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Buyers scarce at upper end of housing market

By Patrick (146/146 = 100% civil)   2012 Nov 4, 11:11am   ↑ like   ↓ dislike   712 views   3 comments   watch (0)   share   quote  

http://www.rrstar.com/updates/x2053818429/Buyers-scarce-at-upper-end-of-Rockford-area-housing-market

An estate on Spring Creek Road tied to Rockford’s industrial past sold earlier this October for $1.325 million. The 5,700-square-foot house at 4205 Spring Creek Road was designed by noted architect Jesse Barloga for the family of George Roper, founder of Roper Stove Corp., and then was home for decades to Walter Colman, son of Barber-Colman founder Howard Colman. It was the second large home tied to Rockford’s deep industrial history to sell in October. On Oct. 27, auctioneers sold the former home at 939 N. Second St. of Robert Gaylord Jr. of the family that founded Ingersoll Milling Machine...

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1   carducci22   2012 Nov 5, 1:05am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

The article doesn't work for Southern California.
There is panic buying here. It doesn't matter the price range, people are jumping in the pool. Quiet frankly, I don't see the point. There is no gold rush anymore. If you see the fundamentals, it does not make sense.
Okay, Americans are naturaly risk takers, But whether it is a calculated risk or not remains to be seen.
I personally don't see a reason for panic buying. After all it is RE not stock. It does not increase in value over night. You are looking at years for any reasonable appreciation. What is rush???

2   upisdown   2012 Nov 5, 1:20am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

The title is misleading anyway, which was the author's intent. it's a junk property in a crappy location. Surprised that it's not some type of museum already.

3   BoomAndBustCycle   2012 Nov 5, 1:47am  ↑ like   ↓ dislike   quote   top   bottom   home   share  

Partly because they know the mortgage interest deduction is on the cutting block... (Atleast on homes over $500K or 2nd homes)... So they know they'll get a nice discount if it gets phased out or axed.

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