Friday Housing News: Sticker Shock

I know someone in upstate New York who's planning to put their home on the market and downsize to a smaller condo. The list price for her place is $140,000. As a gag, I sent her to ZipRealty and told her to look up D.C. housing prices. These were the comments I got:

"OH MY GOD! $619,000 FOR A 1700 SQ. FT. PLACE? ARE THEY INSANE? ARE THEY MADE OUT OF GOLD OR SOMETHING?"

Maybe we can learn something from simple country life after all. I don't think you could find anything priced at $140,000 in any of the bubble markets at the moment. Maybe a closet. ;)

(Image courtesy of News and Tech.)

This is a good overview of the increasing struggle between commercial and residential developers as the space for homes continues to shrink. Right now, homebuilders are so desperate to keep the cash rolling in that they're putting up shacks wherever they can be found, and apartment buildings that used to be considered rat traps are now "lap of luxury" condos. If I may quote:

But developers and real estate analysts said the market for new residential space is far stronger and offices could sit empty without a significant increase in local employment.

In other words, "If you build it, maybe they'll come...and maybe they won't."

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I know someone in upstate New York who's planning to put their home on the market and downsize to a smaller condo. The list price for her place is $140,000. As a gag, I sent her to ZipRealty and told her to look up D.C. housing prices. These were the comments I got: "OH MY GOD! $619,000 FOR A 1700 SQ. FT. PLACE? ARE THEY INSANE? ARE THEY MADE OUT OF GOLD OR SOMETHING?" Maybe we can learn something from simple country life after all. I don't think you could find anything priced at $140,000 in any of the bubble markets at the moment. Maybe a closet. ;) (Image courtesy of News and Tech.) This is a good overview of the increasing struggle between commercial and residential developers as the space for homes continues to shrink. Right now, homebuilders are so desperate to keep the cash rolling in that they're putting up shacks wherever they can be found, and apartment buildings that used to be considered rat traps are now "lap of luxury" condos. If I may quote: But developers and real estate analysts said the market for new residential space is far stronger and offices could sit empty without a significant increase in local employment. In other words, "If you build it, maybe they'll come...and maybe they won't."