Here's a vote for San Diego. I second it.
The inventory of downtown condos for sale has increased more than tenfold since the glory days of early 2004. And it shows no sign of stopping: condo inventory has doubled in the past year. Given that inventory usually increases dramatically in the spring, the number of downtown condos should quickly blow through 600 and beyond.
We can't really be blamed for focusing our attention on 92101. Downtown was the belle of the speculative ball during the wildest days of the housing bubble. And now that the bubble is beginning to deflate, it appears to be the market in the greatest peril.
Carless once referred to downtown San Diego as the "tip of the spear." I think it's an apt metaphor. The extreme nature of downtown's condo market suggests that whatever is going to happen will happen there first. Events in downtown may portend of things to come, to a lesser or greater degree, for all San Diegans.
March 09, 2006
HP readers - pick the epicenter of the US Housing Bubble implosion
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11 comments:
San Francisco Bay area is the creator of the real estate bubble. It was us who took are big NASADQ dollars and put them into real esate....The world followed and the rest is history. We'll be the last to go...enjoy the ride!
http://www.nctimes.com/articles/2006/03/08/news/top_stories/18_00_453_7_06.txtv
That says it all! 500 properties in a week! 80 a day going on the market in San Diego
Corrected Link:
http://www.nctimes.com/articles/2006/03/08/news/top_stories/18_00_453_7_06.txt
Interesting difference between the tone of the article and tone of the comments.
Correction again.
Link was truncated.
http://www.nctimes.com/articles/2006/03/08/
news/top_stories/18_00_453_7_06.txt
DOVER TOWNSHIP, NEW JERSEY 80755
house prices tripled here in the past 5 years !!!
Next bubble popping... EAST COAST !!!
Dover Township- Toms River, NJ 08755
House prices had almost tripled here in the past five years... but wages/salaries stayed almost the same !!!
Phoenix, I think.
Miami/Ft. Lauderdale/ Palm Beach.. We have somewhere around a 5 year glut of condo supply hitting the market.
The amount of inventory has doubled in a year and the number of sales has dropped around 40% in the same time. ALOT of hot dinero here poppy.
www.southfloridarealestatebubble.blogspot.com
Miami/Ft. Lauderdale/ Palm Beach.. We have somewhere around a 5 year glut of condo supply hitting the market.
The amount of inventory has doubled in a year and the number of sales has dropped around 40% in the same time. ALOT of hot dinero here poppy.
www.southfloridarealestatebubble.blogspot.com
southfloridarealestatebubble.blogspot
Chicago is the safest of all 3 major markets bubblepricker...LA is the by far the least safe.
Let's debate! (Yeah I own a place in NW Chicago suburbs, purchased 4 years ago)
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