Steve Owen
Elite Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified General Appraiser
- State
- Missouri
Sadly, many of the general public who commented have a better understanding of this situation than do some appraisers.Joyce Potts said:
This is almost the exact same argument I made, when arguing about the cost approach with some Californians (and others) who said they could not do it because their area was 100 percent built up. Although I doubt that most areas really are 100 percent built up, yet, the fact is that if those prices become unreasonable, then that area will still have to compete with other areas. What it costs to build a new house is still one of the benchmarks on what the upper limit of reasonable price is.Nickname: sw fla
Review: I'm in FL and agree that this market has become way overpriced compared to the income levels of normal working people who live here. Median house price in Sarastota Bradenton is $326,000. Bid up by speculators and people with money coming in from out of state thinking it can only go up up up. Maybe so but ultimately the market forces will prevail. Hurricanes won't stop people from coming but outrageous home prices, insurance & taxes might. On our end, we plan to move to GA where a decent $150k house still exists.
Date reviewed: Oct 18, 2006 2:49 AM