Buyers Are Few And Far Between In California
The Recordnet reports from California. “Nervous homeowners in foreclosure or experiencing sleepless nights over the prospect of losing their homes were among some three dozen Record readers who took advantage of a free two-hour call-in Thursday night to speak with financial experts. Tax expert Hank Klor fielded a call from a middle-aged woman who lives in a home she paid about $475,000 for and soon bought three more homes as investments with mortgages of at least $350,000 each.”
“She told Klor she already had lost two of the homes and the third investment home was in the process of being foreclosed. ‘She is losing sleep over this. Potentially, she could be on the hook for taxes of over $300,000 in income in a single year,’ Klor said, noting the income is derived from the forgiveness of debt.”
“‘She will have some huge income exposures because of the three foreclosures,’ he said. ‘This is an example of someone who got greedy and now it is coming back to haunt her.’”
“Loan providers will work with homeowners in trouble, longtime mortgage broker Frank Mandella said. He could not convince one caller, though, who said his son was a co-signer on a mortgage heading for foreclosure.”
“‘I don’t care what happens. I’m leaving town,’ the caller said.”
The Desert Sun. “Home sales in Indio slid 54 percent in August compared with the same month a year ago, a new report shows. The monthly figure was in line with double-digit sales volume declines the city experienced in May, June and July, when sales fell 33 percent, 55 percent and 45 percent, respectively, according to DataQuick.”
“Indio’s slowdown from a once red-hot pace set during 2004 and 2005 has prompted homebuilders such as Del Webb to offer tens of thousands of dollars in buyer discounts and incentives.”
“And with some 8,600 homes on the market across the valley by mid-September, according to the Desert Area MLS, sellers increasingly are warming to the idea of reducing prices to attract a shrinking pool of buyers, area real estate professionals said.”
“Despite home prices that are in some instances the lowest in years and a vast inventory, many buyers still seem to be trying to time the market, which is ‘more about being lucky as being good,’ said Emily DiSimone, president of the California Desert Association of Realtors.”
The Orange County Register, “We chatted with Tom Reimers, executive VP at land broker O’Donnell/Atkins from Irvin. Us: What’s the market for raw land in SoCal and Orange County today? What’s the outlook?”
“Tom: ‘In general, the residential raw land market is non-existent. Land values and deal flow for other types of product are more stable right now, but the credit/financing crunch is squeezing those values as well….Buyers are few and far between. Many that have available capital are waiting to try and time the bottom of the market. There is a perception of distress entering the land market 9 months to 12 months out.’”
“Us: How are prices? Tom: ‘It’s hard to say. With few to no buyers, it’s hard to say what land is worth. There are no transactions to set a benchmark. In some tertiary markets, the land is worthless from a residential development standpoint due to costs to develop being higher than the land value.’”
The Union Tribune. “It took him three tries, but Shukdev Tantod finally emerged as a winning bidder at the recent auction held in San Diego of new condominiums and townhomes built by D.R. Horton Inc.”
“Tantod was outbid twice before coming away with a two-bedroom unit at the La Boheme development in North Park. The 1,472-square-foot condo cost him his entire $365,000 budget.”
“He called it a fair price that was ‘possibly below market value. This is an investment,’ Tantod said.”
“A spokesman for auction company Real Estate Disposition Corp. declined to discuss how many units were sold. Real estate agent Steven Moran, whose clients purchased three units at the auction, said he thought some homes would return to the market. He said some people had paid too much.”
“‘I think they are overestimating how many they sold,’ he said. ‘Some have fallen out of escrow. There is a three-day buyer right of recision.’”
“Broker Ramsey Su said the condos and townhomes sold for an average of about 70 percent of the ‘previously valued-to’ price. Moran concurred. Su noted that each property had an unpublished reserve price, allowing the seller to withdraw it if the reserve wasn’t met.”
“One-bedroom units at La Boheme recently have sold in the $270,000 to $280,000 range, said real estate analyst Peter Dennehy of The Sullivan Group. Standard two-bedroom units there recently have sold in the mid-to high $300,000s, he added.”
“Based on San Diego County’s job creation, wage increases and the growth of its high-tech businesses, it is not even among the top 70 best-performing regions, according to a report issued last month by the Milken Institute.”
“For San Diego County, it has been a steady downhill slide since 2002. Our region has gone from first place in 2002 to fifth in 2003, 16th in 2004 and 29th in 2005. Our latest ranking places us firmly between Hagerstown, Md., and Little Rock, Ark.”
“‘It’s not that the economy in San Diego is going south,’ said Perry Wong, a researcher at the Milken Institute. ‘It’s just that the momentum for creating jobs is gone. Job growth has been almost standing still.’”
“Alan Gin, an economist at the University of San Diego, said high housing prices make it harder for companies to attract employees.”
“‘The Milken study really shows the impact of our high cost of living,’ he said. ‘Look at the top 10 places on their list. Most of them are in Florida or the Carolinas, where home prices are much cheaper. Property prices have risen in most of those areas, but not to the extent they’ve risen here.’”
“It’s no accident that in 2002, when we were the ‘best performing’ locale, our real estate prices had not yet entered the stratosphere. Once they finally return to earth, maybe we can start working to regain that title.”
The Sacramento Bee. “Three-fourths of the nation’s foreclosure actions filed by lenders in August were in California, and the state has accounted for 40 percent of the nation’s decline in home sales since 2005. California, moreover, is the home of big-scale lenders, such as Countrywide, whose subprime mortgages have backfired.”
“That said, other segments of the economy are still ticking along fairly well, albeit with a slump in retail sales attributed to the decline of housing-related purchases and a sense of foreboding among consumers.”
“‘A dark mood is settling over the golden state as pessimism about California’s economic conditions hits its highest point since 2003,’ the Public Policy Institute of California says in its analysis. ‘Housing woes and the spectacle of this summer’s budget battle are taking their toll on residents’ economic outlook — and affecting everything from trust in government to approval ratings of state and federal leaders.’”
“Bill Watkins, who runs UC Santa Barbara’s Economic Forecast Project, puts it this way: ‘California is always on the bleeding edge.’ He and other economists are now wondering whether the implosion of the housing industry, another economic tsunami in California, will have a similar impact.”
From ABC 7. “Hundreds of would-be home buyers showed up at a property foreclosure auction hoping to get a good deal. Nearly 200 homes went up on the auction block.”
“More than 2,500 shoppers studied their pamphlets, trying to follow the auctioneer’s rapid discourse. The anxiety was heightened by buyers waiting outside, waiting to take anyone’s place.”
“Within 13 seconds, the price on a $1 million home jumped $50,000. 30 seconds later, it jumped another $100,000.”
“‘You hear him go over your range within minutes, you’re like ‘okay, why am I here?’ Because there were no deals,’ said Kevin Tapscott, prospective buyer.”
“The Mutoza family did are the proud new owners of a three-bedroom condo in Watsonville purchased for $290,000. ‘It’s below market. It needs some cleaning up inside, but it’s structurally sound and is quite presentable. So I think it will have good resale value ultimately,’ said Ginger Mutoza, home buyer.”
From Eye Out For You. “Bogart and Teresa Azurdia of Bakersfield bought their first home two years ago. But things changed when the couple fell on hard financial times and the couple tried to refinance. ‘I was after my dream for the family, for the kids and unfortunately that dream is kind of shattering now,’ said Bogart Azudia.”
“The Azurdia’s are hardly alone. Kern County has the fourth highest foreclosure rate in the state. During the first nine months of 2006, Kern County had 214 foreclosures. There was a total of 409 foreclosures for 2006.”
“One year later, the rate has skyrocketed. During the first nine months of 2007, there were 1,802 foreclosures. It’s projected Kern County will have close to 2,900 foreclosures by the end of 2007 says Gary Crabtree of Affiliated Appraisers.”
The Bakersfield Californian. “Some nights, Don Martin stands in the gutted third-floor offices of downtown Bakersfield’s Hay Building and admires the view.”
“He can imagine what the space might look like as a sleek urban loft. Martin plans to buy one of nine condo units slated to transform the historically commercial structure into 1612 City Lofts.”
“The airy loft concept, as well as the combination of retail and residential tenants in one building, may be commonplace in land-strapped West Coast cities like San Diego and San Francisco. But in Bakersfield, the idea that people will choose downtown condos over the suburban, single-family home remains untested.”
“‘That will be a real interesting, pioneering effort for Bakersfield,’ said Greg Petrini, a local builder. ‘The standard Bakersfield resident is not accustomed to flats.’”
“Success at the corner of 19th and Eye streets, where the Hay Building stands, could draw more people downtown and spur revitalization, city planners and boosters say.”
“Downtown housing projects are scarce, even though the city has permitted residential development in the core for the past 12 to 15 years, said Jim Eggert, Bakersfield’s assistant planning director. ‘We’ve always supported it,’ he said. ‘It’s just hard for private developers to feel like it’s worth doing.’”
“Final prices have yet to be set for the condos, but they will likely run from the high $100,000s to a little more than $300,000, and range in size from 700 to 1,360 square feet, Martin said. The price per square foot will be around $200, he said.”
“Gibson is confident Bakersfield has a pent-up demand for downtown, urban living options. Project’s backers Eric Jencks and Eydie Gibson plan for 1612 City Lofts to be move-in ready by February, even as the residential real estate market spirals downward.”
“‘If it was in the suburbs, I’d shut it down for a couple of years,’ Gibson said. ‘But when there’s every indication there’s no supply and you have a demand, there’s reason to go forward.’”
“For Barry Hayes, the architectural style, details and central location of 1612 City Lofts are all worth any added cost. Hayes has already put his name on a 1612 City Lofts interest list and prequalified for a home loan.”
“He likes the atmosphere in downtowns such as those in San Luis Obispo and Pasadena, and senses Bakersfield may be creeping toward a similar vibe. Buying now makes sense, he said. ‘I think we’re catching the cutting-edge crest of Bakersfield,’ Hayes said.”
“Hayes, who grew up in Bakersfield, left for college and returned, said his return makes him an exception among his social circle. ‘All of my hippest friends left,’ he said.”
It’s pretty obvious what’s up…
Sales has fallen through the roof, yet prices have hardly dropped in many areas~
The powers that be, have decided if virtually nobody can get a loan, the comps wont be effected.
This is just a temporary measure at best.
How long can they keep it up?
It lasts until sellers can no longer hold on and must sell. And if people can’t get loans to buy the property it means that the only ones left to buy are the ones with cash and people with cash are usually pretty cheap when it comes to spending their money so prices must drop even more.
I think the goal is to hold the line at all costs until January 2009. I’m shocked “they” have been able to hold it this long.
Not only that, but as further evidence the bubble has a lot more deflation ahead of it, the buyers at auctions are GFs who still have the flipper mentality:
“The Mutoza family did are the proud new owners of a three-bedroom condo in Watsonville purchased for $290,000. ‘It’s below market. It needs some cleaning up inside, but it’s structurally sound and is quite presentable. So I think it will have good resale value ultimately,’ said Ginger Mutoza, home buyer.”
If you GAVE me $290K with the condition I had to live in Watsonville for a year, I wouldn’t take it. And this is a friggin CONDO.
CONDO…the new five letter curse word!! grr…I would rather use the four letter…er…word.
Fork,
Leigh
‘In general, the residential raw land market is non-existent. Land values and deal flow for other types of product are more stable right now, but the credit/financing crunch is squeezing those values as well….Buyers are few and far between. Many that have available capital are waiting to try and time the bottom of the market. There is a perception of distress entering the land market 9 months to 12 months out.’
2005: “Southern California has no more land. Buy now or get priced out forever.”
2007: “Southern California has no more buyers. Sell now or get priced in forever.”
2007: “In some tertiary markets, the land is worthless…”
And….
“There are no transactions to set a benchmark. “
More of that pesky deflation, it keeps popping everywhere.
Deflation of RE and wages but inflation of commodities. The reality is that they’re not making anymore oil, gold, silver, copper, zinc etc
Nothing lasts forever. Timing is everything.
What is a tertiary market? I don’t even know what a secondary market is. Does anyone else on this blog know?
a group of people who are third most likely to buy something.
i want to fix that a little… its not so much about who’s likely to buy as about who i am likely to sell to.
I make widgets. My primary market is the market i target first.. perhaps they are the easiest money.
If those guys don’t really want or need widgets so badly for some reason, i have another group.. this secondary market might be far away.. overseas.
when overseas market isn’t interested i have a friend.. CEO of the 99 Cent Stores Inc. .. he’s my “tertiary market” .. usually good for several thousand units to be resold as door stops. I make little on the deal.
the quatrenary market comes into play when everyone’s hurting and not buying and i’m hungry.. It’s probably the scrap yard where i dump truckloads and get scrap metal value.
“Alan Gin, an economist at the University of San Diego, said high housing prices make it harder for companies to attract employees.”
Glad to hear Alan finally agrees with a point brought up repeatedly on this blog since 2005.
Next thing you know he’ll be saying prices must come down or else.
“There are no transactions to set a benchmark”
Woah, back up the tape. Did he just say no sales of land?
Luxury mobile homes for everybody on prime McDelusion land.
I wonder what kind of tonic Gin thinks will alleviate this problem.
Sorry…..
Gin and tonic
Geeze footie, get a grip. It’s a pun. True story. When I was in college many years ago, I had a friend who was great with puns. Another friend was visiting and I mentioned how good this guy was. Visiting friend said ‘well, make a pun’, my punning buddy (or is that bunning puddy - sorry, that’s a Spoonerism) asked ‘apun what subject’.
You think he was Tantod into bidding too much, by the usual auction shills?
“Tantod was outbid twice before coming away with a two-bedroom unit at the La Boheme development in North Park. The 1,472-square-foot condo cost him his entire $365,000 budget.”
“Tantod was outbid twice before coming away with a two-bedroom unit at the La Boheme development in North Park. The 1,472-square-foot condo cost him his entire $365,000 budget.”
“He called it a fair price that was ‘possibly below market value. This is an investment,’ Tantod said.”
With boneheads like this still out there, it just tells me that we still have a long way to go.
Yes, you are right, bonehead is a good description.
That condo does not worth more than $190/sq-ft.
Idiots.
I agree. In the other thread, someone brought up the change to TV shows to “Please buy my house” or whatever it was called. Even though the show highlights the negative market, there is still too much attention paid to housing in our society.
By the time it’s time to buy, these shows will be long gone.
I was just wondering if RE was the blue collar investment of choice. They can’t understand stocks but can visualize a house and simple concept of buy, hold and HELOC.
So sad, albeit, true.
From the SignonSanDiego article Ben posted:
Alan Gin, an economist at the University of San Diego, estimates that the county’s job base will grow by only 8,600 this year, or 0.7 percent.
One little hickup. One layoff… and San Deigo is, job wise, under water.
As goes San Diego, goes the entire California market. Gulp!
Got popcorn?
Neil
Lol, as I tried to post above, but it might have gotten eaten, I was wondering what kind of tonic Gin would propose to fix this.
AMCC, a San Diego semiconductor company recently laid off 10% of its workforce….5% were the dregs and the most recent 5% were mostly managers (not enough people to manage anymore!?)…anyhow..all were high paying jobs by San Diego standards…
God help San Diego when Qualcomm has its first..big layoff…and that is a question of when..not if…
At the studio I work at, they are laying off half of the company. Many of my collegues who are being laid off bought condos and houses at the peak of the market here in Los Angeles. They thought I was a moron for not buying.
After all, the good times will last forever, right?
Waiting_in_la,
I hope your friends find jobs. But it amazes me how many think the good times just cannot ever end.
Anon,
Thanks for the info on AMCC. I do agree, with Qualcomm, it is a question of when.
I really doubt San Diego will get through 2007 in positive job territory. Heck, I don’t think OC will stay positive either (but that’s do to relocations and layoffs coming down the pipeline). Grand Daddy LA will be in pain.
Let’s just say its midnight, all the REIC is turning into mice and pumpkins, and oh boy is there a bar tab.
Got popcorn?
Neil
“After all, the good times will last forever, right?”
Did you miss the 50 basis point cut a few weeks ago? That should do the trick and get things moving again. (not!)
Soon to be a new national organization: Knife Catchers Anonymous.
“Hi, I’m Ginger, and I’m a Knife Catcher. I haven’t caught a knife since ‘07, when I attended a suckers’ auction in San Mateo.”
Yeah, but I’m not seeing very much price reductions in Silicon Valley………at least not enough to matter. Zillow doesn’t help - it shows price increases month after month for San Jose.
Dear Potential Buyer:
That’s strange, when I look at Zillow, I see houses selling in 2007 for less than their 2005 prices. Also, the chart for the area clearly shows that prices are decreasing in San Jose. Are you just looking at Cupertino and Los Gatos? There are a few hoods that are still going up, but those places will fall hard when it finally hits there.
No, I’m looking at SW San Jose — Cambrian Park, Campbell, East SJ is definitely coming down in price - lots of foreclosures there…….but I’m seeing Sale Pending signs everywhere. I know, I know, they probably won’t qualify.
But the 4 brand new homes across from me are selling and the owner isn’t coming down from his high $700s.
Let me qualify that — on Zillow, and I’m offering this as an example - my friend’s 1290 sq.ft. 4/2 has price increases every month. Its up $8k this month and Zillow has it for $700k. While I have been monitoring - its only once dropped in value. In other words, the value of this home has increased $100k over the past year. Huh?
If you’re fishing for an opinion on Zilow’s accuracy, the general concensus on this blog ranges from terrible to horrible.
if you’re asking for someone to agree that maybe prices are stabilizing and to recommend you to go ahead and buy, i will .. it won’t affect me in the slightest.
Buy something now or be priced out forever.
Weird. I don’t think Zillow is very good at identifying comps. I get the feeling it’s comparing houses that aren’t really comparable. I’ve been using Zillow to find houses that sold in 2005 and then sold again recently. That gives me a better idea of what’s really going on. Kinda like Case-Schiller.
Thanks Joey, no - I’m not buying any time soon. I also want to see prices come down.
But the point I guess I’m making with Zillow - is that its the site that many people actually go to, so if sellers/buyers are believing their prices ranges, that its going to take a long time for prices to drop around my neck of the woods.
ok.. and i agree that false numbers from any source makes the market act “wrongly”.
But then again, the false or lagging info could also be viewed as a natural part of the real estate market’s innate inneficiency.. nothing can be done about it.. something to be taken in stride.
we’re all waiting.. good things come to those who wait.
Zillow factors in an automatic appreciation because it assumes houses ALWAYS appreciate. It seems that this figure is approx. 8% in L.A.
“That is wonderful, Ginger! Anyone whose hands and fingers remain intact, please give Ginger a round of applause. The rest of you can just whistle or cheer, as usual.”
The 1,472-square-foot condo cost him his entire $365,000 budget.”
“He called it a fair price that was ‘possibly below market value. This is an investment,’ Tantod said.”
- This guy is going to ‘go down’. Many stock traders are ‘Unskilled’ and ‘Unaware of it’. This guy fits that description perfectly…he thinks that it may be undermarket and that it is an investment.
He’s a GM for Teledyne Microwave.. Some (possibly tinfoil hat) studies have shown that microwave emission damage includes brain circuitry destruction..
i know that when i went aboard a frigate during Fleet Week in SF, a sailor told me they are very careful to avoid ever standing in front of the particular antenna i was asking about.
Yeah, and they were right. When the old DEW (distant early waring system) radars were built in Alaska, they didn’t have microwave ovens, but they soon discovered that microwaves will heat flesh.
‘warning’, sorry. Maybe I should say …….’warming’.
Or ………’warring’. Sorry, it’s late, shouldn’t comment on your own puns.
If he is the GM for Teledyne Microwave then he doesn’t do any actual microwave work, so I think his seven- or eight-hundred neurons are safe.
It’s an investment if it’s not priced more than 100x monthly rent.
So have you got a tenant lined up to pay $3650/month, Mr. Tantod?
Buying now makes sense, he said. ‘I think we’re catching the cutting-edge crest of Bakersfield,’ Hayes said.”
Hayes should read a newspaper sometime, or watch the news instead of Grey’s Anatomy.
Falling knives do have cutting edges.
good one
Hayes got rocks in his lofts
That’s not a knife, baby. That’s a samurai sword.
Bakersfield?
That’s a real man’s sword, its a Claymore laddie!
Aye! I do no ken whot ye say.
Did Hayes just say “cutting edge” and “Bakersfield”?
Like the old IQ tests:
“Cutting edge” is to “Bakersfield” as
“Victoria’s Secret” is to “Roseanne Barr.”
Ode to Archie Bell and the Drells..
Hi everybody
I’m aladinsane of the no sells
From just the other side of nowhere
We don’t only think, but we glance
At upside down homeowners, as they walk
In nowheresville we just started a new dance
Called the tighten up
This is the music
We tighten up with
First tighten up on the loans
Come on now, hock that Hummer
I want you to tighten up for me now
Oh, yeah
Tighten up that cash now
Tighten it up
Ha, ha, yeah
Now late the roof cave in
Oh, yeah
Tighten up on houses in Oregon now
Yeah, you do the tighten up
Yeah, now
I said, if you can do it now
It sure would be tough
Now look here, come on now
Now hope you got Mellow Yellow
Let’s tighten it up now
Do the tighten up
Everybody can do it now
So get to it
http://www.youtube.com/watch?v=0n7C1AyU-9Q
Aladin : cryptic question for ya from another board: Are you per chance the stoolie known as “The end”?
That ain’t me babe…
Aladin, you are showing your age. Not many people remember the tightenup.
Auctions are a SHAM. If the starting bid is 300K but the “reserve sales price” is really 500K then WHY THE F@CK do they waste people’s time?. The starting bid should be 500K …PERIOD. These scumbags RE people make me sick.
I always thought that auctions only worked in a bull market, where enthusiastic buyers out-bid each other. Why the sudden belief that bear market or distressed auctions are the panacea, especially with an unrealistic, undisclosed reserve?
This is going to hurt, once the exits start getting crowded….
My experience is that auctions work way better pretty well in either market. Once people start bidding, all the rules are thrown aside. Limits don’t mean anything. The desire to win the bid takes over. I had to sell a car some years back and the paper was full of ads for the same vehicle. Took the car to an auction, got more money for it, and never met the buyer. No, an auction is possibly the best way to get top dollar, especially with the rigged reserve price meaning that there is no risk to the seller. Only when there is huge volume and no reserve will an auction be a good way to buy. Look at what happens on the courthouse steps. No one but the bank bids, because it’s not worth what the bank is owed. Bidders are a strange lot if they have never done it before and emotion takes charge.
Quote:
######
Auctions are a SHAM. If the starting bid is 300K but the “reserve sales price” is really 500K then WHY THE F@CK do they waste people’s time?. The starting bid should be 500K …PERIOD. These scumbags RE people make me sick.
#####
Don’t go to auction. Don’t bid on anything if you have to go to an auction. Let it be like that in a couple years and house price in CA will come down to the $300K level. The people that do go and bid on an auction and win the house bid, they better and sincerely pray to their own God that they will be able to keep their job for the next 5, 7 years or else… ALBUSTO !!!
Stupid, brain-dead auction-bidding people !
“‘I don’t care what happens. I’m leaving town,’ the caller said.”
Just walk away Renee’
You won’t see me follow you back home.
Remember that song by the Association? That song popped into my head when I read that funny statement.
Walk Away Renee was by the Left Banke, but the Association was cool, too. Brings back some good memories, thanks.
Four Tops
Today’s eCONomist Master Of The Obvious (eMOTO)
“Alan Gin, an economist at the University of San Diego, said high housing prices make it harder for companies to attract employees.”
Aladinsane:
You might find this funny, given the sense of humor you’ve graced us with these few years.
All over town in San Jose, there are for-sale signs from an RE company called “Intero”. I joked to husband that they call themselves that because their signs, like the houses they sell, can be found all in a row lined up next to eachother.
But I don’t get that. Are they saying that companies are just trying to bring in employees from elsewhere? What does that do for the locals exactly?
“He likes the atmosphere in downtowns such as those in San Luis Obispo and Pasadena, and senses Bakersfield may be creeping toward a similar vibe.
Cough cough.
Yeah, Bakersfield is always mentioned in the same breath as SLO & Paz. NOT!
I know this is heresy, but many of the older buildings (c.1920’s-1940) in downtown Bakersplat are beautiful and extremely well built. Moreover, there is a small but thriving urban core working around the city center…lawyers, government, medical, business people…representing and servicing a very scary amount of money. (Oil, major agra, CW music, water.) A surprising number of major players come into town via private aircraft, and there is NOWHERE (other than a cheesy chain hotel or two,) to stay overnight.
The area in question (19th and Eye) borders a vibrant business neighborhood (Think Wilshire Blvd goes Mayberry,) with an unique rural/professional flavor and some perfectly acceptable restaurants and watering holes. It is close to the Civic Auditorium, the media outlets, and the Kern Kounty Administration complex. I think that a well-executed condo conversion of these deco buildings would work very nicely for those people who do business “in town” and need a pied a terre. I’m going to check it out and I’ll let you know what I find.
BTW–Thanks, in huge part to the trigger-happy Kern Kounty Kops, Bakersplat bums are in all ways superior to those of NYC, SF, and even Pasadowner. They tend to keep out of the city center unless they’re being arraigned for fear of being beaten up by the mean little old redneck ladies and guys with 45’s in their briefcases.
are you a RE agent? sounds like you are trying to sell these condos. why dont you inform these people about all those gay bars downtown, i would hate to see them mislead. and if you think these cops around here care about removing the homeless from downtown you are mistaken, the bus station is there. i see bums down there all the time. so lets keep the record straight. DO NOT BUY THESE CONDOS.
(Snort!)
That’s a riot. No, I’m not a real estate agent.
I consider the gay bars to be a huge plus; they add a nice counterweight to the preponderance of rednecks in the burbs. And the gay rednecks (redundant?) are fodder for um, nasty cracks amongst the cognoscenti.
Many of my more jaded friends consider the Greyhound station a tourist attraction. It’s one of the first things my partner in Singapore wants to visit when he’s in town (then meatloaf at Buck’s…but then, he’s a little eccentric than most.) My attorney’s offices are right across the street, and no, there are no bars on the windows of the building, nor have they been accosted by crazed bus riders.
Downtown USA=bums…so? It’s part of the urban landscape. What are you so afraid of? And who said anything about buying a condo? I’m curious to see what they’re doing with the place. I’ve had my eye on several old buildings in the area for years. I was thinking more along the lines of private hotel. You haveta take downtown Bakersfield with a little pinch of noir. Then it all comes together.
Well when it comes to homeless its a numbers game. they need to beg and thus need to go the places people pass by. having been in Bakersfield since 1988 I can tell you down town isnt pretty. Hell the new office parks are all out on Ming and spread out around town.
Bakersfield has bad air quility and is a cultural black hole. The idea that you would take your family up north cause housing used to be 100,000 prebubble 330,000 peak.
Now there is a forest of sale signs, hell my neighbor offered half of what someone was asking up the street, They said they would take the offer. Sadly he was just screwing arround.
I have to admit that was pretty funny. You really “served” that guy….
http://www.ronpaul2008.com
much better description than mine, i think the only word left out is sh!thole. anyone reading this blog, take my word for it, this place sucks. dont move here unless you are forced! and even then kick and scream.
oops, I meant ahansen served that other dingle-berri
I visited Bakersfield once.
I spent a week there one night.
In case anyone doesn’t know, Old Town Pasadena used to be a real dump. Also about 2-3 blocks away (North of the 210 freeway) from the renovated portions of Old Town Pasadena are some of the most dangerous gang areas in the LA area. Its every amazing to see people’s expressions when you tell them about these amazing mansions being so close to the hood.
I think Bakersfield wishes they could have anything considered worth living at. Who really would want to live there if it was the same price as other areas in Western California. =)
Oh yeah, I remember.
“Despite home prices that are in some instances the lowest in years and a vast inventory, many buyers still seem to be trying to time the market, which is ‘more about being lucky as being good,’ said Emily DiSimone, president of the California Desert Association of Realtors.”
Yeah, its really all about those “greedy” buyers just trying to time the market. It has nothing to do with prices and affordability. Right?
No, it’s not more about being lucky than being good.
Some people don’t even try to time the market, but they are lucky and end up buying at a good time anyway. Those are the same people who become smug “investors” after their property has unexpectedly appreciated 100% over 5 years.
Then there are other people who do just the tiniest amount of research and discover that this bubble is obvious, and that the timing of it is obvious too. Anyone NOT able to time this market is either not trying, or is a fool.
I copies this from the comments section at the bottom of that article: (click on the name) A local mortgage broker is trying to pump investors in Coachella Valley, (Palm Springs) CA area to jump into the local market . Thoughts on his analysis? Cash flow on 400,000 property in an area that most homes under asking prices of 600,000 rent for 1200-1600?
My Full Reaction to today’s Sales #’s
Posted 10/5/2007 10:55 AM
While September’s home sales figures are certainly discouraging.. particularly for Realtors, Developers, Loan officers, and people who need to sell their home right away, I can not imagine a better time for a qualified buyer to buy or for an out of towner to buy a 2nd home. Interest rates on conforming loans are till very very low. There are specific programs for low income census tracts and people in vital public support occupations like doctors, nurses and teachers that when tied with seller/developer incentives offer 100% financing at 6.125% or less. Just once I would love to see a story written on any one of the families that are taking advantage of the unbelievable opportunities that exist in today’s Real Estate market. Not only do people who plan on occupying a property as their primary or 2nd residence have a great opportunity, but as any successful Real Estate investor will tell you….you don’t make your $ when You sell, you make it when you buy… If an investor buys a $400,000 investment property that was formally listed and selling for much more and includes all types of upgrades, putting $100,000 down and utilizing developer or seller incentives, the investor can easily cover their Mortgage, Taxes and Insurance costs in rent. I am not talking about a flipper looking to make a fast buck. I am talking about an investor who plans to hold onto the property for several years. Sure there are people who have been horribly affected by changes in the local real estate market… but there is always two sides to every story and plenty of people are going to get great deals on homes, and plenty of savvy investors are going to make a lot of money.
Ummm …. no.
In order for the rent to cover the mortgage on a $300,000 loan, you have to be able to collect $1,822.83/month. Then you need to collect like another 1.25% for taxes and insurance. If you can’t collect more than that, you’ll have to wait for rents to rise before you start getting your $100,000 down payment back. And that’s only if you’re lucky enough to get that mythical 6.125% interest rate. You have to have perfect credit for that one.
And what is all this nonsense about special financing for doctors, nurses, and teachers? That financing will still be available when the market hits bottom, so it makes no sense to characterize it as an “unbelievable opportunity that exists in today’s real estate market”.
Isn’t Coachella Valley in the middle of the desert and nowhere?
You would need at least 2500/mo to break even… the only way you can cover costs with rent would be with interest only.
Just in…
More news about the shock overdose on children’s aspirin, by St Joseph, from a few threads ago~
Apparently St. Joe was despondent from repeated attempts at torture, by burial upside down in a myriad of overpriced homes, and just wanted to not suffer anymore.
In lieu of flowers, please send Ben some moolah via PayPal or to his p.o. box.
He works really hard at this, for our benefit.
If high house prices make it hard for companies to attract employees then how is cutting rates supposed to help the economy? Oh yeah, I forgot that the economy is all about Wall Street. If the stock market is up, the economy must be up.
Inflation for all.
You don’t find it funny how the worse the news is the higher the market goes up? Only to hear other good news means they will cut the rate again? I find it very funny the more this is happening. I am beginning to think the stock market just won’t drop anymore until it reaches a crazy high, and then it will do its thing.
The economy isn’t even bad yet, and there is all of this bad news. Does the majority really look affected yet? When people stop buying nice new shiny $100k cars, I will believe there is a tightening of the belt spending wise.
“He likes the atmosphere in downtowns such as those in San Luis Obispo and Pasadena, and senses Bakersfield may be creeping toward a similar vibe. Buying now makes sense, he said. ‘I think we’re catching the cutting-edge crest of Bakersfield,’ Hayes said.”
“Hayes, who grew up in Bakersfield, left for college and returned, said his return makes him an exception among his social circle. ‘All of my hippest friends left,’ he said.”
The pent up demand for tiny, chic condos amid the urban downtown vibe of Bakersfield? The only vibe going on there is the occasional small magnitude earthquake that rumbles through. A few years ago, Bakersfield was trying to weakly fashion itself after San Antonio with their Riverwalk, and now it’s Pasadena and SLO? Good luck with that.
His friends who left obviously realized something that he hasn’t yet.
http://www.youtube.com/watch?v=zYMBaYJOxzs
I laughed pretty hard at this whole article. The local REIC must be begging the newspaper for some good news and this is the best they could do (sadly it probably is)…
LOL. Thanks for posting. One thing I love about the ’splat is that no resident between the age of 18 and 24 takes it seriously. Alas, after that something in the air/water/ethos sucks all their wits out, morphs it into lard, and attaches it to their ass.
“Bill Watkins, who runs UC Santa Barbara’s Economic Forecast Project, puts it this way: ‘California is always on the bleeding edge.’ He and other economists are now wondering whether the implosion of the housing industry, another economic tsunami in California, will have a similar impact.”
Kurtz: I watched a snail crawl along the edge of a straight razor. That’s my dream. That’s my nightmare. Crawling, slithering, along the edge of a straight… razor… and surviving.
“possibly below market value”. When are people going to realize that there is no such thing. There is only the price that someone is willing to pay, which by definition is market value. I think quotes like this are part of the reason that this market is going to take years, if not decades to unwind. It has become so ingrained in the pysche of the population that “real estate only goes up” that no matter how bad things get people will not let go of their illusions.
I would argue that there is such thing as “below market value”. Many sellers don’t pay for an appraisal (I shudder at the word) and just list their property for the dollar amount the realtorTM suggests. Oftentimes, due to the incompetence of said realtorTM, the listing price is grossly out of line with what is realistic in the marketplace. While rare indeed, especially in these times, some properties are listed at well below what they could actually garner. When they enter the marketplace, they are sold immediately, and an accurate appraisal would show that the value is much higher than the price the buyer paid. It can be said that these properties were purchased below market value. We could argue all day about this, but I’ll agree to respectfully disagree with you.
Yes, but this guy bought the place at auction, so his winning bid defines market value.
depends upon who shows up, how much of the market does not show up, etc… auctions are indicators, but not gospel, even with no reserve. sometimes things go cheap, other times, you get two (or more) gotta have it people that go nuts.
I think an absolute market value for any and all properties exists. We just can’t calculate it.
But if we could stop the world from turning… and allow every active RE deal to close, and then went around and checked all prices and all sales, inventory numbers, labor market statistics, loan rates, etc. etc, an calculated all of it, from coast to coast, an accurate market value on any property could be established.
The stock market reacts almost instantaneously to market changes. Information distribution is excellent. Values adjust immediately (sometimes even prematurely in anticipation of a change) to any news.. As a result, a stock’s true market value is known and can be equated to it’s selling price.. but the RE market is incapable of anything like this.
Don’t Bogart the house, Azurdia
“Bogart and Teresa Azurdia of Bakersfield bought their first home two years ago. But things changed when the couple fell on hard financial times and the couple tried to refinance. ‘I was after my dream for the family, for the kids and unfortunately that dream is kind of shattering now,’ said Bogart Azudia.”
For the life of me, I can think of nothing whatsoever in Bakersfield, that has “pent-up demand”
“Gibson is confident Bakersfield has a pent-up demand for downtown, urban living options. Project’s backers Eric Jencks and Eydie Gibson plan for 1612 City Lofts to be move-in ready by February, even as the residential real estate market spirals downward.”
“Gibson is confident Bakersfield has a pent-up demand for downtown, urban living options.”
Prove it. Do these guys ever test their assumptions?
I can. Pent up demand to g.t.f.o. of the pisspoor can only go up ‘investments’
Tragically Unhip
“Hayes, who grew up in Bakersfield, left for college and returned, said his return makes him an exception among his social circle. ‘All of my hippest friends left,’ he said.”
“For Barry Hayes, the architectural style, details and central location of 1612 City Lofts are all worth any added cost. Hayes has already put his name on a 1612 City Lofts interest list and prequalified for a home loan.”
Wait a second …
Prequalifications are only good for 30-90 days, aren’t they? I smell a rat here.
‘It’s not that the economy in San Diego is going south,’ said Perry Wong, a researcher at the Milken Institute.
Is that Milken, as in Michael???
google it and find out…
Perry’s never Wong
But do two Wongs make a wight?
Maybe, he was on the bloomberg this past week.
Q: “Is that Milken, as in Michael???”
A: Yes, that’s him. He has his own institute. He established it after spending 10 years in federal prison.
http://www.milkeninstitute.org/
~Misstrial
‘It’s just that the momentum for creating jobs is gone. Job growth has been almost standing still.’”
Do these people ever listen to themselves?
Shukdev Tantod? That can’t be a real name!
Are there any Bob Smiths or Mike Jones or Dave Roberts left in the US?
Yeah, what’s with all the weird names we constantly see in these articles? Im’s suspecting a joke is being played on we.
any details on the flipper recovery act of 07 ?
Well, don’t tell Shukdev Tantod, who got shucked and jived today…
“Homebuilders Liquidate Assets in Desperation Sales (Update2)
Oct. 5 (Bloomberg) — When D.R. Horton Inc., the second- biggest U.S. homebuilder, couldn’t sell the one-bedroom condominium in San Diego it listed for $349,800, the property was auctioned as a last resort for 37 percent less.
D.R. Horton, with annual revenue of about $11 billion, and Hovnanian Enterprises Inc. now face the worst choice in the worst residential real estate slump since the 1930s. They’re selling homes at any price they can get.”
EXCELLENT! Haahaahaahaaa. HAAAAAAAAhaahaahaha.
Canada hires Goldman insider to run Bank of Canada, because of his connections…GS now spins the globe.
“Prime Minister Stephen Harper yesterday picked Mark Carney, a finance ministry official and former Goldman investment banker, to succeed David Dodge as Bank of Canada governor. In doing so, Harper passed over Paul Jenkins, a 35- year veteran of the central bank whom most economists expected would get the job.
Carney’s experience will help him steer the eighth-largest economy through the global tightening in credit that threatens Canada’s longest expansion in six decades, economists said. In August, he brokered a restructuring of about C$35 billion ($35 billion) of asset-backed commercial paper, helping avert a deeper crisis. ”
(Per Bloomberg)
“What Mark brings that others don’t is his investment- bank connections,” said Chris Ragan, an economics professor at McGill University in Montreal and former adviser to Dodge, who retires in January. “He brings the financial-market connections and the financial-market knowledge.”
With an endorsement from an economist at a top rate university like McGill, I think the B of C has nothing to worry about. As a matter of fact, my daughter was just watching the north american dog agility championships, which were also being held at McGill University. I wonder if the econ professor is judging that contest as well. LOL
That’s a cheap shot. Several members of my family went to McGill, a very fine college, my brother for one, who went to the medical school there. They don’t paint their faces in their school colors and act moronic in the stands at football games so I guess that makes them suspect around here.
Relax, it was a joke. Plenty of people here have made fun of my school and I don’t start crying about it Sometimes you are very intelligent and sometimes you are weird.
Nice to hear a spoiled child such as yourself can take a joke.
Go Bears!
“Despite home prices that are in some instances the lowest in years and a vast inventory, many buyers still seem to be trying to time the market, which is ‘more about being lucky as being good,’ said Emily DiSimone, president of the California Desert Association of Realtors.”
Sorry Emily, I’m trying neither to be lucky or good. You see, me and many others like me could give a crap to own a home if it doesn’t make financial sense.
Agreed. They will do anything to try and convince the sheeple to not use basic math to analyze prices and profits. If some group of people are successful at picking the bottom, or near bottom, it must be because they are lucky and not because they can actually do readin, writin and rithmetic. LOL
Shukdev Tantod got shucked and jived…builders in desperation mode.
Oct. 5 (Bloomberg) — When D.R. Horton Inc., the second- biggest U.S. homebuilder, couldn’t sell the one-bedroom condominium in San Diego it listed for $349,800, the property was auctioned as a last resort for 37 percent less.
D.R. Horton, with annual revenue of about $11 billion, and Hovnanian Enterprises Inc. now face the worst choice in the worst residential real estate slump since the 1930s. They’re selling homes at any price they can get.
“It’s desperation time and some companies may not make it,” said Alex Barron, an industry analyst at Agency Trading Group Inc. in Wayzata, Minnesota. “At this point in the housing cycle, if you have too much debt, it’s hard to get out from under it.”
“If you have too much debt, it’s hard to get out from under it.” No shit!!!!!!! That’s right!!!! If you have too much…. WTF. That’s what having too much MEANS!!!!!
Dear HBB posters and lurkers,
After learning his FB tenant was breaking the lease 6 months early without notice, my specuvestor buddy drove up to the rental some 2 hours away hoping to do some light vacuuming in preparation for future tenant viewings.
He was horrified to see 4 ft grass in a trash filled yard, holes in the wall, trash filled rooms, a broken mirror, a filthy kitchen, filthy bathrooms, peeling paint, soiled carpets, disconnected plumbing as a result of unpaid water, and a notice on the door for unpaid electrical bills.
Needless to say, my buddy is currently under heavy sedation. The doctor said he’ll be fine.
After rolling on the floor laughing my arse off for the last 2 hours and uncorking a bottle of bubbly, I decided to post the news.
Cheers,
Maven
Is he a good friend? You must mean, “acquaintance”. Though I laughed, I don’t know the guy. Thank you for sharing.
lol,he must have rented it out to a crack head.
Worse than a crackhead, he rented to a recently foreclosed FB.
I guess the FB was “sharing the love” with your buddy! LOL. Great story!
MM: I share the shadenfreud.
My soon to be sil had 2 ‘investment’ properties where they decided to become landlords somewhere in CA that was 2 hours drive from their home (I guess that would be ~ 1 mile way !).
They got a call from a rental property neighbour telling them to come around and look at their place. Turns out the cops raided it for drugs and smashed the door down.
Previously, the other house was also vacated in a Marie Celleste way: Nothing packed, food on table but everyone had obviously disappeared quickly.
California Dreaming: All the lawns are brown…
Shadenfreud, that’s what is printed on the bottle of German bubbly I’m drinking.
I made a visit to see my friend in Stockton,Ca. The two houses next door are foreclosures. he has 2 neighbors that tried to sell their homes they are now rentals. I saw another house two doors down on the right that appears to be abandoned. he told me the graffitti has gone down in the neighborhood in the past three months.
Don’t you love it when your friends turn out to be wrong and you turn out to be right? The only thing better is when it’s your siblings. Tee hee!
Maven: Your spelling of ‘arse’ has me questioning are you from British Isles or the Antipides ?
Lately, I’ve been reading too much bloody British press.
buddy drove up to the rental some 2 hours away
sad case, but that’s one of the problems with properties that are a long way off. Out of sight, out of mind.
“Tantod was outbid twice before coming away with a two-bedroom unit at the La Boheme development in North Park. The 1,472-square-foot condo cost him his entire $365,000 budget.”
“He called it a fair price that was ‘possibly below market value. This is an investment,’ Tantod said.”
It’s also possible the very tall, husky-voiced woman at the bar (who also might have an adams apple - but the light isn’t so good in here) who seems interested in heading home with you might actually be a woman and not a tranny, she-male or I-have-no-idea-what-else …. but I wouldn’t advise proceeding along to find out.
LOL. And just like with r.e. investing/buying, there were signposts all along the way screaming “danger Will Robinson”, the adam’s apple being the most prominent…
I see you are familiar with the neighborhood.
From the LATimes, now greedy owners are suing RE agents for not getting them their wishing prices. Photos show nothing 1000sq ft home.
Finaly sold or 650,000, 40k less than owners wanted. They’re suing.
House is a crackerbox worth 80k, maybe 120k in Cali. The repulsive former owners are suing for the “missing” 40k and assorted damages.
i’m rooting for the agent on this one…this couple is a pair of overfed pigs.
http://www.latimes.com/classified/realestate/news/la-re-perform7oct07,0,4468335.story?page=1&coll=la-class-realestate-news
The article doesn’t mention a lawsuit. It’s a complaint to the BBB. In the end, they should have researched their agent.
Yea. No lawsuit. Just a pair of sellers who wanted it all and easy. We’ll see a lot more of this. The bulls are getting very angry on quite a few forums. Ok. So what? Offer me a home at a fair price and I’d buy tomorrow. But it won’t happen for years, so I’ll be patient.
Got popcorn?
Neil
I’m with you Spike. The real estate agent has lots of experience and r.e. knowledge including a short stint at Long Beach City College (where she worked towards a 2yr degree), 10 years experience and a Mike Ferry sales workshop. Of course this is all per the highlights listed on her website, so I am sure she had many more accomplishments which wouldn’t fit on the webpage, to her credit.
I know I’ll be sure to use her for my next home purchase. sarcasm off LOL
Here’s her bio http://www.tracymp.com/Tracy_Mandac_Plummer_REALTOR.shtml
“During those two years, as a resident of Long Beach her sister became Miss Long Beach in 1997. She also persuaded Tracy to run as a contestant in the Miss Toyota Grand Prix Pageant of Long Beach in 1998. This experience would lead to great opportunities and personal growth, so she accepted the challenge, remained teachable, and gave it her best. Not knowing what to expect, she openly became aware of strengths, weaknessess, qualities, and abilities, about herself on a greater level and different then she had ever known. With a new found confidence and self-image she gratefully accepted the award for “Most Spirited”, and walked into the next chapter of her life.”
BWAHH.
Gross over stereotype I acknoweldge upfront, but what is it about Californians and it’s six sigma interperation of life when compared to the rest of the world ?
You missed the best part - not only is she a pretentious realtor/notary - she sells Mary Kay!
http://www.marykay.com/tplummer2/default.aspx
What I see is a man and a smallish man standing together in front of a small house. Is that what you see too?
“Gibson is confident Bakersfield has a pent-up demand for downtown, urban living options. Project’s backers Eric Jencks and Eydie Gibson plan for 1612 City Lofts to be move-in ready by February, even as the residential real estate market spirals downward.”
Another victim of the stupid bug that’s going around!
The only pent-up thing I can think of in Bakersfield is people who want the hell out.
“What’s the market for raw land in SoCal and Orange County today? What’s the outlook?”
“There is a perception of distress entering the land market 9 months to 12 months out.”
That’s huge. However, it’s probably not limited to SoCal.
“She is losing sleep over this. Potentially, she could be on the hook for taxes of over $300,000 in income in a single year,’ Klor said, noting the income is derived from the forgiveness of debt.”
Look at the size of that Joshua tree. That’s ginormous.
ROTFL
And its self inflicted.
Munch munch munch
Neil
No problema on owing the taxes. The leftys like her Hillaryness, Pelosi, Boxer, Feinstein, you know ‘the list of the usual suspects’ are shoving Bailout number 2 through. There won’t be 1099s but you folks out there who played by the rules, will loose all or part of your 2 out of 5 deductions to pay for the FBers taxes. As written, takes effect on Jan 1, 2008. I love the Democrats, don’t you.
And now that it’s come out in the paper, I can feel okay about saying that the UCR deal to buy the entire development near its campus has fallen through because of pricing. I think we’ll buy it from the builder later for less! If I were that builder I would have been happy to break even or even lose a small amount. Good luck, builder!
ooooh - are you a UCRer?
Is San Diego market a canary in the coal mine?
http://www.npr.org/templates/story/story.php?storyId=15046405
“One in five home buyers in Miami-Dade and Broward have taken out exotic mortgages since 2005. Now buyers’ monthly payments are soaring, pushing many to the brink of financial ruin.”
http://www.miamiherald.com/top_stories/story/263173.html
You have to be a complete idiot to buy a house in southern California right now. Sellers are still listing their houses at “unrealistic” prices. Housing market is at a standstill until sellers start dropping their prices and they need to drop them big. Small drops mean nothing and are a waste of time. If you are a seller and are truly interested in selling your house, price it low and you will win in the end while others continue to wait for their “sucker”.
“Gibson is confident Bakersfield has a pent-up demand for downtown, urban living options. Project’s backers Eric Jencks and Eydie Gibson plan for 1612 City Lofts to be move-in ready by February, even as the residential real estate market spirals downward.”
these guys are nuts! o yes everyone wants to live by gay bars with a bunch of drunk cross dressers, oh and lets not leave out all the homeless people sleeping on the streets in that area. this project is sure to be a big thing, every other city miles away will want to follow our footsteps! cutting edge i tell you! it will be the envy of the world! give me a break, i am going to laugh when this guy flops!
Any folks from Bay area can you update us on the Santa Clara MISSION GARDENS project at Rivermark? There were tons of condos and townhomes on sale?are they still empty ? What about the new construction at front on Lafayette? Has MG brought down the price?
Been a lurker for a while and want to thank everyone for saving my butt a few times! Thought I’d share some listing in my upscale building in Socal…..all units are approx 1,000 sf. Unit ABCD May- $565K (1of 9 units available), Aug. $545K (1 of 13 units) Oct. $429K (1 of 18 units) Some are hitting the rental market at $2,500 a month.
So you think the $600+ HOA fees which do not cover ANYTHING except maintenance are holding up sales???? LMAO
The writing is on the WALL
There are some new condos going up in Glendale one of these years, and they were saying the HOA would be $500+ for the 1bedrooms. I asked what this paid for? The salespersons said, trash, gardening and cleaning the sidewalk. I couldn’t believe it. These were apartment style condos with no greenery and commercial on the bottom floor. What are people smoking when putting money down on this stuff? Because I want some while at work to make the day go by easier.!
“Nervous homeowners in foreclosure or experiencing sleepless nights over the prospect of losing their homes.”
Beware of the neighborhood zombies!
Right Doug. I just love it when pissed or stressed out people drive . Last week I saw three people run a red light .
congress will set you freeeeee
who lives in a home she paid about $475,000 for and soon bought three more homes as investments with mortgages of at least $350,000 each.”
“In some tertiary markets, the land is worthless from a residential development standpoint due to costs to develop being higher than the land value.”
What? It’s worthless because it’s worth less than it’s worth?
“From the LATimes, now greedy owners are suing RE agents for not getting them their wishing prices…”
The nar, Lereah (Yun Now) and realtors deserve it. They pump and primed this to the bitter end. Now they have to deal with clueless greedy sellers who feel they are entitled.
Bwaaahahahahahahahaaa!!!!!!!!
That is priceless! 3 hour commutes to piss away 200K like it was nothing.
Preview from Blacque’s link:
“We bought it for - I don’t even want to say,” she said. “$621,000 - ugh - it makes me sick just saying that number.”
The minimum bid on the empty house next door is $355,000. And, it’s bigger than hers at 3,310 square feet and loaded with upgrades and a finished back yard.
I wonder how the auction went.
“I don’t know why we would do that,” Barton said glibly. “We don’t ask for money back when homes go up in value.” And he doesn’t plan rebates when home values decline.
Best response of the dialogue.