April 19th, 2008
Live in L.A.? Then don’t drive
Most others, though, are not so lucky. Forbes.com recently ran a story by Elisabeth Eaves that reported what we all instinctively know: Traffic is getting worse in our major cities.
Most others, though, are not so lucky. Forbes.com recently ran a story by Elisabeth Eaves that reported what we all instinctively know: Traffic is getting worse in our major cities.
The thing is, isn’t Obama right? Aren’t many U.S. citizens bitter about the way the economy has performed? There is no better example of this bitterness than in the housing and mortgage industries. When I talk to homeowners trying to sell their properties, they’re bitter that they’ve had to reduce their asking price two, three times and they’re still not getting any offers. Homeowners who aren’t selling are bitter that the house they purchased two years ago has now lost value.
What can you do if someone starts building a giant home, one that dwarfs the others in your neighborhood, next door to you? Or down the block? Can you stop it?
Owners trying to sell their homes don’t need any more bad news. Unfortunately for them, a new survey by the Associated Press and and AOL Money & Finance just gave them some.
Three writers at the Wall Street Journal recently wrote an interesting story on those condo/hotels that were built, reporting that many of the buyers who’ve purchased individual condominium units aren’t happy with their investment. They’ve made far less money off rentals than they expected, and their units aren’t appreciating as quickly as they had hoped.
This is a real estate blog, so I won’t give you the entire rundown of our touristy weekend. But I will say this, looking at the number of “For Sale” signs even off of Springfield’s downtown was rather sobering. Many of these homes were in terrible repair. And others were certainly foreclosures.
When we think of foreclosures, we tend to think they happen only in poorer neighborhoods. Well, that’s not the case.
According to the story, if you’re trying to sell a home in San Jose, Calif., you’re in luck. Forbes ranks it as the best city in which to sell residential real estate. The biggest reason? New home construction in the city dropped 63 percent in 2007.
Doesn’t building a mansion automatically leave a big impact on the environment?
One theme kept coming up: Real estate agents need to shine some light on the bright side of our current real estate market. They have to do this, the panelists said, because the news media are only focusing on the negative side.
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Written by Dan Rafter [email] for b5media.
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