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Date: Aug. 11, 2007
Tags: None
From the SF Chronicle 8.12.07 Section K
Cover story: Begging for Buyers: Sub prime fiasco, tight credit, too much inventory and stagnant prices have combined to bring bad news to Bay Area homebuilders.
The article shows pictures that look worse than this of suburbs and it makes me think two things. First, what do you expect when you buy property in a location that is marginal at best and where every house looks the same as the one next to it?! And secondly, it makes you appreciate living in San Francisco and the immediate Bay Area.
Home Buyers: Always remember that at some point you are going to be a Seller of the property you are buying. When you go to sell it in 5 years let's say, and there are 7 other properties just like it on the market, even if it is a good market, your ability to negotiate will be very limited. In this situation, Sellers are always going to be competing for Buyers at some level. And when your property is now 5 years old and there are newer suburbs built, the value will just be driven down further.
The article did say "The other bright spot was in the San Francisco - San Mateo - Redwood City market..."
My thoughts on suburbs...........
Suburbs have become the heirs to their cities' problems.
They have pollution, high taxes, crime.
People thought they would escape all those things in the suburbs.
But like the people in Boccaccio's Decameron, they ran away from the plague and took it with them.
- Charles Haar
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