Let’s create an ad for the UT

[garysears]

Part of the UT article today quoted the guy as saying that foreclosures aren’t affecting real estate prices. Well something sure is. If not yet, then look out when they do!

I just got off the phone with a Countrywide sales lady. She was pretty straightforward about some of the issues Countrywide is having in California and especially here in San Diego. She said countrywide has over 300 REO properties in San Diego county alone. I haven’t checked the addresses on the REO site but I have no reason to doubt her. She said she was shocked that she found they have some $1 million plus homes on that list. I don’t think anyone here would agree with the UT article that this is a subprime problem.

BTW, I looked at sales data for 3140 / 3142 Midway Drive on Point Loma / Old Town because I almost bought there in late 2003. Of 8 sales with identical 2/2 800sf plans sold in the last 2 years, the median sale price was $295K. There is one on the market right now for $230K. Another has been on the market for 150 days at $250K with no bites. They were asking around $220K in DEC ’03 / Jan ’04. I drove by there today and saw 4 “for sale” signs in windows but couldn’t find them all on the MLS.

[garysears]

Part of the UT article today quoted the guy as saying that foreclosures aren’t affecting real estate prices. Well something sure is. If not yet, then look out when they do!

I just got off the phone with a Countrywide sales lady. She was pretty straightforward about some of the issues Countrywide is having in California and especially here in San Diego. She said countrywide has over 300 REO properties in San Diego county alone. I haven’t checked the addresses on the REO site but I have no reason to doubt her. She said she was shocked that she found they have some $1 million plus homes on that list. I don’t think anyone here would agree with the UT article that this is a subprime problem.

BTW, I looked at sales data for 3140 / 3142 Midway Drive on Point Loma / Old Town because I almost bought there in late 2003. Of 8 sales with identical 2/2 800sf plans sold in the last 2 years, the median sale price was $295K. There is one on the market right now for $230K. Another has been on the market for 150 days at $250K with no bites. They were asking around $220K in DEC ’03 / Jan ’04. I drove by there today and saw 4 “for sale” signs in windows but couldn’t find them all on the MLS.

[NotCranky]

On the interview topic:

Maybe we can get Rich some air time/TV time with a stealth guest interviewer selected from the ranks of this blog? Somebody that will lead him in a direction that will make it easier to accomodate the needs or the serious bears and REIC player haters. How about JWM? I don’t know, he’s getting pretty soft lately ;).

First question, JWM stares into the camera…. “Rich can you tell these STUPID people out there just what part of the F#@%^!@$^% Real Estate bubble it is that they don’t understand?”

Second question. (JWM whips out dry erase pen and a white board) “Rich can you spell REALTWHORE and tell the public what that means?”

Studio audience chants:

Latesummer2008,latesummer2008,latesummer2008 !!!!

[NotCranky]

On the interview topic:

Maybe we can get Rich some air time/TV time with a stealth guest interviewer selected from the ranks of this blog? Somebody that will lead him in a direction that will make it easier to accomodate the needs or the serious bears and REIC player haters. How about JWM? I don’t know, he’s getting pretty soft lately ;).

First question, JWM stares into the camera…. “Rich can you tell these STUPID people out there just what part of the F#@%^!@$^% Real Estate bubble it is that they don’t understand?”

Second question. (JWM whips out dry erase pen and a white board) “Rich can you spell REALTWHORE and tell the public what that means?”

Studio audience chants:

Latesummer2008,latesummer2008,latesummer2008 !!!!

[Alex_angel]

First of all I was joking about Rich and the article about dumb San Diego buyers. My point was about how these builders make thier ads look like editorials. It would be funny to throw an “ad” in there to contradicts what these schmoes are printing.

[Alex_angel]

First of all I was joking about Rich and the article about dumb San Diego buyers. My point was about how these builders make thier ads look like editorials. It would be funny to throw an “ad” in there to contradicts what these schmoes are printing.

[Author]

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