Back to the Office for Tech Workers

[Anonymous]

[quote=an][quote=deadzone]Who said I’m looking to buy a house?
I just want to see asset prices return to their organic, free market, not Fed induced bubble prices. That will be better for society in general. Perhaps there will be some pain along the way but so be it.[/quote]
I’m confused, if you are not looking to buy, then why do you wish pain on people? That’s pretty evil. I thought at least the evilness stems from personal gain (ability and opportunity to finally buy a house). However, if it’s not for personal gain, then it’s just pure evil to enjoying seeing pain and cheerleading for the pain.[/quote]

The only people that will be in pain if assets correct are those who overpaid and particularly overleveraged themselves. Investors primarily.

If you bought a primary residence 5 years ago, it went up 50%, then goes back down 40%, what do you care? It is supposed to be a place to live, not an investment

But, if you got greedy and took cash our Refis to buy boats, Landrovers and vacations, then really I have no sympathy for you. The reality is there is a great number of people in this cash our Refi camp, just like the last housing bubble.

[sdrealtor]

This is just some one who is envious of others. Some one who has failed and wishes bad things on others. This is not a good person nor is this a greedy person with self interest. This is just a pathetic jealous loser

[Anonymous]

[quote=Coronita][quote=deadzone][quote=Coronita]yawn…. welcome back DZ/ How’s UTC life? 🙂

Robinhood is hardly “tech”. It’s a brokerage house…. and 9% is roughly 300 people. Drop in the bucket… No different than Schwab laying off a bunch of people from Ameritrade. Or better.com laying off people right before the holidays…

IBM and MSFT did just fine. For every loser there are winners. just like in real life.

But anyway. I think it’s pretty funny that you’re cheering for tech layoffs and at the same time you’re saying you’re in tech and not worried you’ll be laidoff. You can’t buy a house if you end up unemployed.[/quote]

Who said I’m looking to buy a house?
I just want to see asset prices return to their organic, free market, not Fed induced bubble prices. That will be better for society in general. Perhaps there will be some pain along the way but so be it.[/quote]

we know you aren’t looking now. But using your logic, the “pain” you describe of unemployment and possibly weakening house prices from it won’t be doing you any favors in the future too, if it were to happen. Because if you are in tech (and that’s big if, since it doesn’t sound like you are in it based on your posts), you won’t be any more ready to buy if the tech economy craps out and you get laid off as you probably will if things are as bad as you say it will be, because you’re kidding yourself if you think you’ll be immune while others are affected. Just saying.

However, imho that’s a great time to pick up more rental properties since it brings more weight back to all cash offers. So bring it :)[/quote]

Again you guys are vastly overrating the job losses associated with the recession. I don’t know anyone who lost their job in the last crash. And regardless, I have a lot more savings than most people (who are generally in debt) so could easily survive a mega-crash even without a job. I say bring on the crash and bring it hard.
But again, we all know the Fed is going to come to the rescue eventually. That is the wildcard that makes it impossible to go “all in” betting one way or the other.

[Anonymous]

[quote=Coronita][quote=deadzone][quote=Coronita]yawn…. welcome back DZ/ How’s UTC life? 🙂

Robinhood is hardly “tech”. It’s a brokerage house…. and 9% is roughly 300 people. Drop in the bucket… No different than Schwab laying off a bunch of people from Ameritrade. Or better.com laying off people right before the holidays…

IBM and MSFT did just fine. For every loser there are winners. just like in real life.

But anyway. I think it’s pretty funny that you’re cheering for tech layoffs and at the same time you’re saying you’re in tech and not worried you’ll be laidoff. You can’t buy a house if you end up unemployed.[/quote]

Who said I’m looking to buy a house?
I just want to see asset prices return to their organic, free market, not Fed induced bubble prices. That will be better for society in general. Perhaps there will be some pain along the way but so be it.[/quote]

we know you aren’t looking now. But using your logic, the “pain” you describe of unemployment and possibly weakening house prices from it won’t be doing you any favors in the future too, if it were to happen. Because if you are in tech (and that’s big if, since it doesn’t sound like you are in it based on your posts), you won’t be any more ready to buy if the tech economy craps out and you get laid off as you probably will if things are as bad as you say it will be, because you’re kidding yourself if you think you’ll be immune while others are affected. Just saying.

However, imho that’s a great time to pick up more rental properties since it brings more weight back to all cash offers. So bring it :)[/quote]

Again you guys are vastly overrating the job losses associated with the recession. I don’t know anyone who lost their job in the last crash. And regardless, I have a lot more savings than most people (who are generally in debt) so could easily survive a mega-crash even without a job. I say bring on the crash and bring it hard.
But again, we all know the Fed is going to come to the rescue eventually. That is the wildcard that makes it impossible to go “all in” betting one way or the other.

[Anonymous]

[quote=sdrealtor]This is just some one who is envious of others. Some one who has failed and wishes bad things on others. This is not a good person nor is this a greedy person with self interest. This is just a pathetic jealous loser[/quote]

I’m not jealous at all. But I will take great pleasure in seeing assholes like you lose a lot of money.

[Coronita]

[quote=deadzone]

Again you guys are vastly overrating the job losses associated with the recession. I don’t know anyone who lost their job in the last crash. And regardless, I have a lot more savings than most people (who are generally in debt) so could easily survive a mega-crash even without a job. I say bring on the crash and bring it hard.
But again, we all know the Fed is going to come to the rescue eventually. That is the wildcard that makes it impossible to go “all in” betting one way or the other.[/quote]

No, that’s not what I’m saying. What I’m saying is basically what you are now saying in a circular way. A minor job loss probably isn’t going to make a dent in housing inventory. Minor job losses can be absorbed over brief periods of time. Job losses could make a dent in housing inventory if it is widespread and sustained. But for job losses to make a material impact on housing inventory as you would like…seems like it would need to be severe and widespread and sustained, and my point is that’s a double edge sword, since inevitably you would be impacted, and you’ll most likely be disappointed for the very same reason that during the dot.com correction, it doesn’t appear you had taken significant advantage of a downturn from then and during the past 20 years when we had downturns. If you were working around the time of the dot.com crash of 2001, that means you’re a pretty old dude like me….any sort of advantage you could have taken, you would have already taken, and there were many of them for the past 20+ years…And here we are still talking about how the next downturn is going to make you whole, 20+ years later.

I can’t predict what will happen, but I’m pretty confident you aren’t going to benefit as well, if at all, from a downturn as you think you will, if history is an indicator.

[sdrealtor]

You work in public sector of course you don’t know people that lost jobs. I know tons that did outside of the real estate world. But there you go again rooting for a crash that will only inflict pain and give you no gain

And you will get NO joy from me. I’ve got a nearly paid off $2m+ home that has zero impact on my life if it goes to $5m or $500k. Nothing changes in my life. Over 80% of my savings are managed professionally and conservatively at Merrill Lynch and outside of some dividends and required minimum distributions I don’t touch any of it and have no plans or need to ever do so. Financially I’m pretty bullet proof. If things go down my dividends reinvest at lower prices so it actually benefits me. Someday my heirs will care but I’m not going anywhere so they can enjoy me while I’m here! You’re just a sad jealous loser with no path to winning

[sdrealtor]

He would only benefit enjoying others pain. There is no gain for him just pain for others he hopes suffer because he envies their success. Such a sad place to be

[an]

I remember in 2004-2005, there were a lot of pain from people recently graduated who finally saved enough to buy their first home.

[Coronita]

[quote=an]I remember in 2004-2005, there were a lot of pain from people recently graduated who finally saved enough to buy their first home.[/quote]

Yes, but over the long period of time, those that held on did just fine. I bought here in SD around that time. Again, people that got hurt were people that couldn’t afford their liar loans and couldn’t hold on. Those that were already able to get 30 year fixed loans simply held on, refinanced, held on, and/or eventually paid it off or paid down the loan balance or put the extra money to use for other investments like rentals. And now, their housing costs is now fixed and not blowing up with rising rents and and inflation…lesson learned, don’t fvck around with your place of residence or risk get screwed over by a landlord for the next decade or longer. The mortgage on the 5/3 at the time was $3900/month. And the cash out refi at 3% is around $2300/month. That’s almost how much a 1/1 in mira Mesa today.

Check out this listing I found on HotPads!

https://hotpads.com/8656-new-salem-st-san-diego-ca-92126-1m4vdpt/51/pad?propertyTypes=condo

I’m not surprised rents in UTC is breaking through $3k for 2/2.

$2200 for a 1/1 in MM is $400/month more than Oct 2021 when I rented out the 1/1 when my tenant decided he wanted to cancel his $1550/month to month lease because he didn’t want to pay for rent for 2 months while he went overseas, lolol. I think he found a 1 bedroom room in a shared house for about $1600/month in Mira Mesa … Idiot. Lol

Rent is mooning my ass…

[sdrealtor]

I think you may be misunderstanding what mooning means. It means going to the moon as in rising rapidly which is what your example showed.

[Coronita]

[quote=sdrealtor]I think you may be misunderstanding what mooning means. It means going to the moon as in rising rapidly which is what your example showed.[/quote]
Correct .I meant

Rent is not mooning my ass.

typo.

[an]

[quote=Coronita][quote=an]I remember in 2004-2005, there were a lot of pain from people recently graduated who finally saved enough to buy their first home.[/quote]

Yes, but over the long period of time, those that held on did just fine. I bought here in SD around that time. Again, people that got hurt were people that couldn’t afford their liar loans and couldn’t hold on. Those that were already able to get 30 year fixed loans simply held on, refinanced, held on, and/or eventually paid it off or paid down the loan balance or put the extra money to use for other investments like rentals. And now, their housing costs is now fixed and not blowing up with rising rents and and inflation…lesson learned, don’t fvck around with your place of residence or risk get screwed over by a landlord for the next decade or longer. The mortgage on the 5/3 at the time was $3900/month. And the cash out refi at 3% is around $2300/month. That’s almost how much a 1/1 in mira Mesa today.

Check out this listing I found on HotPads!

https://hotpads.com/8656-new-salem-st-san-diego-ca-92126-1m4vdpt/51/pad?propertyTypes=condo

I’m not surprised rents in UTC is breaking through $3k for 2/2.

$2200 for a 1/1 in MM is $400/month more than Oct 2021 when I rented out the 1/1 when my tenant decided he wanted to cancel his $1550/month to month lease because he didn’t want to pay for rent for 2 months while he went overseas, lolol. I think he found a 1 bedroom room in a shared house for about $1600/month in Mira Mesa … Idiot. Lol

Rent is mooning my ass…[/quote]
But you weren’t a relatively new grad or worked at a company that folded. I’m talking about those new grads who save just enough to buy and were afraid they’ll be priced out. I know a couple of guys who bought a house together because of the fear of missing out. They end up short selling.

So, yes, the people who took liar loans were hurt back then, but so were honest young people who didn’t know better and didn’t have the financial cushion to ride it through.

[Anonymous]

Lower prices in general (housing, etc) will benefit the vast majority of people. The few remaining folks on piggington are all real estate investors of some degree so of course you are going to argue against the societal benefits of lower home prices. It is pointless to debate this with you people.

[an]

[quote=deadzone]Lower prices in general (housing, etc) will benefit the vast majority of people. The few remaining folks on piggington are all real estate investors of some degree so of course you are going to argue against the societal benefits of lower home prices. It is pointless to debate this with you people.[/quote]
Wrong, given this data: https://www.10news.com/news/local-news/report-shows-it-costs-more-to-rent-in-san-diego-than-in-los-angeles-042622?fbclid=IwAR1b1DAdNKwkEJH0Y7P1toQJ97Ndcnc_pS7pQeFNA18BUN_gYt9Qfk8_Pbg, I 10000000% welcome lower prices. I can make even more profit by buying even more houses and renting out at an even higher rent. Why would I object to more profit and more $? That doesn’t make any sense.

Also, the last time we saw a housing crash, it was the rich and investors who benefited the most. If you were trying to buy a house during the bottom of the last cycle, you would know.

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