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well, small houses have sold well here lately, folks downsizing like we did 2 years ago, first time buyers who have been saving forever now grabbing the best in a buyers market, etc. I work for a real estate management company. what we are seeing in the past 6 months is that the large (quarter million and larger) houses are not selling, and are coming to us to manage as rentals. Hard here to find people to rent mcMansions for $1000 a month or more. combine this with a number of real estate developers beginning to go under. Many hotels going bankrupt, and many of our small time property owners not being able to pay their mortgages. There are many rental properties coming up for sale at bankruptcy prices, and we are hearing many more in the pipes coming down as well. I have lived in this area for almost 20 years now, and have never seen the newspaper with almost full pages of tax sales for houses and apartment buildings in bankruptcy. Now it is a fairly frequent thing. This is a reasonably thriving area compared to many in the country, a very wealthy county per capita. We are having to lower the rent on our "low end" apartments but the bosses are still looking to buy more apartment buildings.
The other thing we are seeing is more people living together and sharing rent, and people who have lost their houses are moving into the mid priced apartments, families have adult children living with them, or siblings are sharing apartments with their families. I know it means nothing for overall trends for the economy, just interesting to note the changes in this area.
If you have been watching real estate, what are you seeing in your areas?
 

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sic transit gloria mundi
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Dead steady in Southern Idaho but we haven't felt the effects of the new wave of foreclosures yet.
 

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Records being broken all across 'Socialist' Canada...I'm sure the real estate party will be coming to an end soon with future interest rate hikes...

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House sales set record for April

Insiders predict busy May, June with rate hikes, HST on horizon

OTTAWA — Ziad and Lena Debline paid $525,000 last month for a four-bedroom bungalow on a big lot in the leafy Cambrian Heights neighbourhood near Ottawa's east boundary.

With low-rate financing locked in for five years and the prospect of Ottawa real estate prices going up each week they waited, they felt they got a good deal.

"I don't think we overpaid -- the house deserves the price," said Ziad, who operates a landscaping and construction company.

Theirs was one of 1,841 transactions in a record April for the Ottawa Real Estate Board, which saw residential sales jump 15.7 per cent from a relatively flat April 2009.

Demand pushed the average sale price, from condominiums to mansions, to $332,979, an increase of 11.6 per cent from a year earlier. More...
 

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I live in a trailer park. I bought my manufactured home new in 1994 for about $21,500. It's still in pretty nice shape, and I have kept it up over the years. A similar home like mine recently sold for about $18,000. New ones like mine sell for about $30-35,000. So you can value mine anywhere in between. So in the meantime, I've had a place to live for the last 16 years, and once it's paid off this December, I'll have an affordable place to live for my retirement as well. A similar sized apartment would cost me about $1,000 a month.

It may not be the most glamorous place to live, but it's a decent place to live and I'm no where near being foreclose upon or underwater. Actually it's very affordable. It's not a cardboard box, I can have pets, a garden, have my own yard and my own deck. I can walk to the YMCA, and have access to exercises equipment and a pool. I'm also close to an outdoor municipal pool, shopping, hospitals, etc...in the summer, a 15 minute drive, I can be on a large sandy beach. So it's not so bad.

It's working out perfectly for me, and I don't have any plans of selling it anytime soon.



 

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RESET CONGRESS!!
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Smaller homes around here seem to be moving somewhat. Very small homes, built in the 1940s , near military facilities and support bases. Small, but well built. A lot of them are rentals. Large homes, .. slow movers or just stay vacant.
There is a new developement area about 1.5 miles ffrom me,.. nice. large, brick homes,.. very pretty. Began building about 2 years ago.. 90% unsold.
Folks aren't risking losing their homes. Better to live in a small place and keep a roof over
your head.
Lots of unsold homes in the area. Lots. I have no intention of moving. We've lived in this house over 30 years. It's sound, it's more than adequate. So I don't even know what real estate is going for around here.
 

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Prepared
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My ranch home was built in '65, hardwood floors, and there's not a single sheet of particle board in it. Only a couple things needed to be updated. I rented a machine, climbed into the attic and blew in about a foot more insulation. The windows were junk, so I replaced those myself (learned a lot of things by doing so). And the previous owners added two egress windows to the basement. That makes for more legal bedrooms, but also allows growing plants, emergency fire exits, natural light, etc.

But my modest home is nice in several regards -- full basement is great against tornadoes. And the ranch home style insulates well against our winters. Attached+insulated garage (2+ cars) is another bonus. I finished the drywall and painted the whole thing, adding extensive shelving to the walls, and painting it as good as any interior house room (I wanted the practice). Neighbor even chided me for it, saying I did too much.

And, as the other posters mentioned, the starter homes are easier to re-sell. There is no new class of Americans who are looking to move into $350K+ homes. Once the Boomers are done trading with one another, something is going to give. So my philosophy on homes is to stay modest. When I'm ready to upgrade, I won't. Instead, I'll buy a second property. Rural, modest cabin/cottage, and 5-40 acres. But prices haven't come down reasonably yet. Either that, or I need to start getting some raises again.
 

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I came close to buying a ranch instead of the place I did get, but I was plagued by intermediate layoffs which made my job not as secure as I would have liked. The job situation around here is iffy, so I decided to go with the less expensive, stay out of debt as much as possible, option. It's a good thing I did, because my good paying job vanished, and I would have lost the 3- bedroom ranch by now due to illness. So I'm doing good with what I've got.
 

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Lemming herder!
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Here in N.Z. real estate market has stagnated.

No one is buying, sellers sit on property for months on end.

Banks aren't that keen on lending for urban properties.

Don't even go there for rural properties they don't want to know, if they do they're only lending a tiny fraction of the properties value which means the buyer has to stump up with almost the whole purchase price as the deposit in the first place.

Not being mean to folks with property currently ... but I can't wait for this to drop further.
NZ especially has always paid at least 33% more (based of average income etc) for land and housing in the first place - a correction was WAY overdue.

Real Estate agents at the moment are akin to roaches squabbling over crumbs in the bottom of a biscuit tin which is fine by me - those vermin have been more than a small part of the problem for a LOOOOOONG time as it is, just talking to a real estate agent for any length of time leaves me with the desire to go bathe.
 

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My ranch home was built in '65, hardwood floors, and there's not a single sheet of particle board in it. Only a couple things needed to be updated. I rented a machine, climbed into the attic and blew in about a foot more insulation. The windows were junk, so I replaced those myself (learned a lot of things by doing so). And the previous owners added two egress windows to the basement. That makes for more legal bedrooms, but also allows growing plants, emergency fire exits, natural light, etc.

But my modest home is nice in several regards -- full basement is great against tornadoes. And the ranch home style insulates well against our winters. Attached+insulated garage (2+ cars) is another bonus. I finished the drywall and painted the whole thing, adding extensive shelving to the walls, and painting it as good as any interior house room (I wanted the practice). Neighbor even chided me for it, saying I did too much.

And, as the other posters mentioned, the starter homes are easier to re-sell. There is no new class of Americans who are looking to move into $350K+ homes. Once the Boomers are done trading with one another, something is going to give. So my philosophy on homes is to stay modest. When I'm ready to upgrade, I won't. Instead, I'll buy a second property. Rural, modest cabin/cottage, and 5-40 acres. But prices haven't come down reasonably yet. Either that, or I need to start getting some raises again.
Did it have vermiculite insulation?

 
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