Local Realtard Mark Mills in yesterday’s NY Times

[davelj]

[This guy – Mark Mills – a bullish Downtown San Diego Realtor (and “economist”, according to his website – which means he took a few economics courses in college, I guess) – gets a quote in yesterday’s NY Times regarding his ill-timed condo purchase in downtown SD. Here’s Mark’s site: http://www.liveatthetop.com/. Click on the “Important Articles” for a laugh.]

From “Collateral Foreclosure Damage for Condo Owners,” in yesterday’s NY Times:
******************

Condo owners across the country are trying to ride out the slowdown. Since 2004, when Mark Mills bought his two-bedroom apartment for $622,000 in the 210-unit GasLamp City Square condo in downtown San Diego, 10 of his neighbors have succumbed to foreclosure. The building now has a $115,000 shortfall in its budget because residents failed to pay their condo dues.

He resents neighbors who have rented units they cannot sell to 20-somethings, who leave beer bottles in the lobby and hold late-night parties. He is tired of the constant beeping of a smoke alarm in a vacant unit, indicating a battery needs to be replaced. Still, Mr. Mills is staying because he expects he could get only about $550,000 for his home.

“We couldn’t sell it for what we bought it for,” he said. “I’m in it for the long haul.”

*******************

$550K? Bwahahahaha! Sorry, Mark, but there’s a short sale of similar size to yours available at $490K… and it’s been on the market for over two years. The last two sales of 2bd/2baths were at $490K and $488K. Denial lives on…

[Ex-SD]

davelj: I read this story this morning and remarked to my wife that “this guy is smoking some strong dope if he really believes his condo is now worth $550k”. I suspect it would take a $375k-$399k (or less) price to generate any real interest.

It’s a sad situation and it’s going to get a lot worse before it starts getting better.

[Ex-SD]

davelj: I read this story this morning and remarked to my wife that “this guy is smoking some strong dope if he really believes his condo is now worth $550k”. I suspect it would take a $375k-$399k (or less) price to generate any real interest.

It’s a sad situation and it’s going to get a lot worse before it starts getting better.

[Ex-SD]

davelj: I read this story this morning and remarked to my wife that “this guy is smoking some strong dope if he really believes his condo is now worth $550k”. I suspect it would take a $375k-$399k (or less) price to generate any real interest.

It’s a sad situation and it’s going to get a lot worse before it starts getting better.

[Ex-SD]

davelj: I read this story this morning and remarked to my wife that “this guy is smoking some strong dope if he really believes his condo is now worth $550k”. I suspect it would take a $375k-$399k (or less) price to generate any real interest.

It’s a sad situation and it’s going to get a lot worse before it starts getting better.

[Ex-SD]

davelj: I read this story this morning and remarked to my wife that “this guy is smoking some strong dope if he really believes his condo is now worth $550k”. I suspect it would take a $375k-$399k (or less) price to generate any real interest.

It’s a sad situation and it’s going to get a lot worse before it starts getting better.

[HLS]

Don’t forget to deduct the commission to get the real net price……..

I can also tell you that getting financing approved for SOME condos is very difficult….

A mixed use building or some that are now part hotel/part condo may require *special* rates….

FNMA has limits for an allowed % of non owner units in any complex.

Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.

[HLS]

Don’t forget to deduct the commission to get the real net price……..

I can also tell you that getting financing approved for SOME condos is very difficult….

A mixed use building or some that are now part hotel/part condo may require *special* rates….

FNMA has limits for an allowed % of non owner units in any complex.

Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.

[HLS]

Don’t forget to deduct the commission to get the real net price……..

I can also tell you that getting financing approved for SOME condos is very difficult….

A mixed use building or some that are now part hotel/part condo may require *special* rates….

FNMA has limits for an allowed % of non owner units in any complex.

Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.

[HLS]

Don’t forget to deduct the commission to get the real net price……..

I can also tell you that getting financing approved for SOME condos is very difficult….

A mixed use building or some that are now part hotel/part condo may require *special* rates….

FNMA has limits for an allowed % of non owner units in any complex.

Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.

[HLS]

Don’t forget to deduct the commission to get the real net price……..

I can also tell you that getting financing approved for SOME condos is very difficult….

A mixed use building or some that are now part hotel/part condo may require *special* rates….

FNMA has limits for an allowed % of non owner units in any complex.

Although FNMA allows non owner, at least one lender who has consistently good rates (.25 better than others) for SFR’s will not consider a rental condo at all, even at 50% LTV.

[Anonymous]

I a fairly certain Mark’s unit is a 4th floor unit. The unit that sold for $488 was on the top floor (7th). The unit that sold for $490 was a corner unit on the 5th floor. There is a 2/1 with a patio listed for $399.

Mark told me in 2005-06 that one bedroom units would be selling for over $600K once the Hard Rock completed. You know the neighborhood would be far too desirable for it to be a penny less 😉

[Anonymous]

I a fairly certain Mark’s unit is a 4th floor unit. The unit that sold for $488 was on the top floor (7th). The unit that sold for $490 was a corner unit on the 5th floor. There is a 2/1 with a patio listed for $399.

Mark told me in 2005-06 that one bedroom units would be selling for over $600K once the Hard Rock completed. You know the neighborhood would be far too desirable for it to be a penny less 😉

[Anonymous]

I a fairly certain Mark’s unit is a 4th floor unit. The unit that sold for $488 was on the top floor (7th). The unit that sold for $490 was a corner unit on the 5th floor. There is a 2/1 with a patio listed for $399.

Mark told me in 2005-06 that one bedroom units would be selling for over $600K once the Hard Rock completed. You know the neighborhood would be far too desirable for it to be a penny less 😉

[Anonymous]

I a fairly certain Mark’s unit is a 4th floor unit. The unit that sold for $488 was on the top floor (7th). The unit that sold for $490 was a corner unit on the 5th floor. There is a 2/1 with a patio listed for $399.

Mark told me in 2005-06 that one bedroom units would be selling for over $600K once the Hard Rock completed. You know the neighborhood would be far too desirable for it to be a penny less 😉

[Author]

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