Another one bites the dust

[sdrealtor]

He still owns 2 of the units at palermo that he couldnt sell. Also bought a couple in UTC as well as 2 houses in McMillans project near the airport on the old navy base (sorry I went brain dead on the name). As for the RSF property, after paying 1.65M and spending more than 100K on renovations he ended up selling for 1.975M after holding it about 15 months. probably did a little better than break even on that one.

He’s probably not sleepin too well these days and hoping for the market to get better;)

[sdrealtor]

He still owns 2 of the units at palermo that he couldnt sell. Also bought a couple in UTC as well as 2 houses in McMillans project near the airport on the old navy base (sorry I went brain dead on the name). As for the RSF property, after paying 1.65M and spending more than 100K on renovations he ended up selling for 1.975M after holding it about 15 months. probably did a little better than break even on that one.

He’s probably not sleepin too well these days and hoping for the market to get better;)

[Allan from Fallbrook]

DaCounselor: A friend of mine does a lot of work in South America and travels to Miami frequently as a result. He has been doing this since 2004, so he has seen the upswing and subsequent plummet of the Miami condo market.

In particular, the units along Biscayne are getting savaged as far as sales and reduced pricing go. He also mentioned that several of the highly touted condo high rises have shuttered operations without even breaking ground.

The incentive packages being offered are also getting more and more grandiose in the (apparently) forlorn hopes of enticing buyers.

I don’t think the downtown SD condo market is going to get this bad, but it sounds as though there is a huge amount of inventory getting ready to hit the market over the next 2.5 years and that should have a significant impact on pricing.

[Allan from Fallbrook]

DaCounselor: A friend of mine does a lot of work in South America and travels to Miami frequently as a result. He has been doing this since 2004, so he has seen the upswing and subsequent plummet of the Miami condo market.

In particular, the units along Biscayne are getting savaged as far as sales and reduced pricing go. He also mentioned that several of the highly touted condo high rises have shuttered operations without even breaking ground.

The incentive packages being offered are also getting more and more grandiose in the (apparently) forlorn hopes of enticing buyers.

I don’t think the downtown SD condo market is going to get this bad, but it sounds as though there is a huge amount of inventory getting ready to hit the market over the next 2.5 years and that should have a significant impact on pricing.

[PerryChase]

Thanks for the update, sdrealtor. You were thinking Liberty Station for the Mc Millin development.

It sure puts things in perspective. And how much does he owe on the remaining properties, including the Point Loma house which he leveraged to start investing?

I know that we’re talking about someone’s financial matters, but since he bragged about his real estate prowess to a major newspaper, his transactions have entered the public domain and the unwinding of his investments are a matter of public interest.

I think the UT article was disingenuous and more like a piece of real estate propaganda because it gave examples of real estate investments without evidence of the return on investment.

[PerryChase]

Thanks for the update, sdrealtor. You were thinking Liberty Station for the Mc Millin development.

It sure puts things in perspective. And how much does he owe on the remaining properties, including the Point Loma house which he leveraged to start investing?

I know that we’re talking about someone’s financial matters, but since he bragged about his real estate prowess to a major newspaper, his transactions have entered the public domain and the unwinding of his investments are a matter of public interest.

I think the UT article was disingenuous and more like a piece of real estate propaganda because it gave examples of real estate investments without evidence of the return on investment.

[no_such_reality]

I think the UT article was disingenuous and more like a piece of real estate propaganda because it gave examples of real estate investments without evidence of the return on investment.

The House Flipper shows are all re-running prior episodes. Haven’t seen many new ones expect for Real Estate Pros, the original guy from South Carolina.

What’s interesting is the re-runs, now have flash forwards and updates. With the flippers bravely claiming to basically have “broke-even” and not many willing to do it again.

[no_such_reality]

I think the UT article was disingenuous and more like a piece of real estate propaganda because it gave examples of real estate investments without evidence of the return on investment.

The House Flipper shows are all re-running prior episodes. Haven’t seen many new ones expect for Real Estate Pros, the original guy from South Carolina.

What’s interesting is the re-runs, now have flash forwards and updates. With the flippers bravely claiming to basically have “broke-even” and not many willing to do it again.

[jeeman]

Bugs, not only is that about one year’s net income, but that’s several years of savings for the average family. You can survive only if that’s money after you pay your bills.

Jeeman

[jeeman]

Bugs, not only is that about one year’s net income, but that’s several years of savings for the average family. You can survive only if that’s money after you pay your bills.

Jeeman

[Bugs]

Agreed.

I also agree with DaC’s observation that Miami’s condo market is much more vulnerable than our local downtown market. The scale between these two market segments is completely different, with both the market and the surplus in Miami being much larger.

[Bugs]

Agreed.

I also agree with DaC’s observation that Miami’s condo market is much more vulnerable than our local downtown market. The scale between these two market segments is completely different, with both the market and the surplus in Miami being much larger.

[Author]

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