Tuesday, October 24, 2006

When Will Our Real Estate Market Turn Around?

If you’re following my Blog it’s probably because you have an interest in Martha’s Vineyard Island. I think we can all agree that Martha’s Vineyard is a special place and not for everyone. Clearly the higher price of real estate and practically everything else related to the standard of living here supports that notion. When the real estate market started to soften across the nation, our market remained strong, and in fact the market softening was not across the nation, it was for the most part in specific pockets like California, Arizona, Nevada, Washington DC Metro, New York, Florida and the Carolina's. However, the news media didn’t make that distinction in most of their inflammatory editorializing, so our Boston, Cape and Islands market came to a grinding halt except for the top of the market that’s impervious to most market fluctuations. Many experts have predicted that this downturn in the market, nationally, will not be long lasting because, nationally, the economy is strong. The Boston Globe just published an article that supports that belief and if their data is accurate, we are walking in the valley of the real estate market downturn. I say "we", because I believe as Boston goes, so goes the Cape and Islands. You can believe it, or not.


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