Positive real estate news
Some days the headlines are a little better for the beleaguered housing industry. The Post and Courier followed up Saturday's miserable headlines and yesterday's foreclosure listings (the master in equity announcement is always on Tuesday) with today's front page headline indicating a revival in the housing market predicted for new construction next year. Bill Lattimore, an analyst to the housing industry said, "The housing supply should start shrinking now that building has slowed. If that's the case, the number of new houses should start picking up again next year". Please read the story.
I've noticed that the builders have cut back significantly on new housing starts and are building very few spec homes so don't expect housing starts to pop back up to record levels of a few years ago (they are about half of starts during 2005) and prices will be a little firmer with fewer discounts and incentives offered.
I noticed another interesting article in MarketWatch, "America's wealthy see buying opportunities in sluggish real estate market" by Amy Hoak. "While many average Americans are skittish about the housing market, some of the country's richest citizens see the current conditions as perfect for buying ..." Please read the story.
Think back to the last property crash in the United States during the savings and loan crisis of the late 80's and early 90's. Sam Zell earned his nickname, the "Grave Dancer" by pouncing on distressed properties while there was blood on the streets. Today, he is one of the wealthiest individuals in America and you should note that he also sold at the top of the market a few years ago. Now I have no idea why he bought the Chicago Tribune (which included the Chicago Cubs and Wrigley Field by the way) but maybe he knows something about the distressed newspaper industry that nobody else can figure out.
There is so much inventory in luxury Charleston real estate that the absorption rate is no longer being measured in months but rather in years. Of course, there aren't a lot of Charlestons in the country, our Charleston South Carolina being a one of a kind place with one of a kind real estate. So no matter whether you are wealthy and looking to invest in Charleston South Carolina real estate, looking for a second (or third) home in the Charleston area in the city or at the beach or just interested in living in one of the most beautiful cities in America, the best time to buy might be when the news is the worst and everyone is selling.
Remember the golden rule, those with the gold make the rules. 