40% of all homes sold last year were second homes. In other words, 40% of all homes bought last year were added to the pile just waiting to unload.
Only in America too would one home not be enough.
Sales of second homes increased by 16% in 2005 to a record 39.9% of all U.S. housing sales, the National Association of Realtors said Wednesday.
Sales of vacation homes rose 16.9% to a record 1.02 million, while sales of homes owned for investment purposes increased by 15.7% to a record 2.32 million, the real-estate trade group said, reporting on two surveys.
April 06, 2006
The second home - the easiest one to sell...
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19 comments:
I thought this country had lost it's mind when it became cool to drive around in a gas-guzzling SUV to try and fool someone who you don't know into thinking you are a upper-class snob.
But no, this completely takes the cake. Now in addition to having the gas-guzzling SUV, we also must have a second house. It's doesn't matter that we have raided the 401k and have nothing in savings. It only matters that we have enslaved ourselves to a piece of overpriced property. It also matters that we're trying to be Bob Vila and fix up "This Old House". Home Depot is now a third home since we're there getting materials to play Bob Vila.
Gluttony only describes some of it; Stupidity is the bigger part.
I bet these greedy idiots will be saying they can't afford healthcare in a couple of years when they retire.
Three words: wealthy Baby Boomers. And a demographic that is only beginning to retire I might add.
It's also the biggest driver for the luxury second home market. Nearly every market that caters to the elite has seen a tremendous upswing in the past 5-7 years. Nantucket, Aspen, Jupiter Island, Boca, Jackson Hole, etc. Check it out.
Will rising Gas prices bring inflationary pressures on our economy ?
How much is gas prices in your area ?...is it $2.70/gallon now ?
Three more words: Future Walmart Greeter
What's wrong with a second home? I don't have one but if you can afford one, why not? Houses are good. People can live in them. They are long lasting infrastructure. It's good that they are being overbuilt. Soon, very soon, the prices will crash and the people who didn't waste their money on overpriced ones can buy 3 or 4 real cheap and then rent them out to the losers who lost them only a year earlier.
Stupid people need to face the consequences of their decisions or they'll never learn.
What's wrong with a second home? I don't have one but if you can afford one, why not? Houses are good. People can live in them. They are long lasting infrastructure. It's good that they are being overbuilt. Soon, very soon, the prices will crash and the people who didn't waste their money on overpriced ones can buy 3 or 4 real cheap and then rent them out to the losers who lost them only a year earlier.
Stupid people need to face the consequences of their decisions or they'll never learn.
What did you say about comments Keith?
Oh, right. Here it is.
"Keep it clean, be logical with your arguments, be civil toward each other, and let's work together to expose the truth"
Sounded pretty good. But a few days later, you turned back on anonymous commenting.
Anybody care to venture a guess as to why?
I'll take a stab - crass, rude, and inflammatory comments drive traffic. Works for Jerry Springer, why not for Keith?
And why do we like lots of traffic?
Ding! Ding! Ding!
Ad-Clicks.
Who cares if it's relevant, who cares if it's offensive, just keep those clicks coming. In fact, maybe the more offensive the better - just like good ol' Howard.
But please, let's work together to find the truth.
p.s. Broadband, I don't know how much transportation costs factor into inflation, but I imagine rising wages in China and other developing nations will bring to bear much greater inflationary pressure than rising fuel costs.
Let's refrain from personal attacks on Osman. How are we different from the home owners accusing many of us as "bitter renters" when we call Osman an idiot. All that without decency even to show any contrary proof/data/discussion, just because he's a realtor?
Thinking about this a little more Broadband...
In the era of cheap oil, we haven't done much to improve the energy effiency of transportation. Meanwhile, we've gone far in maximizing the efficiency of workers.
Still, in manufacturing that is human intensive - like the garment industry for example - it's still a piecemeal production system. Thus, for consumer products like clothing, the impact of rising fuel prices may be substantially less than the potential impact of rising wages.
The flip arguement (picked up from some pro worker rights orgs in NYC) is that the labor portion that goes into clothing items manufactured for the US market is really only a few cents.
Anybody know how much transportation costs factor into consumer products?
OMG! I just saw MasterCard is jumping on the Chevy do-your-own-commercial bandwagon. Check it out: http://www.priceless.com/promo/
exclusives.html. All of you have at least one "priceless" ad you can do on the spot, come on.
Here's mine, although uncreative for the most part:
Donate to Keith's blog - $1
Internet access to troll blogs - $29.95
Cost to sell house on FSBO.com and avoid outrageous agent commissions - $79.95
Seeing all those greedy realtors who denied the housing bubble existed working at Red Lobster - priceless
Nearly every market that caters to the elite has seen a tremendous upswing in the past 5-7 years.
Absolutely, and the reason is simple: the elite have been taking all of the growth in the US economy while real incomes for everyone else have been declining.
It has nothing to to with baby boomers, it's just the wealthy, period.
Nice call Oz...I love Nantucket and Jupiter Island. Those places are great. These bitter, renter, Democrat losers cant hang in those hoods. That is why they are so angry.
they banks wouldn't loan you the money if they didn't think you could pay it back LOL
They dont let Keith's kind on nantucket (no what I am sayin')
they banks wouldn't loan you the money if they didn't think you could pay it back LOL
Thursday, April 06, 2006 7:30:04 AM
NOT TRUE. COUNTRYWIDE OFFERED ME 1,000,000.00 IN DEBIT. my SCORE IS 850+
I MAKE LAMPSHADES IN MY MOTHERS GARAGE!!!
Just wait...all these people who pulled out of 401K to put into real estate will be crying rivers once the housing market tanks for years and the stock market is flat or even rises as it become the preferred vehicle for growth again.
I live in LA and have a second home I cant sell above Bakersfield. The gas to go there costs me $130.00 just to check on the place. I cant rent it because there are no jobs up there that even support 1/4 of my mortgage. After spending some time in it I saw that there are alot of seedy charachters in the area. I am afraid of breakins and vandalism. I have already lost my downpayment and improvements. I have to walk away or risk loosing my primary. I was stupid. I thought I could not loose.
Sold my house in florida in september at the peak and bought in alabama. My new house is on smith lake, third cleanest in the country, it has went up 150k in 8 months. The down turn has not hit everywhere yet, i'm happy about that. This lake is still way under valued compared to others. Life is good!
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