[seeker1950]

I keep hearing national news of the disastrous real estate market. Is this true from any of your perspectives? For some time now, I have marveled in awe at the number of huge homes which keep being built, and often wondered that there are so many people who can afford them.
Patty

I see huge homes being built for TWO people. What are they thinking? Huge waste of resources, in my book.....WHO is buiding these things?

[bebop]

not too far from my house a couple is building a 15k sq ft home for just the 2 of them. a friend of mine is doing the cabinets for the house and the cost is thru the roof! they could adopt me lol

[seeker1950]

LOL, Bebop, I could live with them also, and they'd not even know I was there!

a tribe of us could live with them! but, seeing as we're crazy, they'd hear us sooner than later!!!!!

[seeker1950]

LOL, Pat...
As you know, I downsized last year to a small house half the size of the one I sold (a bear to sell as it was on a hillside lot!)....Even so, I still seem to have more room than I need!
Patty

[bebop]

it always amazes me the way people throw money away like that.

[MotherSuperior]

We're getting lots of subdivisions filled with those McMansions! Where are people getting the money and where are all these people coming from? I'm happy with my little house. The real estate market is going well here. You can still get a pretty decent house for less than $100k. But people aren't buying them; they're going for the $200k to $500k McMansions.

Regards,
MS

[seeker1950]

LOL, "McMansions!"....

[January]

LOL Pat! They would hear us eventually unless we all agree to come out only at night.

I have noticed that usually by the time couples finally are able to buy or build a home large enough to suit their family, the children all leave and the parents and stuck in a huge house by themselves.

Jan

[Direction]

I guess I'm not sure what you mean by disastrous real estate market...

Market is very cyclicle...in my area it is a buyers market...meaning there is excess supply...some houses taking a long time to sell...this will eventually flip flop...Office market...in general I'm seeing more smaller users in office space...meaning in sq ft size...seeing more one person offices moving back home...builders and developers are always behind so they anticipate what the need will be...just toured an old building downtown that is being converted to condos...top floor will have two suites each 1.5 M...take the whole floor for 2.5 M...that doesn't include any walls, fixtures, electrical, you just get the shell...

Regarding the grand sizes of houses...I think a big waste too...I'm in a 55 year old 1 1/2 story home...don't plan on leaving it...updates when I can... a home is much more than the size or quality of cabinets, etc. I'm always surprized...I have the original hard wood floors and linoleum, kitchen cabinets, windows, etc...they knew how to build houses back then with high quality (ok not a lot of flash)...some of the new houses being slapped up I wonder the ultimate longevity of homes like that...I know that inside there are high finishes...but the construction itself leaves IMO little to be desired...

[Gemstone]

I'm a commercial real estate agent. Our business normally stays steady even when the residential market takes a dive. It hasn't been the case this time around, and I am suffering. I haven't been able to take income this year at all.

We have just had our 5th Mortgage company exit stage in the middle of the night. One left all of their files and computers behind (with all of their client information). Scary stuff!

Large warehouse users (such as kitchen cabinet, countertops etc.) are downsizing because their businesses are dwindling because of the slow market. I have landlords that have never had vacancies now sitting with thousands of SF empty.

I don't sell houses, but a close friend of mine who does currently has 50 listings with not one contract.

In this area you can't really get a livable decent house for under 200k (even townhouses). Most of the houses cost much more (in the 400k range). These listings are very slow to sell now because rates are going up for houses costing more than $417k (which is the current maximum loan that can be done using pools of money from mortgage giants Fannie Mae (FNMA) and Freddie Mac (FHLMC)). If the loan amount is higher, it can be done - it's called a "jumbo loan", but the money comes from private institutions, not from the large government sponsored entities of Fannie and Freddie which makes for high rates.

We don't have new houses going up around here because we have a water shortage. That’s not good for the builders, but it is a little better for us. At least people will look at the "used" houses.

I'm a die hard optimist, so I am confident things will turn around soon, but it has been a scary year in real estate in this area.