Real Estate Relativity
I received an thought provoking email yesterday from Tallahassee Realtor Jay Novak. The message made me wonder if there was a current real estate relativity index, which might reflect long-term values of common assets when compared to real estate. For example, how has a 2000 Rolls-Royce Corniche Convertible fared financially when compared to a home in the Tallahassee real estate market?
When the 2000 Rolls-Royce Corniche Convertible hit the market, only 374 were built and they sold for $359,900. Nowadays, you can find them selling for merely 1/3rd of that on Ebay, with a recent listing for one with only 24K miles and an asking price of $109,000.
Real Estate Relativity Index
Using the automotive example from above, could you imagine the home on the left (which sold for $350,000 in 2000) being put on the market today for $109,000? You wish! (unless of course, you own it).
The fact is this estate home just sold for $775,000 two months ago. The buyer paid cash. Based upon this one quick piece of anecdotal evidence, one could argue that buying a home in 2000 was a whole lot wiser than buying a Rolls Royce. Of course, I'm not so sure the purchaser of the Rolls was that concerned about appreciation.
There is another way to view real estate relativity. What if we compared homes that are currently for sale in Tallahassee with current car prices? We could then determine what we felt was a better value!
Homes For Sale In Tallahassee
Which would you rather have? The home on the left, or the car on the right?
|Excellent Condo / Rental||1964 GTO Classic Muscle Car Convertible|
|Land & Fixer Upper||Used 2010 SUV|
|2 BR / 1 BA Single Family Home||Used 2009 Chevy Truck|
I don't know about you, but I think that real estate prices are starting to hit levels that are going to excite the market. Ultimately, financial wealth is a relative term, and the real estate relativity index seems to support the return of the housing market. So, did anybody pick an auto? If so, I pulled those pictures from Ebay, go get 'em!
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