Here's a little story. Six years ago my wife and I bought our first house in Gilbert for $165k. That bought you a modern four bedroom house with about 2400sf. Four years later we sold it for $185k to purchase our current home. At the time, the $185k was the highest any home had sold for in that neighborhood by about $10k and it took us three months to sell it.
I just looked in the AZ multiple listing service and discovered our old house is up for sale again after two and a half years. They want $297k for it. It'll probably sell in less than a month.
Things are getting speculative around here which makes me nervous. I'll probably use next year to phase out of real estate while the getting's good.
my house has gone up a ridiculous amount...the one good thing that we have to support us if the market turns down alot is that our neighborhoood is turning into teardowns or existing homeowners are expanding alot...my neighbor took his 1962 Cap Codder and just tripled its size from 2200 sf to 5600 sf...so now alot of what is supporting my house price going forward is that people want this location and dont even care about the house on the property...
unlike say a brand new development 30 miles outside of DC...where if the economy turns down - those houses could get cheap quick....
My house is inside the washington beltway...25 minute drive to northern virgina, downtown dc and upper mont. county
My daughter started at Flagler College (St. Augustine) a couple months ago. I've been looking at homes there (with the idea of buying and renting a couple rooms to her roomies). The prices seemed very high. But, there are no more buildable lots in that vicinity, and the old downtown area (where the College is) won't expand or change. There's a lot of history there, and lots of tourists and people moving to the area. Very desirable. Prices continue to rise, and I wonder if that's what will keep on happening in this type of confined/limited/desirable area. What to do? What to do?
any real estate gains that you've made are dandy. to be sure. i've been semi-lucky, and i've also lost on some shorts. their time will come. i just wouldn't want to get caught with my pants down with that size of weiner in my financial neighborhood. real estate can become quite illiquid at times. around here i've noticed that the ad booklets are getting way too thick for my taste. get it while you got it.