Holy real estate bubble, Batman!

[MindPilot]

My next door neighbor just sold his place for $703,000!

This has got to stop at some point, but I've been saying that for 20 years.

[TammyLittlenut]

1. I see you're here in California

It's making me sick. I live in a somewhat crappy neighborhood and the average price for a tiny boarded up piece of junk house is about $500,000. I could cry. I have, in fact.

[Lilyhoney]

3. California here too.

:hurts: :spank: :cry: :banghead: :rant: :spray: :rofl:

[MindPilot]

5. Welcome to DU!!

I shouldn't complain because I paid $195,000 for my house and if this goes another few years, I will be a millionaire. But the only way anyone can buy these houses is with variable-rate interest-only loans and that just means your rent is tax-deductible--you're not really buying a house, just living in the real estate on which you are speculating. The market is a house of cards.

When my house was brand new in 1927 the asking price was the same as the current monthly payment, about $2200.

[WeRQ4U]

2. Sell now, move to North Dakota.

Buy oil rights.

[OneTwentyoNine]

4. Guy down the street from my brother got almost a Million for his house...

This is in Kailua,around the corner from Honolulu. His house is the same as my brothers except for a swimming pool. Those houses sold for about $450K about 12 years ago.

Problem is you don't make anything if you stay,you just get nailed on the next one.