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1
FortWayne
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2012 Aug 30, 7:50am
FortWayne
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2012 Aug 30, 7:50am
Most of my stock purchases more than doubled in price over the year, I don't think any RE would have done that for me.
You can go buy something in Phoenix, it's still cheap. But it's cheap for a reason.
2
Dan8267
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2012 Aug 30, 7:53am
Dan8267
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2012 Aug 30, 7:53am
You can go buy something in Phoenix, it's still cheap. But it's cheap for a reason.
One word: Detroit.
I don't see prices rising in the long-term in any sun-belt area. Those areas are still higher priced than pre-bubble.
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You could not find a better investment between mid 2010 through the end of 2011 than low end real estate. Relatively low prices, record low interest rates, and the fact that the mainstream had not yet been fully let in on the secret. For the smart ones (or lucky ones for that matter) that got in during that time, congrats on the move.
Fast forward to 2012, inventory has reached inexplicably low volumes, prices have surged, and the secret about real estate investment is out.
Case and point... I sit at the family table at dinner, and the topic is real estate investment. I go to lunch with co-workers, and the topic is how to become a slum-lord. I go bowling with some friends, and everyone is talking about buying up low end real estate to rent out. I cannot believe what I am experiencing. It's like everyone with a stable job is all of a sudden a real estate investor. It's not just for the upper class anymore. My secretary bought a damn rental property this year in the Bay Area for gawd's sake!
It will be interesting to see what happens after the election and how real estate responds.
Don't get me wrong, with the rental market also surging, real estate is still a good investment today, but it was a great investment 12-24 months ago.
Waiting patiently...
#housing