real estate doomsayer

if you want to see an article by a guy who is really, and i mean really, bearish about the bay area real estate market, give this a read. he has collected a long list of reasons why he thinks real estate is in trouble here. i have to say i find some of his points compelling, but then again, if you read this with any regularity you already knew that. he does a very thorough job rebutting the arguments i commonly hear about the “fundamentals” supporting house prices in this area, even though he gets a little sloppy and i get the sense that he takes the whole market and the business very personally. i prefaced the link, in an email i sent to several people a little while ago, with the sentence: this guy really hits it out of the park.
i think one of the reasons that i get somewhat emotional about the issue is that i watched my childhood house in LA sit on the market while prices fell 30% in the late 80’s. (and did not recover until 2000. those figures comes from this article in the IHT). for the past three years, i have been confronted with the “fact” that california real estate has never declined in value. hmmm.






One response to “real estate doomsayer”

  1. gimaha Avatar

    I don’t think that you can cite the Knobhill house as any kind of bench mark for the housing market. Remember that the location, while exciting, presented problems that influenced its marketablity…………and eventually its complete lack of it. On the other hand, the Coldwater house continued to go up in price. The last I heard, it was worth well over a million. Buy a duplex in Berkeley!

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