Local Realtard Mark Mills in yesterday's NY Times

User Forum Topic
Submitted by davelj on May 16, 2008 - 1:27pm

[This guy - Mark Mills - a bullish Downtown San Diego Realtor (and "economist", according to his website - which means he took a few economics courses in college, I guess) - gets a quote in yesterday's NY Times regarding his ill-timed condo purchase in downtown SD. Here's Mark's site: http://www.liveatthetop.com/. Click on the "Important Articles" for a laugh.]

From "Collateral Foreclosure Damage for Condo Owners," in yesterday's NY Times:
******************

Condo owners across the country are trying to ride out the slowdown. Since 2004, when Mark Mills bought his two-bedroom apartment for $622,000 in the 210-unit GasLamp City Square condo in downtown San Diego, 10 of his neighbors have succumbed to foreclosure. The building now has a $115,000 shortfall in its budget because residents failed to pay their condo dues.

He resents neighbors who have rented units they cannot sell to 20-somethings, who leave beer bottles in the lobby and hold late-night parties. He is tired of the constant beeping of a smoke alarm in a vacant unit, indicating a battery needs to be replaced. Still, Mr. Mills is staying because he expects he could get only about $550,000 for his home.

“We couldn’t sell it for what we bought it for,” he said. “I’m in it for the long haul.”

*******************

$550K? Bwahahahaha! Sorry, Mark, but there's a short sale of similar size to yours available at $490K... and it's been on the market for over two years. The last two sales of 2bd/2baths were at $490K and $488K. Denial lives on...

‹ YIKES! Lower Down Payments From FNMA !! Only 3% now possible.. The swinging axe reloaded ›
davelj: I read this story
Submitted by Ex-SD on May 16, 2008 - 1:40pm.

davelj: I read this story this morning and remarked to my wife that "this guy is smoking some strong dope if he really believes his condo is now worth $550k". I suspect it would take a $375k-$399k (or less) price to generate any real interest.

It's a sad situation and it's going to get a lot worse before it starts getting better.

Don't forget to deduct the
Submitted by HLS on May 16, 2008 - 2:23pm.

Don't forget to deduct the commission to get the real net price........

I can also tell you that getting financing approved for SOME condos is very difficult....

A mixed use building or some that are now part hotel/part condo may require *special* rates....

FNMA has limits for an allowed % of non owner units in any complex.

Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR's will not consider a rental condo at all, even at 50% LTV.

I a fairly certain Mark's
Submitted by LV Renter on May 16, 2008 - 2:49pm.

I a fairly certain Mark's unit is a 4th floor unit. The unit that sold for $488 was on the top floor (7th). The unit that sold for $490 was a corner unit on the 5th floor. There is a 2/1 with a patio listed for $399.

Mark told me in 2005-06 that one bedroom units would be selling for over $600K once the Hard Rock completed. You know the neighborhood would be far too desirable for it to be a penny less ;)

I love this quote from his
Submitted by Noob on May 16, 2008 - 3:48pm.

I love this quote from his website:

Wealthy California real estate investors have know for years that making money in California real estate is not about cash flow, its about appreciation. Stated another way, if you�re worried about cash flow, you bought the wrong property.

Talk about sooooo 2005ish.

What I love is the "Realtor
Submitted by davelj on May 16, 2008 - 4:34pm.

What I love is the "Realtor & Economist" bit. Now, I'll acknowledge that there are some fine (real) economists out there that don't have PhDs. But most people who refer to themselves as economists either (1) have a PhD in economics or finance, (2) at least have a masters in economics AND work as economists, or (3) at a very minimum work as economists in some way, shape or form.

And, no, (3) doesn't include generic residential realtor. At least not in my book.

Too funny.

First Installment PAID
Submitted by ocrenter on May 16, 2008 - 9:59pm.

First Installment PAID W/PENALTY ON 02/06 3,421.39
Second Installment PAID ON 04/09 3,110.36
Total 6,531.75

looks like Mark had a little problem coming up with the first installment of the property tax late last year. wonder how long he can hold on...

Well at least he can ease
Submitted by davelj on May 17, 2008 - 11:16am.

Well at least he can ease his tax burden by getting a new assessment... down to $550K... or $400K... or whatever...