Tuesday, May 23, 2023

Market Crash??

  Car of the day:

1967 Chevelle I thought this was a 

Note:  Friend Myra mentioned  about the last entry the song 'Memories are Made of This!' And yes sweet lady, we have sang along with Dino many times as me made memories..... THANKS

So for today:

I have been associated with Real Estate for many years. I have (NOT) correctly predicted down turns in the market, but I Knew they were coming.  Now (I say facetiously) for sure(!) there is an indicator; out in California on the last coast, Beyounce and J-Z have bought a house for almost nothing. Valued at $295 million they bought the house for a paltry $200 million. Now admittedly that is still the most a house in California has ever sold for, it still shows they bought at 2/3’s the value. Ah ha! Who doesn’t like a 33% off sale?


Now if that holds true that means the seller of a house that is listed for $300k will most likely take a smaller $200K if offered.

OKAY the above is not always the case! It is just the thoughts I had when I saw the headlines that $200 million was the most a house in California had ever sold for, it was hard for me to believe.  I thought that as many rich celebrities as there are in Hollywood that many would have paid more than that.  Oh well, I guess I don’t think well when the price of a house is over $90K.

As a builder, the price of the costliest house we ever had was in the $150K range. Smiling now, Sherry and I paid $3000.00 for our first house. I talked to a wealthy mill owner once. He told me that in 1954-55 he built his 1200 sqft brick home for $500.

It is amazing how inflation has increased costs. Of course wages lag the increase putting many folks in dire straits. It is hard for us older folks to wrap our minds around $, costs, prices etc. I have said to my sweetheart many times lately (leaving a grocery store) "I would hate to be buying groceries with a family of 4, how do folks do it now?"

When we were first married in 1956 our budget called for less than $20 a month for groceries. Of course, at the time, my monthly pay was $78.00, ;-)  I have a Grand son that earns that in 3 hours, another in 2 hours then one that earns that in one hour.  Things do change!!!!

I am sure we all remember when things were more affordable. I am sure glad love is still affordable! ;-)

Thank everyone of you that takes the time to read this drivil.  I do appreciate it.  

Nite Shipslog




yaya said...

When my Jack was still in Chiropractic college I was the wage earner. We had a baby that was born premature. Lots of bills but we got it done. Our food budget was $25 a week. We could have qualified for food stamps. I refused to do that and we just were very careful about what we bought and somehow we made it. Times now are different. There's no shame with government help and I know there are cases where it's a life saver. Prices are crazy in everything! I'm just always thankful for what I have now and for the lessons learned to work hard and save and make do with what we have.

Unknown said...

The prices of everything from food to gas to cars to rent is crazy. If you're not a two paycheck household I just don't know how some of these young families are managing. We are at a comfortable place in our lives now financially so we are fortunate but I know a lot of people can't say that. I feel for them. And yes, sure glad love is affordable. More than affordable, it's free. LOL PS Beyonce in my opinion is very overrated.

Victor S E Moubarak said...

Over here too, prices of everything are going up. It's getting difficult for a lot of people.

God bless.

Mevely317 said...

Thanks for the shout-out, Jack. I love your taste in music!

Funny, Tom and I were talking about that very thing yesterday. First, a new Corvette passed and he remarked they're selling for $90k. $15,000 more than what I paid for my condo in Tarpon Springs back in 2000! Then, a few hours later NBC National News was broadcasting from Florida, featuring the increasing cost of Florida real estate; so many people unable to afford a place to live. Sad!!!

I'm mostly known as 'MA' said...

I do remember buying $20 dollars of groceries a week and we ate very well. Things were definitely cheaper then than they are now. Our first house cost $10,000.00 now you can't even buy a car for that. But things are all relative. We made less money then too.My husband and I together never made as much as our children do now. We make more, we pay out more. That is the truth.