Jonathan Lanser put together a nice article about the blessing and curse that real estate’s rebounding prices have done for the market.
One unfortunate truth is real estate prices are again beginning to reach levels that are unattainable for many income earners in the Southland. This is the element that Lanser considers a curse. It becomes a challenge for people to purchase homes in the area, then this essentially drives away some of the variety that inevitably goes on to provide our culture richness and provide the area wide variety of income earners to drive different levels of the economy.
Of course the blessing he touches on has everything to do with the fact that pricing levels are finally recovering their former levels, levels which will allow people to get out from under being underwater.
Which Is Better?
Would be better to have lower prices or higher prices? This is a difficult question to answer because the fact is the market dictates its own price levels. Some areas of the country are simply more expensive than others. Manhattan is never going to be an affordable area, at least in our lifetime. The same can probably be said for much of orange county. The question is, what sort of society do we develop collectively when we put together a collection of lives with an understanding that housing is not available for all income earners within the greater county.
The Development and Growth of the Condominium
Chances are, if prices hold and continue to approach those highs from five years ago, we will likely see the development of condominiums replacing homes for many members of our community. This will likely continue to tax infrastructure, and it is possible that we will need to reshape the community with more pedestrian like areas in order to accommodate those who live in condominiums.
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