As far I see, renting Downtown is the same as owning. I actually enjoy moving from building to building. It’s fun and I get to experience a new environment.
I’ll probably invest in commercial before I buy a personal residence.
I only monitor Downtown and surrounding areas everyday.
People and Realtors who claimed that they would never sell are dropping like flies.
When I see some of the Downtown Realtors/mimi real estate mogols saved from foreclosure and able to get from under their debts, that’s when the market would have stabilized.
Admittedly Downtown is a different micro-market. Being single is different than fulfilling the nesting instincts of a family. And living in a condo is different from living in house.
AN is fine as he got a reasonable deal.
And like AN said it’s all fun and games.
I just get a kick out of hearing the peak buyers justify their purchases.
Interesting how people debate economic argument by injecting personal annecdotes:
1) I’m giving the house to my kids = I have more time to amortize the cost. Sure you can also have your wife buy new shoes every 5 years rather than every year.
2) I love the house and I decorated it the way I like = your s*** always smells good.
3) I won’t sell unless a gun is pointed to my head. That’s what the people who are now in distress were saying.
4) When prices drop more, I’ll buy another one. Can’t beat, them join them (but only if you have the wherewithal to do so).
A poster, Goingup/Electra, on SDlookup claimed all of the above. He also claimed to have made millions flipping. Now, he can’t pay the property taxes on his “primo” condo.[/quote]
Well, I think i said this quite a few times. Primary homes aren’t really rationale purchases strictly in financial terms for most people. It’s a doodad for most people (nice to have). Also, you also can look at it from different angles. People’s lives change all the time, so there are multiple motivations to buy or not buy a primary. Some are willing to fanagle a bit so that they purchase at less than what otherwise would be an pure “investment” decision. I think this would be completely different IF you only buy a home that you have no plans to live in. It also get’s gray because what was once your primary can convert to rental, as AN alluded to when the time comes to upgrade.
But I can respond to your otherwise witty ones too (in good fun)…
[quote]
1) I’m giving the house to my kids = I have more time to amortize the cost. Sure you can also have your wife buy new shoes every 5 years rather than every year.
[/quote]
Folks that say I can “make my wife wait for XXXXXX+ years for something she wants that we can afford” with such authority usually =
(a)someone still single.
or
(b) someone that routinely beats her wife with a broomstick
or
(c) on their way to a divorce.
[quote]
2) I love the house and I decorated it the way I like = your s*** always smells good.
[/quote]
Well, your own B.O. and poop always smells better than someone else’s, especially your landlord’s.
[quote]
3) I won’t sell unless a gun is pointed to my head. That’s what the people who are now in distress were saying.
[/quote]
No different than folks that say I won’t buy, until it’s virtually free.
[quote]
4) When prices drop more, I’ll buy another one. Can’t beat, them join them (but only if you have the wherewithal to do so).
[/quote]
Again, your assumption is that people who say this can’t.
[quote]
A poster, Goingup/Electra, on SDlookup claimed all of the above. He also claimed to have made millions flipping. Now, he can’t pay the property taxes on his “primo” condo.
[/quote]
Never believe everything everyone posts. Otherwise they wouldn’t be here posting. Most ultra rich people I know spend time traveling rather than on a blog 🙂
I’ll say this… I’ll be slightly pissed if home prices fall 50% below my purchase price. That would probably put us back on 1997 pricing…
