Posted on 05/19/2020 5:04:42 PM PDT by MeneMeneTekelUpharsin
In 2008 I bought 4 houses paid 53k in 2007 sold for 275. Paid 49.5 in 2007 sold for 270. Commercial prices will decline by more than 20 % many residential by more than 40%
Or maybe not? If the shutdown was too short to impact the sort of people who buy large buildings, then I don’t see that happening.
I suspect most people in the top 20% in income did not lose much in money coming in, and saved a lot in money going out. They will be ready and able to spend.
the ChiComs are gettin to ready to strike the real estate market (again).
Turism is dead. Depending on how lobg that lasts, overextended landlords in tourist areas will be forced to sell.
Yeah maybe but they’re not going to give it away.
I think land is going to skyrocket in price. I’ve read stories of about how millenials are sick of the city life and retreating to the country.
Time for that cabin in the woods!
If that happens then rents will decline by a similar amount.
Many landlords will have to renegotiate their leases.
The massive unemployment is going to create tremendous downward pressure for deflation.
“...commercial real estate prices are expected to come down....”
Good luck in Illinois ghost towns.
Good luck in Illinois ghost towns.
Fifty cents on the dollar across the state.
Itll happen.
L
I’ve got some off the grid land in New Mexico I’d be willing to sell for a tidy sum.
Hang in there, sellers!
“I think land is going to skyrocket in price”
That is a very good point, city folks my flee the city for the country side where there will be no virus.
This happened after 9/11.
Many commercial office buildings could drop a lot in price when companies tell every employee to keep working at home for the next few years.
I expect many commercial buildings that were under construction on March 1 to remain unfinished for some years. Ive seen this boom-bust-boom cycle several times.
Watching a 1 acre river front lot in the mountains that a person just inherited from her Grandmother. It was on the tax sale but she step up paid the taxes at the last min. I am hoping she will sell it quickly when I offer her cash.
She thinks there is a cabin on it, there is no cabin there, she has never been to the property. We will make the offer this fall when the stimulus and the extra $600 a week stops.
What about those megamansion apartments that were built to house the hordes of H1-B Indian techies? Those people will think twice about signing long term leases for expensive apartments knowing they can find something much cheaper a few miles away from the city.
If theres that much money waiting to buy, its unlikely prices will fall much at all.
South FL, TX, TN, etc are going to be the benefactors of the real estate shakedown in the TriState and IL. Glad I own here....thank you Gov Desantis.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.