i can understand people paying a major premium.....
I was in Istanbul a few weeks ago. The ''Apartments'' facing the water (bosphorus) are all a million +. Compared to Apartments I've seen in North America these would be considered ghetto on top of that people get paid a fraction of what people make in England, US, Japan etc. You guys got it good believe me.
And what makes you think "average" folks deserve paradise? I'm not trying to sound like a prick. Least of all to you. But those who lament that San Diego is "expensive" don't understand markets. EVERYONE would like to live in S.D. or Honolulu or Pacific Palisades. Thus "market forces" provide strong bids. Milwaukee? Not on many "wish" lists. That's life........
Couldn't agree more. Nothing on this rock is guranteed. Joe Schmoe doesn't deserve anything more than what you put into it.
5-10 years ago, almost any Joe Schmoe would have been able to afford places like NJ/NY. Factory workers are living in upscale towns in NJ. Now, you need to be a daytrader or a successful hedge fund manager to live in these towns. Wages haven't really gone up over the past 5 years to warrant such an increase in price. I think the young people are really screwed by not being able to afford to live in the same places where they grew up and where their parents currently are. It's a shame that most young people will have to relocate to cheaper places leaving their friends and families behind. Sometimes I think that the past 5 years was a big conspiracy theory among appraisers, realtors, and the towns to artificially inflate the prices, so the realtors can make more money on commissions and the towns can get away with charging higher property taxes. Any thoughts?