Re: Re: recession and real estate prices
Tim is correct. It may be that the continued strength in the Chico real estate market might be from people cashing out ASAP from the Bay Area -- although many of the "refugees" come from the southern part of the state. So, it could be that the strength in the "rural" real estate could be consistent with the faltering Bay Area market. I might mention that while the influx of "refugees" increases the monetary value of Chico real estate, it lowers the real value. Traffic gets worse and worse each year. On Mon, Jun 25, 2001 at 07:35:45AM -0700, Tim Bousquet wrote: > Local realtors and developers have made much out of > the high cost of housing in Chico, demanding, and > getting, a green light on any housing development > whatsoever in the name of "providing low cost housing" > (of course, no one ever tracks the actual prices of > the developments). > > But it's clear to me that we are in the San Francisco > market. Bay Area residents found that their homes were > doubling, tripling, quadrupling in value, and they > could sell them, buy a nice home in Chico next to the > park for a tenth as much, and live forever on the > balance. Lots of forty-ish retirees in Chico. This > obviously drives up the price of housing in Chico as > sellers market to the incoming retirees. > > I imagine this process will even speed up with the > dot-com downturn, as people leave the industry > entirely. Can't go on forever, though. > > tim > --- Michael Perelman <[EMAIL PROTECTED]> > wrote: > > The collapse of the dot.coms has cut real estate > > prices in San > > Francisco, but the previous momentum is still > > pushing prices up > > in Sacramento -- about 90 miles away. Chico prices > > -- about 160 > > miles from San Francisco -- seem to have leveled > > out, the > > realators in the sauna tell me. Is there much > > information about > > how recessions propagate across regions within a > > single economy? > > > > I read about the synchronization of world economic > > cycles, yet > > the lags seem relatively long, even within the N. > > Cal. economy. > > > > -- > > > > Michael Perelman > > Economics Department > > California State University > > Chico, CA 95929 > > > > Tel. 530-898-5321 > > E-Mail [EMAIL PROTECTED] > > > > > = > Subscribe to ChicoLeft by emailing > [EMAIL PROTECTED] > http://groups.yahoo.com/group/ChicoLeft > > Subscribe to the Chico Examiner for only $30 annually or $20 for six months. Mail >cash or check payabe to "Tim Bousquet" to POBox 4627, Chico CA 95927 > > __ > Do You Yahoo!? > Get personalized email addresses from Yahoo! Mail > http://personal.mail.yahoo.com/ > -- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 530-898-5321 E-Mail [EMAIL PROTECTED]
Re: Re: recession and real estate prices
Tim Bousquet wrote: > > Local realtors and developers have made much out of > the high cost of housing in Chico, demanding, and > getting, a green light on any housing development > whatsoever in the name of "providing low cost housing" > (of course, no one ever tracks the actual prices of > the developments). > > But it's clear to me that we are in the San Francisco > market. Bay Area residents found that their homes were > doubling, tripling, quadrupling in value, and they > could sell them, buy a nice home in Chico next to the > park for a tenth as much, and live forever on the > balance. Lots of forty-ish retirees in Chico. This > obviously drives up the price of housing in Chico as > sellers market to the incoming retirees. Bring those speculative greenbacks down here while it's ridiculously valued, Tim. That can't last forever, either. I can do you a nice 4-bedroom, 2-toilet, 1/2 acre job within ten miles of Canberra's 'city' centre for US$ 120 000 and the same in Hobart for US$30 000 less than that - and that's at the peak of our markets (wait a year to buy and you should save a fortune!). No dirty air, all-day electricity (you'll be ahead of the game when the same problems do hit our recently privatised utilities), your kiddies come home from school without bullets in 'em, no karnal bunt in your loaf, no earthquakes, a national health scheme, free education up to matriculation, lager that doesn't taste at all like Budweiser catpiss, a culture which professes to hate American culture but hangs on every American's words, and we've only just discovered our big aquifer, so we haven't had a chance to drain and foul it yet - and if you're prone to homesickness, nearly every job you can get here will be for the same company you'd work for at home, and there's just enough American telly to convince you of the wisdom of your decision. Nearly every Yank I meet here sez it's just like America used to be (although they can never quite arrive at a date) but without a sense it's going anywhere (the more unbearable ones call this naive and unambitious, but the better ones know a good thing when they see it). Come to think of it, we still have journalism outlets who respect the likes of you. Come and get it while it's hot, pen-pals! Why not pick up a mining company while you're here? First-world comfort and complacency at third-world prices for all holders of the formidable greenback. Australia ... the intelligent Californian's new Chico. Cheers, Rob.
Re: recession and real estate prices
>The collapse of the dot.coms has cut real estate prices in San >Francisco, but the previous momentum is still pushing prices up >in Sacramento -- about 90 miles away. Chico prices -- about 160 >miles from San Francisco -- seem to have leveled out, the >realators in the sauna tell me. Is there much information about >how recessions propagate across regions within a single economy? > >I read about the synchronization of world economic cycles, yet >the lags seem relatively long, even within the N. Cal. economy. >-- >Michael Perelman How well were dot.coms in the boom time integrated into the rest of the N. Cal economy? Yoshie
Re: recession and real estate prices
Local realtors and developers have made much out of the high cost of housing in Chico, demanding, and getting, a green light on any housing development whatsoever in the name of "providing low cost housing" (of course, no one ever tracks the actual prices of the developments). But it's clear to me that we are in the San Francisco market. Bay Area residents found that their homes were doubling, tripling, quadrupling in value, and they could sell them, buy a nice home in Chico next to the park for a tenth as much, and live forever on the balance. Lots of forty-ish retirees in Chico. This obviously drives up the price of housing in Chico as sellers market to the incoming retirees. I imagine this process will even speed up with the dot-com downturn, as people leave the industry entirely. Can't go on forever, though. tim --- Michael Perelman <[EMAIL PROTECTED]> wrote: > The collapse of the dot.coms has cut real estate > prices in San > Francisco, but the previous momentum is still > pushing prices up > in Sacramento -- about 90 miles away. Chico prices > -- about 160 > miles from San Francisco -- seem to have leveled > out, the > realators in the sauna tell me. Is there much > information about > how recessions propagate across regions within a > single economy? > > I read about the synchronization of world economic > cycles, yet > the lags seem relatively long, even within the N. > Cal. economy. > > -- > > Michael Perelman > Economics Department > California State University > Chico, CA 95929 > > Tel. 530-898-5321 > E-Mail [EMAIL PROTECTED] > = Subscribe to ChicoLeft by emailing [EMAIL PROTECTED] http://groups.yahoo.com/group/ChicoLeft Subscribe to the Chico Examiner for only $30 annually or $20 for six months. Mail cash or check payabe to "Tim Bousquet" to POBox 4627, Chico CA 95927 __ Do You Yahoo!? Get personalized email addresses from Yahoo! Mail http://personal.mail.yahoo.com/
Re: recession and real estate prices
Is there a parallel between the real estate boom of Silicon Valley in the 1990s and the real estate boom of Miami in the 1920s? If so, I'm very hopeful that I'll be able to pick up some land cheap, real soon. tim --- Michael Perelman <[EMAIL PROTECTED]> wrote: > The collapse of the dot.coms has cut real estate > prices in San > Francisco, but the previous momentum is still > pushing prices up > in Sacramento -- about 90 miles away. Chico prices > -- about 160 > miles from San Francisco -- seem to have leveled > out, the > realators in the sauna tell me. Is there much > information about > how recessions propagate across regions within a > single economy? > > I read about the synchronization of world economic > cycles, yet > the lags seem relatively long, even within the N. > Cal. economy. > > -- > > Michael Perelman > Economics Department > California State University > Chico, CA 95929 > > Tel. 530-898-5321 > E-Mail [EMAIL PROTECTED] > = Subscribe to ChicoLeft by emailing [EMAIL PROTECTED] http://groups.yahoo.com/group/ChicoLeft Subscribe to the Chico Examiner for only $30 annually or $20 for six months. Mail cash or check payabe to "Tim Bousquet" to POBox 4627, Chico CA 95927 __ Do You Yahoo!? Get personalized email addresses from Yahoo! Mail http://personal.mail.yahoo.com/
