Quote:
Originally Posted by Vegas69
What's your local economy or industry feel like?
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If you're building a NEW house here - you might have to just get in line. Prices are way up - labor is not only tight - it's short. This is a SECOND or third home market and the projects being done are multimillion dollars (one house is 12,000 square feet). BUT....
If you have an existing CONDO (many here were built in the '70's) then the market is soft and prices have NOT gone up and in many cases have gone down. My realtor publishes a newsletter every Friday showing all the statistics and most are down or negative from a year ago comps. This is contradictory when compared to the NEW Town homes being built by the Sun Valley Corp and the foot of our street... they're larger than the older Condos - have single car garages - and are selling like they're giving them away (mind you - there are only 36 units). They're 1.3MM and up. So there seems to be a group of people that can afford "better" that are buying yet the "normal" second home market is suffering. Is this because of the financial strength of the buyer? The 1.7 guy can get (or doesn't need) financing? Where the $750K guy is fighting trying to get a mortgage? IDK.
http://www.whitecloudsresidences.com/townhomes.html
Note how many have the "Sold" red dot on them! And remember that these are SECOND or VACATION homes! So the money is being spent - just not on the middle of the market.