Buying a house at the new top of the market?

[briansd1]

[quote=Nor-LA-SD-guy]Most of these are people who had homes given to them either in a land for condo’s deal or by their employer (you should visit China before you think you know where Chinese get their homes and what they do with them), others bought them 5 or 10 years ago when they did cash flow and now looking at 15 thousand percent gains (you would be amazed).

TV not so much, but there are more than a few in TV as well.

Visit China , you will be amazed and maybe a little frightened.

If your not, your not paying attention.[/quote]

I’ve been to China many times.

As I said before one of my Chinese friend’s parents sold (was forced to sell) their ancestral house to developers. In exchange they are getting 4 brand new luxury condos free and clear from the developers.

But they are not looking to buy in America.

China is building luxury condos that people can’t afford. Speculators are sitting on empty units because it’s where they are parking their cash. There are no property taxes in China so the holding cost on new units is almost nil.

When the bubble bursts in the big cities of China it won’t be pretty.

[Nor-LA-SD-guy]

I just got back, and talked to one (business man who owned a paper factory) who just happen to park some money in condo’s as well, he was selling as fast as he could and partnering with a few others looking at buying for cash flow in the U.S. ( he could lose 50% and still be up big big time).

Another had three condos given to his family; they were trying to sell the extras and had a relative in OC looking for them. (The condos were going for around 500K U.S.D. (not quite in the middle of shanghai).

So it is happening, if only 5% do this it will be a flood.

[Nor-LA-SD-guy]

I just got back, and talked to one (business man who owned a paper factory) who just happen to park some money in condo’s as well, he was selling as fast as he could and partnering with a few others looking at buying for cash flow in the U.S. ( he could lose 50% and still be up big big time).

Another had three condos given to his family; they were trying to sell the extras and had a relative in OC looking for them. (The condos were going for around 500K U.S.D. (not quite in the middle of shanghai).

So it is happening, if only 5% do this it will be a flood.

[Nor-LA-SD-guy]

I just got back, and talked to one (business man who owned a paper factory) who just happen to park some money in condo’s as well, he was selling as fast as he could and partnering with a few others looking at buying for cash flow in the U.S. ( he could lose 50% and still be up big big time).

Another had three condos given to his family; they were trying to sell the extras and had a relative in OC looking for them. (The condos were going for around 500K U.S.D. (not quite in the middle of shanghai).

So it is happening, if only 5% do this it will be a flood.

[Nor-LA-SD-guy]

I just got back, and talked to one (business man who owned a paper factory) who just happen to park some money in condo’s as well, he was selling as fast as he could and partnering with a few others looking at buying for cash flow in the U.S. ( he could lose 50% and still be up big big time).

Another had three condos given to his family; they were trying to sell the extras and had a relative in OC looking for them. (The condos were going for around 500K U.S.D. (not quite in the middle of shanghai).

So it is happening, if only 5% do this it will be a flood.

[Nor-LA-SD-guy]

I just got back, and talked to one (business man who owned a paper factory) who just happen to park some money in condo’s as well, he was selling as fast as he could and partnering with a few others looking at buying for cash flow in the U.S. ( he could lose 50% and still be up big big time).

Another had three condos given to his family; they were trying to sell the extras and had a relative in OC looking for them. (The condos were going for around 500K U.S.D. (not quite in the middle of shanghai).

So it is happening, if only 5% do this it will be a flood.

[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[UCGal]

To the OP
Are you planning on staying in the home long term (7 years or longer.) ?
Does the house meet your needs?
Do you have a contingency savings account in case of job loss or need for a new roof, etc…?

Will you be happier in the house, living there, paying your mortgage, or happier renting.

I know it’s not a popular view on this board, but I keep espousing my view: You should purchase a home, not an investment when you’re buying a house.

Does it provide shelter in a form that won’t leave you broke and/or full of regrets? Will your quality of life be better or worse if you buy?

Forget trying to time the market… figure out if you can afford to live in it… If you’re buying the house to live in, long term, then you don’t have to worry about whether this is the absolute bottom or somewhere in the middle.

That said – if you’re plan is to trade it on a bigger/newer/more expensive home in a few years… then my advise doesn’t apply… and I’d advise you to keep renting… you’re gambling your downpayment if you’re buying short term.

[sdcellar]

As I was saying, I’m definitely not trying to time the bottom, just trying to avoid a top and even a drop of 5% is nothing to sneeze at. Also, the area I’m looking at hasn’t seen anything close to 40-50% drops, but that doesn’t change the fact that it will probably “easier” to recoup any short term loss.

I’m also not seeking perfection, but given that I’ve been patient this long, if I can get something that’s a little closer to perfection and only hang on another 6-12 months, I’d do it in a second. Probably not the smartest thing, but I’m trying to get a house that I’ll be as happy about as my last one. This one is close.

To whoever asked, this property would not cash flow, but it wouldn’t be stupid negative either and that means maybe it could just a bit down the road (maybe 7-10 years). And this isn’t that type of property anyway.

Also, I don’t want to tell everybody the address, but I will help narrow things down as I know it’s hard to give advice when the scope is essentially limitless. Basically, it’s a North County Coastal property somewhere between South Carlsbad and La Jolla (inclusive). Some of you may have already guessed that when I said the area hadn’t been hit that hard pricewise. Beyond that, I don’t think there’s much more I can say, because the Piggies are smarties. I don’t need you stealing my house from me or firebombing it after I move in (a few on this site aren’t my biggest fans…) I guess I can also add that it’s not (what I would consider) a starter house. We be livin’ there for a long time.

Even though that last bit ameliorates downside concerns considerably, don’t assume I want to disregard them. Again, I care at least a little bit about what I can get for the same money in a not too distant future.

[sdcellar]

As I was saying, I’m definitely not trying to time the bottom, just trying to avoid a top and even a drop of 5% is nothing to sneeze at. Also, the area I’m looking at hasn’t seen anything close to 40-50% drops, but that doesn’t change the fact that it will probably “easier” to recoup any short term loss.

I’m also not seeking perfection, but given that I’ve been patient this long, if I can get something that’s a little closer to perfection and only hang on another 6-12 months, I’d do it in a second. Probably not the smartest thing, but I’m trying to get a house that I’ll be as happy about as my last one. This one is close.

To whoever asked, this property would not cash flow, but it wouldn’t be stupid negative either and that means maybe it could just a bit down the road (maybe 7-10 years). And this isn’t that type of property anyway.

Also, I don’t want to tell everybody the address, but I will help narrow things down as I know it’s hard to give advice when the scope is essentially limitless. Basically, it’s a North County Coastal property somewhere between South Carlsbad and La Jolla (inclusive). Some of you may have already guessed that when I said the area hadn’t been hit that hard pricewise. Beyond that, I don’t think there’s much more I can say, because the Piggies are smarties. I don’t need you stealing my house from me or firebombing it after I move in (a few on this site aren’t my biggest fans…) I guess I can also add that it’s not (what I would consider) a starter house. We be livin’ there for a long time.

Even though that last bit ameliorates downside concerns considerably, don’t assume I want to disregard them. Again, I care at least a little bit about what I can get for the same money in a not too distant future.

[sdcellar]

As I was saying, I’m definitely not trying to time the bottom, just trying to avoid a top and even a drop of 5% is nothing to sneeze at. Also, the area I’m looking at hasn’t seen anything close to 40-50% drops, but that doesn’t change the fact that it will probably “easier” to recoup any short term loss.

I’m also not seeking perfection, but given that I’ve been patient this long, if I can get something that’s a little closer to perfection and only hang on another 6-12 months, I’d do it in a second. Probably not the smartest thing, but I’m trying to get a house that I’ll be as happy about as my last one. This one is close.

To whoever asked, this property would not cash flow, but it wouldn’t be stupid negative either and that means maybe it could just a bit down the road (maybe 7-10 years). And this isn’t that type of property anyway.

Also, I don’t want to tell everybody the address, but I will help narrow things down as I know it’s hard to give advice when the scope is essentially limitless. Basically, it’s a North County Coastal property somewhere between South Carlsbad and La Jolla (inclusive). Some of you may have already guessed that when I said the area hadn’t been hit that hard pricewise. Beyond that, I don’t think there’s much more I can say, because the Piggies are smarties. I don’t need you stealing my house from me or firebombing it after I move in (a few on this site aren’t my biggest fans…) I guess I can also add that it’s not (what I would consider) a starter house. We be livin’ there for a long time.

Even though that last bit ameliorates downside concerns considerably, don’t assume I want to disregard them. Again, I care at least a little bit about what I can get for the same money in a not too distant future.

[sdcellar]

As I was saying, I’m definitely not trying to time the bottom, just trying to avoid a top and even a drop of 5% is nothing to sneeze at. Also, the area I’m looking at hasn’t seen anything close to 40-50% drops, but that doesn’t change the fact that it will probably “easier” to recoup any short term loss.

I’m also not seeking perfection, but given that I’ve been patient this long, if I can get something that’s a little closer to perfection and only hang on another 6-12 months, I’d do it in a second. Probably not the smartest thing, but I’m trying to get a house that I’ll be as happy about as my last one. This one is close.

To whoever asked, this property would not cash flow, but it wouldn’t be stupid negative either and that means maybe it could just a bit down the road (maybe 7-10 years). And this isn’t that type of property anyway.

Also, I don’t want to tell everybody the address, but I will help narrow things down as I know it’s hard to give advice when the scope is essentially limitless. Basically, it’s a North County Coastal property somewhere between South Carlsbad and La Jolla (inclusive). Some of you may have already guessed that when I said the area hadn’t been hit that hard pricewise. Beyond that, I don’t think there’s much more I can say, because the Piggies are smarties. I don’t need you stealing my house from me or firebombing it after I move in (a few on this site aren’t my biggest fans…) I guess I can also add that it’s not (what I would consider) a starter house. We be livin’ there for a long time.

Even though that last bit ameliorates downside concerns considerably, don’t assume I want to disregard them. Again, I care at least a little bit about what I can get for the same money in a not too distant future.

[Author]

Posts