The Contemplations, Rants & Reminiscences of DavidB327

Something Sensational To Read On The Train


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davidbr1
 

The estate agents in our local area are becoming increasing desperate to get hold of properties to sell.  One of the somewhat limited benefits from a recession is knowing that estate agents are having a hard time, and hopefully the more dodgy outfits will go by the wayside.  One of them has been inundating me with junk mail in recent months.  A while ago they claimed to have successfully managed the sale of an apartment in out building, which was placed on the market for £750,000.  Well their definition of success must be different to mine.  It may have originally placed on the market at that price, but it has not actually been sold as yet, and somehow I doubt that in this period of negative growth anyone would pay that inflate price.

 

Today I received a letter that bemoaned the media for focussing on the negative aspects of the current state of the housing market.  We apparently are befitting from living within the boundaries of a micro-market, which is in a more positive state due to the proximity of Canary Wharf and The City.  Much as we would love to move a bit closer to Banside, and to a larger apartment, we’re not moving any time soon.  It seems likely that, even in this micro-market, prices will continue on a downward spiral for some time yet.  I don’t give a monkeys about buy to let landlords, but I do pity any owner occupiers that have bought properties within the past few years.

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The market In Minneapolis sucks badly, two guys In our neighborhood bought a big house for 400,000 and put 300,000 In to fixing It up and now they cannot sell It for 700,000, you just can't sell a house In my neighborhood for that much, no one wants to spend that kind of money, unless they live on a lake or In the trendy uptown neighborhood.

What I find most irksome about all this is that governments and financial institutions have been only too happy to sit back ans watch market forces drive house prices into rising at ridiculous and ultimately unsustainable rates. They must have known that this enormous bubble would eventually burst, creating misery for millions of people. In this country a true socialist government would neve have allowed this to happen.

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