Monday, February 4, 2008

It's different here

So I am on a mini vacation in South Carolina, hence the lack of new posts the last few days. Cool city.

Went and looked at some real estate as well on this place called Daniel Island. It's a master plan built to look like an old small town. Anyways got talking to a real estate agent representing the builders. And guess what everyone, CHARLESTON IS DIFFERENT. That's right, Charleston's real estate will not crash because....

So I asked her are builders reducing prices? After giving me a bullshit answer for 5 minutes she admitted that builders are "flexible". By flexible I think she means desperate to sell. There were homes I saw that had been completed in Sept and Oct. 2800 sq ft homes with 1/4 of an acre for $800K. Uhm yea, good luck with that builders. That might have worked in 2005 when anyone with a pulse could get a $750K ARM. Today, not so much.

Just like Las Vegas builders found out. Just like SoCal builders found out. Just like Miami condo builders found out. Just like Atlanta builders found out. So will Chareslton builders. No place is different. Supply and demand applies everywhere. And prices always regress to the mean.

1 comment:

Anonymous said...

The greed that I have seen in this country is breathtaking and unfortunate. Everyone is/was trying to score a slam dunk of their hilariously overpriced cardboard box.

I love communities liked you described so I googled Daniel Island and, wow, that would be an awesome place to live .... at 200-500k for a house. At 800k they can shove it!