I think housing has become a huge cost as a % of income....it continues to be at all time highs. The cost of housing in sowal may never hit the point where long term rental cash flows, but in normal areas such as dallas, this needs to be the case or pretty damn near the case. there is some advantages to owning such as tax deduction of interest but you get the idea....the for sale and the rental mkt need to get much closer. some of the gap could be closed by rents going up as well. again just my two cents but i think res real estate prices will continue to fall esp if int rates begin to nudge up again which with all the debt we are issuing how can they not long term?
Pricing in WaterColor
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Housing has not "become" a huge percentage of income, people MADE housing a huge percentage of their income by spending more then they can afford for more house than they need.
The max percentage of your income that you should spend on housing has not changed - the need for granite counters and SS appliances has.
The max percentage of your income that you should spend on housing has not changed - the need for granite counters and SS appliances has.
Because I am working with them. Call any agent that does any business in WaterColor and ask them. Most of the buyers I have sold houses to in the past few years are not buying these houses to rent them out. They are end user buyers that can afford it. Everyone in this world did not drink the cool aid.
I am stunned by the demand in a down market in W/C. 61 homes sold in 2008. 45 in 2007 and 33 in 2006. Hmmmm... How many do you all think will sell in 2009? My bet it will be more then 2008. But, what do I know? ;-)
Referring to egrp's comment about increasing the rents, we need to consider the following. It's all about supply and demand when it comes to rentals. A few years ago, you couldn't find a rental in South Walton for less than $1200/month, and currently, there are plenty under that price. As more rental units come on the market, and with no increase in the number of renters, rents will not increase. I cannot tell you with certainty that the number of renters will increase or decrease, so we don't know what tomorrow holds. I base my opinion on current numbers available.
350 Red Cedar just went contingent today.
Not sure why that is surprising. Wouldn't you expect to see increased demand as prices fall? I am assuming that WC prices in 2008 were lower than in 20007?
That's thanks to Architects that told everyone they needed those. They should be dragged to the street and shot.
Not sure why that is surprising. Wouldn't you expect to see increased demand as prices fall? I am assuming that WC prices in 2008 were lower than in 20007?
I did not read every thread as I often just "troll". I just thought the thread felt like more RE bashing which is all good but I always like to throw my 2 cents in.
Not trying to talk the market up just often feel like people don't get the complete picture. If one was to read the RE threads you would think nothing ever sells here. Not true. And yes prices were lower in 2008.
2007 avg $1,422,356 $510.00 sq foot
2008 avg $1,276, 082 $472.45 " "
How low will it go? $250.00 on average? I don't think so but who knows. I think too much demand to let it go that low.