|
I've seen a few episodes of this show. And I can't believe how friggin' expensive real estate still is in California. How in the hell does anyone afford to live there. 1500 sq ft, 40-50 y/o, complete pieces of crap houses for $300-500k !!! and that's at repo or short sale prices!
The average HH income in California is not that much higher. I guess you guys just pay a hellofa lot more of your monthly income on housing, huh?
As for the show itself, I've not seen too many "flops". In fact I've never seen them lose money on a property, only that it took them a little longer to sell it, but they still make 10's of $1000's on each deal. I mean, i guess that's capitalism at it's finest... and in the short-term they are providing some $$ for the economy w/labor and materials on the rehab. But DAAAAUMMMM you couldn't force me to live there.
There is so much disparity in the cost of living across the country that it's crazy. I would have thought that some of the really higher ends of the spectrum would have come way down by now. But i suppose when you continue to have cheap $$ via low interest rates, and the bankers have been propped up w/bailouts, and the homeowners have been propped up w/special programs to avoid default.... those artificial factors prevent the natural market forces from bringing the prices down to earth.... or at least in closer alignment w/incomes. I guess the only impact is that the process to get a loan is a lot more intrusive than it was 10 yrs ago.
|
Threaded Mode