INSANE real estate bubble?

[trof]

Three homes in my neighborhood are now on the market for $1,9000,000.
A MILLION-NINE!
Unbelievable.

We're on Wolf Bay in L.A.(Lower Alabama), 15 minutes north of the beach (Gulf Shores). Access to the Gulf of Mexico via the bay and the intracoastal waterway. About 20-30 minutes, depending on boat speed. Water depth at my dock is 4 to 5 feet.

Pre-Ivan (the hurricane, that is) they would have gone for around $700,000 - $800,000.

Mine is not as large or elaborate as the million-niners. Pre-Ivan I would have said it was worth around five-to-six hundred grand. At that price, I couldn't afford to buy it now. We've been here 12 years. Paid less than half that.

The story I hear from realtors is that folks who used to have beach homes have gotten a ton of money from insurance and developers, are now hurricane-shy, but still want to be on the water. But in a more protected area. That's us.

I'm seriously thinking of putting a sign in the front yard.
"FIRST MILLION GETS IT"

[emulatorloo]

1. USA TODAY: Million Dollar Trailer

just more fuel for your rant:

http://www.usatoday.com/money/perfi/housing/2005-07-05-million-dollar-trailers_x.htm

<snip>

MALIBU, Calif. — The crazy California real estate market has come to this: a million-dollar trailer.

A two-bedroom, two-bathroom mobile home perched on a lot in Malibu is selling for $1.4 million. This isn't a greedy seller asking a ridiculous amount no one will pay. (Photo gallery: Mobile home boasts of spectacular views)

Two others sold in the area recently for $1.3 million and $1.1 million. Another, at $1.8 million, is in escrow. Nearby, another lists for $2.7 million.

"Those are the hottest (prices) I've ever heard," says Bruce Savage, spokesman for the Manufactured Housing Institute. He says prices in another hot spot, Key West, Fla., top $500,000. As if the price isn't tough enough to swallow, trailer buyers:

<snip>

[trof]

3. Rolls up on blocks in the front yard?

The Million Dollar Double-Wide.
;-)

[redqueen]

2. tick, tock... tick, tock...

[pitohui]

4. wow you go

i think i'd have to do it

[MissB]

5. You should.

That is absolutely insane.

[trof]

6. I think you're right.

That much cash is hard to turn down.
Miz t. and I would be on easy street.

[MissB]

7. I would!

My house isn't worth that much, but the property value is almost there. In this neighborhood, people plunk down $800k+ for a house and then demolish it and build some big-assed McMansion.

If someone wanted to hand me that much cash, I'd be sorely tempted.

Pop a sign in the ground and see what happens. Maybe you'll have a bidding war on your hands. :D

[Nye Bevan]

8. It's a new paradigm.

Things are different this time.

Real estate prices have reached a permanently high plateau.

Real estate prices cannot fall.

Cannot cannot cannot cannot cannot.....

[trof]

9. I know, I know.

This can't last long.
I should bail now.