we are moving to a booming real estate area, where the housing appreciation has been at least 10% / year for a while because it's a very touristy city. last year it went up 22%. with the housing market the way it is right now, i'm sure i can get a great deal given that it's a buyers market, big time.

anybody else out there have any opinions on this? i'd hate to waste 3 years of rent, especially when i could sell the place for $30,000-$40,000 more by the time I'm done with residency. but there's always the risk that it won't go up in price that much.

if there are any real estate savvy people out there, please chime in.

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M.D., PGY-1
Internal Medicine / future interests - Infectious Diseases Fellowship

which city?

yeap which city?

also even if you sell it for EXACTLY what you paid for it, you are saving 3yrs worth of rent.

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But remember that, even when those who move you be kings or men of power, your soul is in your keeping alone. When you stand before God you cannot say "but I was told by others to do thus" or that "virtue was not convenient at the time." This will not suffice. Remember that.

...minus mortgage payments of course.

Sounds a little bit like a 'bubble' getting ready to burst. But even if it is a 'bubble', if you buy in a nice part of town or an area with a lot of upside potential you will probably do fine.

My former boss in RE liked to describe RE 'bubble's as an 8 year cycle. But not simply an up and down trend: prices will stagnate and drop on the down turn of the market but not really drop too much below prevailing rates before the big upturn.

If your credit is decent and you can put a little into the downpayment your mortgage may not be a whole lot more than rent.

Sorry I don't know more specifics with residential RE. Just don't let the brokers mess you around too much.

Good Luck!

wilmington, north carolina. 15 minutes from the beach, touristy city. but i guess it's always a gamble wondering where the market will turn.

__________________
M.D., PGY-1
Internal Medicine / future interests - Infectious Diseases Fellowship

i wouldn't invest in the south period (except FL of course).

__________________
But remember that, even when those who move you be kings or men of power, your soul is in your keeping alone. When you stand before God you cannot say "but I was told by others to do thus" or that "virtue was not convenient at the time." This will not suffice. Remember that.

Florida is just as bad as the rest of the country, only CA and NY are stable real estate markets. Miami for example is full of empty condos that no one is buying.

Sounds like a nice location as long as it's above the high water mark for hurricanes. If it's an established neighborhood and a nice building you should be fine. And if there's a Starbucks within walking distance, you're GOLD! Or if it's a little seedy but plenty of new construction/renovation going on, odds are the area is looking up.

Take a look at the neighborhood at different times of the day/week to get a good idea of the environment.

My colleague who was all for "shorting the Euro" was also into buying condos in FL. Miami I think. I really hope he is stuck with at least one place he can't sell!!

Outside of the NYC area and California, buying real estate is a very big gamble. I think only Boston might be the only other stable market.