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> Property in all the now hotly competitive areas was dirt cheap too. Yeah, but you're ignoring all the losing bets. How have property prices in Detroit and W
by axiolite 5y ago
> Property in all the now hotly competitive areas was dirt cheap too.
Yeah, but you're ignoring all the losing bets. How have property prices in Detroit and West Virginia held up? Industry there was booming at the time, who was to know that it would change?
Meanwhile, California and Arizona were practically empty...
- asdff 5y agoNot sure why you are downvoted. Prices in certain places like the rust belt have been frozen in time for the most part, and even recent surges have only sent them up so much. I just decided to take a peek at a wealthy neighborhood in Cleveland for an example of a not so hot market. Here a 5 bedroom mansion on an acre lot goes for $520k. 22 years ago that home sold for $450k (1). I bet when you factor inflation that gain of $70k over 22 years was actually a loss. This is just one example but it goes to show that even recent surges have only done so much to spike prices from what was honestly decades of stagnation in real estate across much of the country. 1. https://www.zillow.com/homedetails/2758-Claythorne-Rd-Beachwood-OH-44122/33686428_zpid/ https://www.zillow.com/homedetails/2758-Claythorne-Rd-Beachw...