"Maxine Gellens, a longtime La Jolla real estate agent, said high-end foreclosures are no different from those involving $200,000 starter condominiums whose values have fallen below loan balances or whose monthly payments have become unsustainable.
“If you overextend or borrow too much, it doesn't matter what the price of the property is, you'll see that differential and you're not going to be able to sell it,” Gellens said."
Yep!
Have you noticed the increase in "Alt-A" posts on the blogs. This is getting interesting. Can the Gubment bail this out or are is it the "mouse that roared". Stay tuned!
I run 20 miles a week and ride my bike another 20 to 30 miles a week, and I can see the wave of higher end foreclosures coming. The lawns that once had the for sell signs are dead, and the extra cars, motorhomes, and boats are sold for the lucky ones. The unlucky ones just went through the cycle trying to sell all their toys, and the "bank owned" for sell signs are coming shortly.
I already see those signs in the neighborhoods that sold for 650K to 800K a few years ago, and those homes are listing at 550K and sitting. The 800K plus homes from a few years ago will be owned by the bank shortly. The once 750K - 1M homes in Jamul and Alpine will flood the market in 3 months or so with bank owned signs.
Submitted by mixxalot on August 12, 2008 - 4:58pm.
Cash is king
I am banking up cash for the down payment as the real estate comes back to earth here in San Diego. Heck, in 2-3 years, I will be able to actually buy me a nice place in PB, OB, Point Loma, Del Mar or Carlsbad areas. Not a palace but a modest 2-3 bedroom townhome with 1500-2000 square feet and a 2 car garage and small yard and some views.
Here is the San Diego Tribune article CR referenced
http://www.signonsandiego.com/news/busin...
I love this quote
"Maxine Gellens, a longtime La Jolla real estate agent, said high-end foreclosures are no different from those involving $200,000 starter condominiums whose values have fallen below loan balances or whose monthly payments have become unsustainable.
“If you overextend or borrow too much, it doesn't matter what the price of the property is, you'll see that differential and you're not going to be able to sell it,” Gellens said."
Yep!
Have you noticed the increase in "Alt-A" posts on the blogs. This is getting interesting. Can the Gubment bail this out or are is it the "mouse that roared". Stay tuned!
I run 20 miles a week and ride my bike another 20 to 30 miles a week, and I can see the wave of higher end foreclosures coming. The lawns that once had the for sell signs are dead, and the extra cars, motorhomes, and boats are sold for the lucky ones. The unlucky ones just went through the cycle trying to sell all their toys, and the "bank owned" for sell signs are coming shortly.
I already see those signs in the neighborhoods that sold for 650K to 800K a few years ago, and those homes are listing at 550K and sitting. The 800K plus homes from a few years ago will be owned by the bank shortly. The once 750K - 1M homes in Jamul and Alpine will flood the market in 3 months or so with bank owned signs.
Cash is king
I am banking up cash for the down payment as the real estate comes back to earth here in San Diego. Heck, in 2-3 years, I will be able to actually buy me a nice place in PB, OB, Point Loma, Del Mar or Carlsbad areas. Not a palace but a modest 2-3 bedroom townhome with 1500-2000 square feet and a 2 car garage and small yard and some views.
Thanx for the tip. I missed seeing the article on the FRONT PAGE of the U-T this morning;)
'In June, the lender, Federal Home Loans Corp., foreclosed on the property and listed it for $12.9 million.'
What is the Federal Home Loans body doing guaranteeing a massive loan to property investors ??
I bet these guys manipulate the situation so they individually avoid losing their credit record.