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6/3/2008 - Shirley Harry talked about the Redlands Real Estate Market REDLANDS, June 4, 2008—Past President Shirley Harry talked about the Redlands real estate market at a recent meeting of the Redlands Rotary Club of Redlands, and discussed its history, and current condition. She noted that there have been several periods in the city’s history when the real estate market flattened or dropped: in the late 60s and early 70s, when housing supply outstripped demand; during the savings and loan crisis of the 1980s; in the early 90s, when Norton Air Force Base closed; and now, during the sub-prime mortgage melt-down after 2006. She argued, however, that real estate continues to be a good long term investment, and that there is a ten-year market cycle. The median home price in Redlands is $349,000 (nearly $100,000 more than the county median price), and the average price of homes in escrow is $328,000. Price per square foot is $253. The affordability rate in San Bernardino County is presently 37%, though that is a county-wide figure. Shirley expressed optimism that the present crisis will soon “hit bottom.” “We’re getting close,” she said. The awkward fact remains, of course, that housing prices must ultimately track with incomes. Much of the “creative financing” of recent years involved efforts to get around that stumbling block and keep the bubble going. Shirley Harryis an agent with Century 21 Lois Lauer Realty in Redlands. Back |
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