How is for sale housing in your market doing? High end in major markets has slowed it seems.
Things are still moving quickly in San Diego but I'm of the mindset that the easy money has already been made. I def would not be buying a house right now. There might be another year or so left of this market but the risk is too high if you're trying to, say, be a flipper.
I live in a family owned condo in a coastal community. We bought in Dec 2012. We're cashing out. My buddy has a 2/1 in Ocean Beach that is barely standing and he's cashing out. He's under contract for $800k. That's over a $1000ft for a 1930's house. A SVP at a small local bank just put his house on the market and like me is going to rent and see how things play out.
A buddy of mine is a broker and flipper in Connecticut. He stopped flipping over a year ago simply because prices are already down.
Looking back at the 90's when I got into this industry, we had low U/E and real estate was crap for the entire decade. It was not cool to be a broker in 1995. It's possible to have an ok economy, low U/E and real estate be slow.
Monday afternoon bump!
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