Giving in

[ljinvestor]

DeadZone- What was the price range for that sale. SFR under $1.3MM are still pretty strong.

I agree monthly payment is much cheaper to rent a remodeled ocean view property than own, but some of the other non view properties are making sense to purchase over rent. Especially if you can find a good SS, trustee sale, or owner with equity ready to move on.

[Anonymous]

[quote=ljinvestor]DeadZone- What was the price range for that sale. SFR under $1.3MM are still pretty strong.

I agree monthly payment is much cheaper to rent a remodeled ocean view property than own, but some of the other non view properties are making sense to purchase over rent. Especially if you can find a good SS, trustee sale, or owner with equity ready to move on.[/quote]

This is under $1m properties I am talking about. Interestingly the price of the one that just sold was not far from the target price range I was actually not expecting to see for another 1-2 years, in which the buy vs rent decision becomes more compelling. We’ll have to see if that was an anomaly or not.

[Anonymous]

[quote=ljinvestor]DeadZone- What was the price range for that sale. SFR under $1.3MM are still pretty strong.

I agree monthly payment is much cheaper to rent a remodeled ocean view property than own, but some of the other non view properties are making sense to purchase over rent. Especially if you can find a good SS, trustee sale, or owner with equity ready to move on.[/quote]

This is under $1m properties I am talking about. Interestingly the price of the one that just sold was not far from the target price range I was actually not expecting to see for another 1-2 years, in which the buy vs rent decision becomes more compelling. We’ll have to see if that was an anomaly or not.

[Anonymous]

[quote=ljinvestor]DeadZone- What was the price range for that sale. SFR under $1.3MM are still pretty strong.

I agree monthly payment is much cheaper to rent a remodeled ocean view property than own, but some of the other non view properties are making sense to purchase over rent. Especially if you can find a good SS, trustee sale, or owner with equity ready to move on.[/quote]

This is under $1m properties I am talking about. Interestingly the price of the one that just sold was not far from the target price range I was actually not expecting to see for another 1-2 years, in which the buy vs rent decision becomes more compelling. We’ll have to see if that was an anomaly or not.

[Anonymous]

[quote=ljinvestor]DeadZone- What was the price range for that sale. SFR under $1.3MM are still pretty strong.

I agree monthly payment is much cheaper to rent a remodeled ocean view property than own, but some of the other non view properties are making sense to purchase over rent. Especially if you can find a good SS, trustee sale, or owner with equity ready to move on.[/quote]

This is under $1m properties I am talking about. Interestingly the price of the one that just sold was not far from the target price range I was actually not expecting to see for another 1-2 years, in which the buy vs rent decision becomes more compelling. We’ll have to see if that was an anomaly or not.

[Anonymous]

[quote=ljinvestor]DeadZone- What was the price range for that sale. SFR under $1.3MM are still pretty strong.

I agree monthly payment is much cheaper to rent a remodeled ocean view property than own, but some of the other non view properties are making sense to purchase over rent. Especially if you can find a good SS, trustee sale, or owner with equity ready to move on.[/quote]

This is under $1m properties I am talking about. Interestingly the price of the one that just sold was not far from the target price range I was actually not expecting to see for another 1-2 years, in which the buy vs rent decision becomes more compelling. We’ll have to see if that was an anomaly or not.

[briansd1]

[quote=deadzone]La Jolla Renter, I’m in the same boat as you (enjoying life renting in la jolla). No question la jolla hasn’t hit bottom. In fact in my neighborhood the most recent sale a few weeks ago was over 10% less than the previous low and this property was in great shape. It was a short sale so I was surprised the bank would let it go for so far below comps. Anyway the trend is still very clearly down where I live.[/quote]

I agree about La Jolla.

I know someone renting for $3,700/mo including gardening & pool service a house that would otherwise list for $1.2 to $1.4 million.

[briansd1]

[quote=deadzone]La Jolla Renter, I’m in the same boat as you (enjoying life renting in la jolla). No question la jolla hasn’t hit bottom. In fact in my neighborhood the most recent sale a few weeks ago was over 10% less than the previous low and this property was in great shape. It was a short sale so I was surprised the bank would let it go for so far below comps. Anyway the trend is still very clearly down where I live.[/quote]

I agree about La Jolla.

I know someone renting for $3,700/mo including gardening & pool service a house that would otherwise list for $1.2 to $1.4 million.

[briansd1]

[quote=deadzone]La Jolla Renter, I’m in the same boat as you (enjoying life renting in la jolla). No question la jolla hasn’t hit bottom. In fact in my neighborhood the most recent sale a few weeks ago was over 10% less than the previous low and this property was in great shape. It was a short sale so I was surprised the bank would let it go for so far below comps. Anyway the trend is still very clearly down where I live.[/quote]

I agree about La Jolla.

I know someone renting for $3,700/mo including gardening & pool service a house that would otherwise list for $1.2 to $1.4 million.

[briansd1]

[quote=deadzone]La Jolla Renter, I’m in the same boat as you (enjoying life renting in la jolla). No question la jolla hasn’t hit bottom. In fact in my neighborhood the most recent sale a few weeks ago was over 10% less than the previous low and this property was in great shape. It was a short sale so I was surprised the bank would let it go for so far below comps. Anyway the trend is still very clearly down where I live.[/quote]

I agree about La Jolla.

I know someone renting for $3,700/mo including gardening & pool service a house that would otherwise list for $1.2 to $1.4 million.

[briansd1]

[quote=deadzone]La Jolla Renter, I’m in the same boat as you (enjoying life renting in la jolla). No question la jolla hasn’t hit bottom. In fact in my neighborhood the most recent sale a few weeks ago was over 10% less than the previous low and this property was in great shape. It was a short sale so I was surprised the bank would let it go for so far below comps. Anyway the trend is still very clearly down where I live.[/quote]

I agree about La Jolla.

I know someone renting for $3,700/mo including gardening & pool service a house that would otherwise list for $1.2 to $1.4 million.

[briansd1]

[quote=deadzone]Again, can you comment on the fact that May 2011 home sales are 27% off the historical average, even while interest rates are at all time lows? Is that an opinion or a fact? How you choose to interpret facts like this are up to you. If you want to belive the realtor crowd they will tell you this is nothing to worry about. But what do you believe?[/quote]

I believe that this housing recession is unlike the cyclical housing downturns of the past.

Buyers are clearly tapped out, so the pent up demand is not translating into sales because that demand lacks the ability to pay.

IMHO, households are tapped out because they have too many bills that require monthly payments. Our credit society has evolved to such a point that each portion of a person’s salary accounts for one monthly bill or another.

That’s why the easy credit and wealth effect of the bubble were essential in driving sales.

[briansd1]

[quote=deadzone]Again, can you comment on the fact that May 2011 home sales are 27% off the historical average, even while interest rates are at all time lows? Is that an opinion or a fact? How you choose to interpret facts like this are up to you. If you want to belive the realtor crowd they will tell you this is nothing to worry about. But what do you believe?[/quote]

I believe that this housing recession is unlike the cyclical housing downturns of the past.

Buyers are clearly tapped out, so the pent up demand is not translating into sales because that demand lacks the ability to pay.

IMHO, households are tapped out because they have too many bills that require monthly payments. Our credit society has evolved to such a point that each portion of a person’s salary accounts for one monthly bill or another.

That’s why the easy credit and wealth effect of the bubble were essential in driving sales.

[briansd1]

[quote=deadzone]Again, can you comment on the fact that May 2011 home sales are 27% off the historical average, even while interest rates are at all time lows? Is that an opinion or a fact? How you choose to interpret facts like this are up to you. If you want to belive the realtor crowd they will tell you this is nothing to worry about. But what do you believe?[/quote]

I believe that this housing recession is unlike the cyclical housing downturns of the past.

Buyers are clearly tapped out, so the pent up demand is not translating into sales because that demand lacks the ability to pay.

IMHO, households are tapped out because they have too many bills that require monthly payments. Our credit society has evolved to such a point that each portion of a person’s salary accounts for one monthly bill or another.

That’s why the easy credit and wealth effect of the bubble were essential in driving sales.

[briansd1]

[quote=deadzone]Again, can you comment on the fact that May 2011 home sales are 27% off the historical average, even while interest rates are at all time lows? Is that an opinion or a fact? How you choose to interpret facts like this are up to you. If you want to belive the realtor crowd they will tell you this is nothing to worry about. But what do you believe?[/quote]

I believe that this housing recession is unlike the cyclical housing downturns of the past.

Buyers are clearly tapped out, so the pent up demand is not translating into sales because that demand lacks the ability to pay.

IMHO, households are tapped out because they have too many bills that require monthly payments. Our credit society has evolved to such a point that each portion of a person’s salary accounts for one monthly bill or another.

That’s why the easy credit and wealth effect of the bubble were essential in driving sales.

[Author]

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