This is a link to our dreamhome: Hacienda Renaissance, click on virtual tour on the left hand side below home plans. The "family room" is out of the ordinary with +5m vaulted ceilings.
We have visited the model homes of this builder on every visit to the United States. A few years ago when we walked into this home and saw the price, THAT was the first time the thought arose about moving here.
Price evolution: (same home, same builder, same town, different location, LOT included 900m2)
Aug 2003: 298 000
Aug 2006: 511 000
Sept 2007: 348 000
and still no buyers ...
The home described above is a "NEWly" built home on a 10 000 sq ft lot (900m2). Lot is INCLUDED.
Below are 2 advertisements for resale homes (not new), that are still for sale right now. Below each home I've put the price evolution. That is what we would call a reversion to the mean in Economics.
It is very likely those steep price drops, reversions to the mean, will be seen in all other inflated real estate markets: Europe (especially Spain, UK), Turkey, Russia and China.
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