Stan, esmith and golfproz-now that did make me feel better-you are all correct, thank you for showing me the silver lining.
Bugs-excellent point and sage advice, you are one of the reasons I’ve held out this long, thanks.
Former-yes there is more than sufficient rental demand, it’s proximity to the largest employer in the county makes it an optimal rental but it’s a double edged sword because it detracts from the appeal of occupying it. It is a few blocks from the largest casino in the state which is likely to expand. The lack of nearby buildable land and almost non existent apartments gives it a rental dynamic not unlike a property within walking distance to a university (plentiful supply of people with money yet somewhat transitory demographic not likely to buy).
Paramount-priceless post, way to represent. Fundamentals are fundamentals, Temecula, Texas or Tennessee, rent multiplier percentages are the same despite the obvious disparity in the average tooth count.
dgilmsandi-while I agree with the logic of being ready to move and to spot trends, the REO inventory up here is far more than 1%. They may only represent 1% of all homes in existence but they are about 30-50% of the inventory for sale, they may actually be about 5% of the total homes in existence locally.
ibjames-There will be no colorful story about the Mrs., on a strict diet of the Ms. had my fill of Mrs. and on the granite is overrated, it’s cold and unforgiving, which reminds me of the former Mrs.
Aecetia-thanks for the props but my day job is too cool to give up and the percentage of the population that gets these jokes is too small.
Gundr and djc, the bank doesn’t have to take it but they did, other houses in the closed auction section had a disclaimer about the bank removing it or not taking the offer, the environmental impact disclaimer was just that, legal requirement, it’s a tract home, the envronmental was done when it was built.
Padre-I am forced to go with the plan of waiting, I am confident more will come up, this one was just a suprising “fast forward” to next year, it wasn’t just a little cheaper than the other that are for sale it was 30% or more less than the others including the new stuff.
I hope you San Diegans get the chance to experience the full force of the meltdown, hopefully this time next year the boards will fill with links of 50% off deals in your areas too. I have to admit this rollercoaster is pretty fun, my only fear is that I don’t suffer the reverse of auction euphoria, that my almost perverse excitement in watching the deals get better and better doesn’t prevent me from buying for fear of missing out on future fun.
