Schussing the black diamond: home prices go straight down

I pull statistics of the properties that have actually sold in the last six months. From there, you're able to determine a fair market price. If there are a lot of sales near asking price, they liekly won't negotiate much (because someone will come along and pay at/near their price).
http://www.johnbeck.tv

Here's what Peter and the rest of the national media relegate to footnotes: Any hill does not a black diamond make.

Anyone who has skied in more than one area of the country can tell you that the difference from one area's "black diamond" to the next is night and day. This phenomenon could not parallel the current situation in the real estate market any better, however the idea that a ski hill is a ski hill is contributing somewhat to the spread of the slowdown.

Now I'm not the most prolific skier, however I do enjoy it quite a bit. That said, the first black diamond I've skied is at Kissing Bridge (Glenwood, NY) and it is quite different from the black diamonds that I've skied at Stowe, VT and Breckenridge, CO or Seven Springs, PA. Ironically if you look at the real estate markets in these areas they are quite different as well. The differences are startling, most noticeably in the run-up of prices over the past several years. Yes, most major markets across the US will see price declines over the next year or two but most will be the size of a bunny hill when you look at the long-term. Anyone who has followed the whole story will agree that the black diamonds will be steepest in the Southwest, Florida and the rust-belt. Ironically these are the areas that Peter relegates to pseudo-footnotes.

I have witnessed first hand at least 3 major housing slumps. I would like to comment on this current one. In Southwest Florida, where we have property, the prices jumped in the spring of 2005. It was totally unrealistic that the condos and houses should have gone up that high. Also, the prices went up based on the proliferation of flippers who took advantage of easy credit and who wanted to make a quick return. Retirees worried that the prices would escalate further were willing to pay more than a property was worth. I was shocked at what happened with prices. Now, it seems to me that a property priced back at the 2003 to 2004 level has a chance to sell, but many sellers are reluctant to cut their price. There are probably good buys out there, so I would suggest anyone interested in a property in southwest Florida make an offer that makes sense to them, not what the sales price indicates.

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Anyone who has skied in more than one area of the country can tell you that the difference from one area's "black diamond" to the next is night and day.
Thanks for the great reading,
I will pass this on to our Ira clients to read.

Regards
http://"www.BUYBLACKDIAMONDS.COM/