Thanks to frequent contributor Reno Ignoramus for forwarding this link to me. The following is a link to an article that appeared in the New York Times three years ago, to the day. As I read the article I couldn’t help but wonder, “Where are they now?”
If you have few minutes, give this a read. It’s more eerie than a Stephen King story. [Note: the article’s publication date.]
The New York Times > Business > Trading Places: Real Estate Instead of Dot-Coms
Guy JohnsonA successful prior business owner, Guy brings to the table twenty-plus years of exceeding client expectations. “Listening closely to my clients is the most important step to meeting their needs,” he says. A former Chicagoan, Guy earned his MBA from the University of Illinois.
JoAnn CorrieraJoAnn Corriera is one of Reno’s top-producing real estate agents. She credits her take-charge, pioneering spirit and determination to deliver the positive solutions clients are looking for. JoAnn offers the market expertise and marketing skills that generate top results whether clients are buying or selling.
Mike McGonagleAn architect, business owner, and compulsive public records hacker, Mike reads the tea leaves of the local real estate market from a unique perspective. Yet another Chicagoan, Mike earned his MArch from Harvard University.
2 comments
The average house in San Jose, Calif., costs 35 times what it would cost to rent for a year, according to Economy.com, a research company. In New York and West Palm Beach, this ratio - a rough equivalent of the price-earnings ratio for stocks - is almost 25.
Naw, in March 05 it was only 31.25 times.
For some reason the system didn’t allow me to post in a timely manner so I apologize for the delay.
Now take your average $2M Montreux or Incline Village home with fair market monthly rent of $2,650-$3,250. Now you end up with values representing 60 or more times yearly rents!
So to our 27 year old oracle friend from Spanish Springs, still think it’s “ridiculous” to rent in a market like this?