- Joined
- Apr 6, 2004
- Messages
- 24,167
- Tractor
- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
The Real Estate Bust was very real here in Oakland CA... there was not a block without at least one foreclosure... I know a lot of people the simply opted to walk away... rationalizing why own when you can rent for 1/3 to 1/2 the cost?
I doubt we will see 50 to 80% price drops like East Oakland but it did get real ugly...
The opposite is true right now in that the building trades are booming like never before... at least in modern times.
There are many fully vetted projects that spent years going through the process of hearings, design review, mitigation, outreach, etc... sometimes 8 to 10 years and now nothing is happening.
A very good friend spent 8 years on a redevelopment project... the plans are ready to issue and he has the entire project up for sale... and he is not alone...
The reason is two fold... the costs have skyrocketed... some things doubled but everything has increased in terms of time and money and the second reason is he is just not that confident where we will be in the 18 to 24 months completion time...
As always... those not over extended tend to do fine waiting it out... might even score when some in the trades take jobs just to keep the crews together.
Not trying to be doom and gloom only things tend to run in cycles... and this has been about 10 years now...
Many I know are feeling good right now looking at their portfolios/retirement 401k balances... seen that before and then the market drops and trillions of "Wealth" disappear...
I doubt we will see 50 to 80% price drops like East Oakland but it did get real ugly...
The opposite is true right now in that the building trades are booming like never before... at least in modern times.
There are many fully vetted projects that spent years going through the process of hearings, design review, mitigation, outreach, etc... sometimes 8 to 10 years and now nothing is happening.
A very good friend spent 8 years on a redevelopment project... the plans are ready to issue and he has the entire project up for sale... and he is not alone...
The reason is two fold... the costs have skyrocketed... some things doubled but everything has increased in terms of time and money and the second reason is he is just not that confident where we will be in the 18 to 24 months completion time...
As always... those not over extended tend to do fine waiting it out... might even score when some in the trades take jobs just to keep the crews together.
Not trying to be doom and gloom only things tend to run in cycles... and this has been about 10 years now...
Many I know are feeling good right now looking at their portfolios/retirement 401k balances... seen that before and then the market drops and trillions of "Wealth" disappear...