Home prices down in S Cal

[Nick Triesch]

I notice home prices are down here in San Diego and other parts of California. Also for about 3 years air cooled P cars selling prices have remained flat on Hagerty. So maybe a great time to find a SC or a 3.2!!!

[991gts6s]

America seems done and over... If you saved cash and have no bills.. its buying time for the next 10 yrs or more.

[Matt Monson]

Homes aren’t selling anywhere. 6.5% mortgage rates and ongoing economic fears. Not sure what it has to do with the G body market though…

[NYNick]

Local perception is your reality. There is limited supply here with multiple offers constantly. Zero building lots available. Almost no homes below $1M. I'm 100 miles away from NYC and it's a similar situation in those suburbs. Great sellers market.

In addition, all the blue collar sub contractors are so busy they're working 6 and 7 days a week. The economy sure isn't weak in New England.

[touringmandan]

I have been hearing the the Old Porsche Market "Sky is Falling" for the last 20 years.
Mainly from people who want to buy my cars. What altruism!! Willing to buy from me at only 25% below market, when they KNOW that the market will fall by 50% any day now.
I buy and hold my "Carvestments" because I enjoy making them better as I own them, and having a tangible appreciating asset that I can drive as well. 'nuf said.

[Cobalt]

As NYNick said it is all dependent on the area. I am 13 miles from NYC and my house has more than doubled in value in the past 2 years and is continually rising. I get requests to sell nearly weekly. It is becoming annoying. Tiny 1000-1500 sq ft homes on a 1/4 acre of land are now $600k-$1.1M and rising. They sell for cash and usually $100-200k over asking within days. Many are being gutted and built up after. I'm not sure how young couples are surviving.

Same goes with cars. There are some models like the 981's which are deflating slightly. Yet some 964's have hit new highs of $200k for a resprayed car. SC's are hot and I see a number of them bring strong money. Hagerty is the last place I go to for market valuation. They have been correct 15% of the time on Low production vehicles like Porsche's. I have been looking for an SC for my son and I can't find a decent one for sale and when I do they are pricey. I sold my Gen 1 needs everything 109k mile 2013 Ford raptor back in April and if I waited I see the asking prices are nearly double by now. Yet the Gen 2 early Raptor's are selling for the similar money. Everything is in flux all depends on where and what we discuss.

[Matt Monson]

I’ve got a buddy who is a residential real estate guy in Brooklyn and Manhattan and his latest market report is saying while home prices are up 5-6% it’s because of significant drops in inventory with close to half as many new listings coming to market in the last couple months. Good old supply and demand at play, with zero relationship to the collector car market, other than the one that Anthony highlighted. If it’s rare and/or unique it’s worth something.

[NYNick]

I hear about this problem from my sons. Their friends can't find houses they can afford where they want to live. I remember very well that I couldn't either back in the late 1970's. Everywhere I looked where I grew up was too expensive. Many of my friends NEVER bought a house.

So I resorted to looking off the beaten path where things were cheaper. As I got further away (from NYC) RE got les expensive and more affordable. Yes the commute was a lot longer and it was more inconvenient, but it was more what I could (barely) afford. It was difficult for our boomer generation as well. I bet Anthony remembers. I seem to recall my father struggling to afford a house as well.

I think the younger buyers are complaining about prices where "they want to live" as opposed to where "they can afford to live".

"You can't always get what you want", says Mick.

[Winter]

Originally Posted by NYNick

I think the younger buyers are complaining about prices where "they want to live" as opposed to where "they can afford to live".

"You can't always get what you want", says Mick.

I’ll always remember a person I know *****ing (in the mid 2000s) about how they couldn’t afford a house in Aspen’s west end!

They probably should have bought in Old Snowmass, it was really cheap beck then. Out of my reach both then and now.

But real estate is local. Matt’s friend may be killing it in NYC, but Colorado is becoming a buyer’s market. Inventory increasing, properties sitting longer. That being said, many places in desirable locations are still damn expensive. Fixer-uppers are few and far between. Almost impossible to find now, and that hurts young motivated buyers who know how to use a hammer when they are trying to get into the game.

PCar content - I think with the general economic uncertainty, people are holding tighter to their wallets, maybe not selling the toys they have . One year ago I was in the market and it seems as though there were more interesting air-cooled cars for sale on Pelican and elsewhere. Maybe people aren’t selling because of the uncertainty? If you don’t have to sell anything at the moment, sit tight and see what happens?