" I believe that in years to come historians will see the beginning of the twenty-first century as the "golden age" of real estate. And I want to persuade you to take advantage of this historic opportunity. "["Are You Missing the Real Estate Boom? Why Home Values and Other Real Estate Investments will Climb Through the End of the Decade-And How To Profit From Them" March 2005, p4]
Sunday, April 15, 2007
Excerpt from Lereah's Book March 2005
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Well, sure. I would say it's true -- 2000 to 2005 was pretty golden for real estate.
ReplyDeleteThe difficulty lies in the aftermath. There are glorious buildings still standing from the last great "Gilded Age", (1865 to 1901). Most of them in small towns in the Northeast have been turned into public libraries, hotels, bed-and-breakfasts, and tourist attractions.
Not that we even have this going for us, however. The buildings that have been built during this "golden age" will certainly house people for generations to come, but the architecture? Ack.
I hope the next "Golden Age" of Real Estate will bring us energy-efficient, solidly-built, and aesthetically-pleasing dwellings.
David! A very important trend is the condo conversions reverting back to rentals! The Vaughan Place at Mclean Gardens is a case in point. This is a joke! Do you guys know of any other conversions reverting back to rentals?
ReplyDeleteJust as the 20s were a Golden Age for stocks.
ReplyDeleteHarriet said...
ReplyDelete“Not that we even have this going for us, however. The buildings that have been built during this "golden age" will certainly house people for generations to come, but the architecture? Ack.”
Keep in mind that home inspections have been almost non-existent these past few years.
As inspections become more in favor, we’ll probably see and increase in complaints in workmanship and even structural problems. I’m not suggestion that these homes will not “house people for generations to come”, but I imagine re-work and neglected repairs will keep Home Depot/Lowes up and running.
Man, if I was one of the suckers who bought at Vaughan Place, I'd be pissed. So much for my property values.
ReplyDeleteAren't there usually rules on rental % in Condos? Or have buyers to this point been stupid enough to not review the legal documents and make sure that exists?
The Summit in Oakton (now the Four Winds) is going rental again. I keep seeing stuff like this and reading all the inventory news, but prices here in Fairfax are still outta whack!
ReplyDeleteDoes anybody have any more information about the Vaughan Place situation? My wife and I lived there when the conversion started, and we're curious to learn just how badly things went over there.
ReplyDeleteSpillover to subs?
ReplyDeleteNothing to see here, move along:
http://www.contractormag.com/articles/newsarticle.cfm?newsid=1102
Builder tells subs to cut prices mid-contract
BY ROBERT P. MADER
Of CONTRACTOR's STAFF
IRVINE , CALIF. — Home builder Lennar Corp. has sent letters to its subcontractors in Southern California, Nevada and other states, telling them to cut their prices by as much as 20% and resubmit invoices for work not yet paid for. The letters said the subcontractors have a choice of either cutting their invoice prices or being shut out of bidding on Lennar projects for the next six months. In some cases the work has already been completed.
Golden age of real estate...
ReplyDeleteThis is sick.
Why you don't want to post MLS 3/07 numbers?
ReplyDeleteThis blog is officially dead. The combination of comments taking days to appear and no updates makes it pretty useless.
ReplyDeleteDoes anyone know another northern va blog?