Sunday, Aug 09, 2009
US market still very stressed
New York Times: Mansions go under the Gavel
US property prices are still getting whacked, but now it is across the board i.e prime. This guy's appraisal 2 years ago was $14m and property just sold for $2.5m. I know, lots of you will say the US is different (plenty of supply) and the UK has all this pent up pressure for housing - well answer this...why are rental prices going down in the UK. If there was such a squeeze rents too would be rising.
Posted by mrminsky @ 08:28 PM (292 views) Add Comment
2 Comments
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2. bystander said...
To answer your question on rents, they are dropping because for the first time in years tenants have a huge choice and can now make offers and move into previously out of reach rental properties in previously out of reach areas. This will continue until the large influx of accidental landlords decide to sell and then you will see a reversal in rents and a plummeting in sale prices. As we have been constantly reminded it's all about supply and demand. We shall see.