Is Mr. Housing Bubble losing his froth? There have been a number of recent articles that point to the End of Bubblicity.
In yesterday's L.A. Times, it is reported:
"Six months of gains in Southern California's median home price were wiped out in January while sales activity dropped sharply, further signs that the region's once-hot real estate market continues to lose steam."
In today's N.Y. Times, in an article entitled, "Farewell, Condo Cash-Outs", stories abound about the end of the Great Condo Gold Rush.
- In Donald Trump's luxury condos at 120 Riverside Boulevard in Manhattan, 20% of the building's 250 units are marketing their apartments.
- In San Diego, about 33% the units in the Alicante, which opened last fall, are on the market.
- Last week, Toll Brothers, the luxury home builder, said orders for new homes fell by nearly 30% in the three months ended Jan. 31st.
This is in marked contrast to the last few years, where speculators were beckoned to real estate by the allure of double-digit appreciation. In 2005, median condo prices increased by nearly 13%, to $218,000, according to the National Association of Realtors.
Boink!...in San Diego, one of the hottest markets in the country, the median home price rose at an annual rate of just 2.5% in January...compared to 20% one year ago.
Do you want to see if Mr. Housing Bubble has burst in your neighborhood? Check out this new site, "www.zillow", an online real estate service. Created by Rich Barton and Lloyd Frink (founders of Expedia), Zillow has data on more than 60,000,000 homes around the country. Type in your address, or the address of Mr. FancyPants across the street, to get a sense of where the market is.
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Posted by: Christian Louboutin | October 30, 2011 at 03:08 AM