<p>I think that’s the heart of it. The lost their butts on the dotcom bust and now they missed the home boom. I’d be bitter too. We sold a little early in Seattle but feel we got good value in Virginia as we are in it for the long term. I am very happy with steady 3-5% a year value growth and the rents we can get. 25% is never going to hold long.</p>
<p>Ten year ago levels? Even I don’t think the sky is falling that badly!</p>
<p>In my area (So Cal) we have a mini correction about once per decade… but over the past 80 years or so, even if you bought the moment before a price correction, you made money if you held for about 7 or 8 years. That is even if you buy this minute, so long as you hold 8 years you will probably be ahead. Obviously if you buy lower you make more.</p>
<p>I agree, I will take 10 houses at 250K in San Diego.</p>
<p>My developer friends say the Miami, Vegas, and Phoenix markets are in for a massive burst. Nearly 60% of recent sales in those markets are speculative whereas fewer than 5% of midwestern markets are speculative buyers.</p>
<p>they say scarcity will protect the NYC, SF markets in the near term.</p>
<p>I saw on tv today that Phoenix has the highest price appreciation in the last year…47%. That’s amazing. Is there a land shortage there?</p>
<p>From <a href=“http://www.realtor.com%5B/url%5D”>www.realtor.com</a></p>
<p>San francisco has 1414 properties for sale. Phoenix has 3672. Minneapolis has 6269. Miami has 14,109. Las Vegas has 13,291.</p>
<p>dstark, I think Phoenix is going nuts because people from southern Calif feel like it is a comfy distance from home for eventual retirement. Many Oregon & Arizona buyers are fleeing Calif with their home equity loot…</p>
<p>SBmom, I think you’re right. I talked about this with Carolyn last year. I thought we had time to buy a retirement home. The way things are going the retirement homes will cost more than the homes we have now. :)</p>
<p>Speaking of retirement homes, what do you real estate mavens think of the “active adult” communities for people 55+ from a real estate perspective? Do you see them appreciating at, above, or below the rate of the appreciation of the general real estate market? Do you think the market for these units is primarily for new and that the resale value will trail significantly?</p>
<p>Good question. I bet it will vary according to the geographic area. It seems to me you’d want them in the same regions where retirement would be desireable, and not too far from urban centers. The pool of baby boomers is pretty significant and there is plenty of transfered wealth, but then again my H & I do not see ourselves as “55+” types (even though one of us is!)</p>
<p>There is one 55+ community in my area and it is significantly less expensive than the marketin general…</p>
<p>Barrons - </p>
<p>Thanks for reading my blog. It is always nice to see that someone actually reads! </p>
<p>The Charlottesville/Central VA region will remain stable at the very least, in no small part due to the influence exerted by UVa. Parents have for years found that buying a “kiddie condo” is better in the long term so long as their kids take care of it. The City and Counties around it continue to grow, also due to the fact that we are, for better or worse, the “best place to live” again. </p>
<p><a href=“http://www.realcentralva.com/2005/08/16/goody/[/url]”>http://www.realcentralva.com/2005/08/16/goody/</a></p>
<p>The next few months should prove to be very interesting.</p>
<p>–Jim</p>
<p>Is Richmond the closest city to Charlottesville?</p>
<p>Hey, Charlottesville’s a city too! </p>
<p>Richmond is about 45 minutes - 1 hour to our east and DC is about two hours North.</p>
<p>–Jim</p>
<p>Yes, about an hour drive. DC is two hours.</p>
<p><a href=“http://news.yahoo.com/s/ap/california_home_borrowing;_ylt=AnyQS9qVpt5XKty7guVqrqcDW7oF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl[/url]”>http://news.yahoo.com/s/ap/california_home_borrowing;_ylt=AnyQS9qVpt5XKty7guVqrqcDW7oF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl</a></p>
<p>Californians take big risks</p>
<p>Barrons, I’m with you. The flat end nears.</p>
<p>Just returned from Bay Area working on packing up my folks’ retirement condo that has appreciated beyond expectations. Remember there are levels of retirement! They are now in an assisted living community which is just right! </p>
<p>When I flew out to CA I had no idea what I was going to be doing! Ah, the winds of change: moved my 90 somethings, got their real estate on the market, helped my college bound when he got in from France to send boxes off to his college. He is now his grandparents agent for the next 3 weeks and I am many miles away.</p>
<p>When I walked into our house and saw my son’s clean room, I cried! As he says, this is the beginning of a new era. That’s all.</p>