It's a sign Tre..................... ............don't buy that house.
Good point, but I live in the region's best country club and they aren't building any more homes up here, aside from a few mega-sized custom homes still to go in the $1.5M-plus range. There are still some foreclosures coming down the pike later this year, but very few single stories, and there's been a buying frenzy lately, because of the limited inventory. The last two have sold for full asking price in the past couple of weeks...not a good sign for a cheapskate like me.
Because I bought the other house in '07, it has only just now begun to recover its lost value. I'd like to buy a higher-end property now, as the upside on these up here is pretty awesome, given how fast the town is growing. For example, there's a bank-approved short sale on a really nice home for $540,000 and the home was originally purchased for $1.2M back in '06. It's gorgeous, but I think it would cost too much to finish the backyard.
It's all about the investment right now and the thought of doubling my money in the next 5-6 years is very appealing..