What Do You Think?

[M&K's Retrievers]

I live in a lakeside/resort community on Lake Texoma which is on the Texas/Oklahoma border. We are about 100 miles from Dallas and Oklahoma City. The community has about 150 homes/lots ranging from vacant lots of 1/2 acres to lakefront homes in the $3.5M range. The lakefront homes are anywhere from 1 to 2.5 acres. Two years ago there was maybe 10 properties for sale none of which were lake front. Lakefront property almost never changed hands. As of yesterday's count there are 40 properties for sale 10 are lakefront. There have been 2 closes in the last 2 years. Realtors are twiddling their thumbs because of inactivity. Loans over $500K are unavailable. People are not even trying to steal property. I'm talking not even making insult offers. Tells me people in TX/OK are not too confident in the economy. What's it like where you are?

[david gibson]

I live in a lakeside/resort community on Lake Texoma which is on the Texas/Oklahoma border. We are about 100 miles from Dallas and Oklahoma City. The community has about 150 homes/lots ranging from vacant lots of 1/2 acres to lakefront homes in the $3.5M range. The lakefront homes are anywhere from 1 to 2.5 acres. Two years ago there was maybe 10 properties for sale none of which were lake front. Lakefront property almost never changed hands. As of yesterday's count there are 40 properties for sale 10 are lakefront. There have been 2 closes in the last 2 years. Realtors are twiddling their thumbs because of inactivity. Loans over $500K are unavailable. People are not even trying to steal property. I'm talking not even making insult offers. Tells me people in TX/OK are not too confident in the economy. What's it like where you are?

i just wish i lived in a community with homes in the $3.5M range....;-(

[M&K's Retrievers]

i just wish i lived in a community with homes in the $3.5M range....;-(

Don't be impressed. There is probably a 16x80 trailer down the road.

[JDogger]

I live in a lakeside/resort community on Lake Texoma which is on the Texas/Oklahoma border. We are about 100 miles from Dallas and Oklahoma City. The community has about 150 homes/lots ranging from vacant lots of 1/2 acres to lakefront homes in the $3.5M range. The lakefront homes are anywhere from 1 to 2.5 acres. Two years ago there was maybe 10 properties for sale none of which were lake front. Lakefront property almost never changed hands. As of yesterday's count there are 40 properties for sale 10 are lakefront. There have been 2 closes in the last 2 years. Realtors are twiddling their thumbs because of inactivity. Loans over $500K are unavailable. People are not even trying to steal property. I'm talking not even making insult offers. Tells me people in TX/OK are not too confident in the economy. What's it like where you are?

Sounds like a buying opportunity. If the listings have expired, offer to buy with a low down on a real estate contract. If the principles are in their 70's and 80's you'll out live them and their trust or estate will do almost anything not to foreclose on you. They don't want it. You don't need to have title to control the equity. If you don't, someone will.

[M&K's Retrievers]

Sounds like a buying opportunity. If the listings have expired, offer to buy with a low down on a real estate contract. If the principles are in their 70's and 80's you'll out live them and their trust or estate will do almost anything not to foreclose on you. They don't want it. You don't need to have title to control the equity. If you don't, someone will.

Oh, it is but that's what's weird. No one is even calling on these properties. Granted, these are "vacation" homes for the most part so people are reluctant to send money on this kind of investment when the the economy sucks like this. Like I said, no one is even making dumb offers. My son, a real estate agent in Dallas, has had his best year ever. Go figure. Of course these are primary residences.
On the other hand, a buddy of mine sells high end boats-primarily go fasts and 30'/50' cruisers-is selling like crazy. Of course the boats are steals as well.

I was wondering what's happening in the rest of the country.

[JDogger]

Oh, it is but that's what's weird. No one is even calling on these properties. Granted, these are "vacation" homes for the most part so people are reluctant to send money on this kind of investment when the the economy sucks like this. Like I said, no one is even making dumb offers. My son, a real estate agent in Dallas, has had his best year ever. Go figure. Of course these are primary residences.
On the other hand, a buddy of mine sells high end boats-primarily go fasts and 30'/50' cruisers-is selling like crazy. Of course the boats are steals as well.

I was wondering what's happening in the rest of the country.

Yeah...it's wierd. people will put thenselves in hock for any kind of toy. Use it up, wear it out, then default. There are no real conquences. Can you blame them. The right-wing airways are full of ad's saying " settle your credit cards for pennies on the dollar. For that matter all the airways play the same hype. As I get older I figure why not. I spent my life
to get out of debt. Now I'm there, with little to show for it. Why not borrow myself to oblivion? I got no kids or grandkids.

They say, "you can't take it with you". But what if you can?

Maybe Hell is to be broke in the afterlife. Why did the ancients fill their tombs with valuables?

Imponderable regards, the broom is yours,

JD

[M&K's Retrievers]

Yeah...it's wierd. people will put thenselves in hock for any kind of toy. Use it up, wear it out, then default. There are no real conquences. Can you blame them. The right-wing airways are full of ad's saying " settle your credit cards for pennies on the dollar. For that matter all the airways play the same hype. As I get older I figure why not. I spent my life
to get out of debt. Now I'm there, with little to show for it. Why not borrow myself to oblivion? I got no kids or grandkids.

They say, "you can't take it with you". But what if you can?

Maybe Hell is to be broke in the afterlife. Why did the ancients fill their tombs with valuables?

Imponderable regards, the broom is yours,

JD

Sweeping it up here, boss

Cool Hand Luke regards,

[cycler]

Hard to get a true feel for what is going on where we live. Ocean County, NJ. If you talk to realtors, things are on the upswing, but, sellers have to be realistic about prices. That says to me that prices are down about 30% from their peak prices a couple of years ago. I also have neighbors who have very nice, middle class home, that they were unable to sell, and have taken them off the market. The only recent spurt of activity, was when there was the first time buyers incentive, 8k worth. As far as foreclosures, Craiglist can give you an idea what is going on in your particular area, just go to real estate and keyword short sale or foreclosure. We hope to retire in the next 18-24 month period and selling our home is becoming a concern, as there is just not alot happening as far as resales, that I can see.

[Goose]

I live in a lakeside/resort community on Lake Texoma which is on the Texas/Oklahoma border. We are about 100 miles from Dallas and Oklahoma City. The community has about 150 homes/lots ranging from vacant lots of 1/2 acres to lakefront homes in the $3.5M range. The lakefront homes are anywhere from 1 to 2.5 acres. Two years ago there was maybe 10 properties for sale none of which were lake front. Lakefront property almost never changed hands. As of yesterday's count there are 40 properties for sale 10 are lakefront. There have been 2 closes in the last 2 years. Realtors are twiddling their thumbs because of inactivity. Loans over $500K are unavailable. People are not even trying to steal property. I'm talking not even making insult offers. Tells me people in TX/OK are not too confident in the economy. What's it like where you are?

We're perilously close to a major funding crisis in this country and when it happens those lakefront properties will be worth a lot less. I just think what you're seeing with those properties on Lake Texoma is a realization of this. Outside of farmland where you can grow food to survive why buy any real estate at all?

We owe about $13.5 trillion dollars and we're adding roughly $1 trillion dollars annually so in 5 years we'll owe approximately $19 trillion dollars. ZIRP is a trap because once you're at $19 trillion in debt you can never normalize interest rates. Ask the Japanese or do the math at 5%. We're doomed.

We live in Cuba now.

[gman0046]

I live in a coastal wetlands community on a tidal lake in the Florida Pan Handle with homes that now run from $300's to 3.5 million. Those who bought before the housing bubble burst have really taken a bath as the homes now selling in the $300's originally sold for $700,000 to $950,000. My neighbor has $950,000 in their home and the same home down the street just sold for $350,000. That would make you want to cut your throat. But its only a loss if you have to sell. We took advantage of the market as we bought our home last October and probably paid 40 cents on a dollar. The way i look at it, the prices can't drop too much more and will never go to zero. Florida has been hit real hard by the down turn in real estate. Hopefully its now at the bottom and eventually will turn around.