Poland and Polish Discussion Group and Forum

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Poland and Polish Discussion Group and Forum
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Re: Polish Property - housing slump?

On a more serious point and getting back to the topic, In my neck of the woods its seems the property market has peaked and a downturn is predicted.
This is being linked to the sub prime mortgage collapse in the US. (keep in mind that we have less than 4% unemployment and the average wage is 56,000A$)

It seems to me that if things get worse Poland will follow if it hasn't already. The prices of homes in Poland are on par with that of prices in Australia ( I know you can buy a cheap place in the back of no where)
It seems the ones hardest hit will be those who have pre paid for a apartment or purchased property just recently.
Lets not kid ourselves the US economy is finished, its like blowing up a balloon with a hole in it!

Re: Polish Property - housing slump?

“the US economy is finished”

Most people just can’t comprehend how complex the U.S. economy is: perhaps this graphic will assist.
http://strangemaps.files.wordpress.com/2007/06/350816052_0a392a0d28_o1.jpg

Re: Polish Property - housing slump?

"The US economy is finished"



Thank you for that witticism - I needed cheering up and this rather bizarre remark did the trick!

Re: Polish Property - housing slump?

Thank you for that witticism - I needed cheering up and this rather bizarre remark did the trick!

You will need more than cheering up when reality finally hits the economic scene. The ones hardest hit will be those who have been brainwashed by US propaganda.
You don't have to be boy genius to see that a major downturn is about to take place, Poland may to a certain extent be buffered but who knows.
Speculators and Real Estate Agents will undoubtedly will still be flying the flag of boom.

Re: Polish Property - housing slump?

“You will need more than cheering up when reality finally hits the economic scene. The ones hardest hit will be those who have been brainwashed by US propaganda.”

Do you actually know anyone who lives and makes money in the US that agrees with these statements? Or are you repeating what you overheard on the news?

The reality is that those who had no business buying homes became homeowners because of cheap $$$ (low interest rates). Mortgage defaults in the US are still under 5%...how is that disastrous?

It is most amusing to see America haters get sooo excited over the current housing slump taking place in the States.

There are many areas that have been hit hard, like Ohio. There are many areas that are still booming, like parts of Florida, California, North Carolina, Tennessee, Colorado... The truth is that it’s far from doom and gloom. Recession is a normal part of the economic cycle.

A lot of this is reminiscent of the .com bubble bursting 7 years ago. Same doomsayers prophesized disaster.

There is no cure for malcontents. Their glass is always half empty.

Re: Polish Property - housing slump?

There is no cure for malcontents. Their glass is always half empty.

Nice to see you are in a good mood, undoubtedly still holding your hand on heart and whistling dixie.
Lets wait and see what happens, you may care to read what the previous Governor of the Reserve Bank says about America's economic climate, you may do yourself a favour and stop listening to your pin up boy G.W Bush.
If you think that homes will increase in leaps and bounds well you must believe that pigs fly.
(on a lighter note Nice to have you back on the forum Mike C)

Re: Polish Property - housing slump?

on a lighter note Nice to have you back on the forum Mike C

Seconded. It's good to have an informed Polish American perspective on subjects discussed and in the news.

I have to admit that I don't know much about problems with the US property market, except what I read here and other places, but, for me and many others property will always be a sound long-term investment.

Polish prices are though still comparatively good value for Europe.

Re: Polish Property - housing slump?

Thanks fellas. I’ve been traveling a lot lately and haven’t had time to read the blogs.

“Nice to see you are in a good mood, undoubtedly still holding your hand on heart and whistling dixie.”

Now that’s funny You forgot about Jack Daniels

Look here, in general property market in the US is not that bad. Again, this is the result of very low interest rates and financially illiterate people buying homes on credit. It had to happen. Last real estate slump took place in the late 80’s/early 90’s. It bounced back…just as this will.

As far as the former Fed Chairman – I’m assuming you are referring to Greenspan – many on Wall Street feel he is to blame for the current crisis…he micromanaged the economy for 20 years. There are many who even claim that he is a central planner.

BTW, I read his latest book, The Age of Turbulence. There is nothing really new in there. In the US, the greatest transfer of wealth is about to take place (since JP Morgan brought in British capital in the early 20th century) caused by retiring baby boomers. It will be anything but stable, but at the same time it will create many opportunities.

Ironically, Poland is in good shape because the zloty will continue to rise and as Neil said, you still get far more value than you would in Western Europe. Keep in mind that Poland has never had a real estate bull market (nor a free market economy)in its modern history. It will be interesting to see what happens in the next 5 years.

Re: Polish Property - housing slump?

The Warsaw suburbs are already outrageously expensive and it's going to get even better.

Slight downturn in 2011 on the cards, apparently. It's the cycle.