Pacific Beach market question

[boomer]

I stand corrected jpinpb, it was some surfer dude that bought it. I think it is great that he was able to make some $ with this deal. Although I doubt that he made a ton after holding/closing costs.

I agree you probably can’t build condo’s on this lot, although some areas allow 2 units on a lot like this. But they could build a giant house like the one next door.

Property taxes = purchase price * %1.25?

[jpinpb]

doofrat – you say, “Why would they do this? Because they expect future price gains.”

So have they been living under a rock and haven’t heard what’s going on w/defauls, foreclosures, tightening of credit? Or am I the one in denial and prices are going to keep going up?

[jpinpb]

doofrat – you say, “Why would they do this? Because they expect future price gains.”

So have they been living under a rock and haven’t heard what’s going on w/defauls, foreclosures, tightening of credit? Or am I the one in denial and prices are going to keep going up?

[jpinpb]

doofrat – you say, “Why would they do this? Because they expect future price gains.”

So have they been living under a rock and haven’t heard what’s going on w/defauls, foreclosures, tightening of credit? Or am I the one in denial and prices are going to keep going up?

[jpinpb]

doofrat – you say, “Why would they do this? Because they expect future price gains.”

So have they been living under a rock and haven’t heard what’s going on w/defauls, foreclosures, tightening of credit? Or am I the one in denial and prices are going to keep going up?

[jpinpb]

doofrat – you say, “Why would they do this? Because they expect future price gains.”

So have they been living under a rock and haven’t heard what’s going on w/defauls, foreclosures, tightening of credit? Or am I the one in denial and prices are going to keep going up?

[Doofrat]

JP,

A lot of people think the housing market has flattened out. If it was true that it has flattened out (I don’t think we’re close to the bottom for a few years at least), then it’d be a good time to buy since it can only go up. People hear that prices have dropped and that the market has flattened out and they think they can get a good deal.

They haven’t really heard about the number of foreclosures, they just heard a blurb about it on the news, but they haven’t looked at Realtytrac and seen the insane number of foreclosures mapped out.
They don’t have any idea that the tightening of credit means fewer sales and lower home prices.
They haven’t seen the Credit Suisse ARM reset schedule.
They haven’t read the Professor’s Bubble Primer.

They probably just talked to a Realtor who told them that prices have flattened out and that it’s a good time to buy (which happened to my wife yesterday in talking to a Realtor friend).

[Doofrat]

JP,

A lot of people think the housing market has flattened out. If it was true that it has flattened out (I don’t think we’re close to the bottom for a few years at least), then it’d be a good time to buy since it can only go up. People hear that prices have dropped and that the market has flattened out and they think they can get a good deal.

They haven’t really heard about the number of foreclosures, they just heard a blurb about it on the news, but they haven’t looked at Realtytrac and seen the insane number of foreclosures mapped out.
They don’t have any idea that the tightening of credit means fewer sales and lower home prices.
They haven’t seen the Credit Suisse ARM reset schedule.
They haven’t read the Professor’s Bubble Primer.

They probably just talked to a Realtor who told them that prices have flattened out and that it’s a good time to buy (which happened to my wife yesterday in talking to a Realtor friend).

[Doofrat]

JP,

A lot of people think the housing market has flattened out. If it was true that it has flattened out (I don’t think we’re close to the bottom for a few years at least), then it’d be a good time to buy since it can only go up. People hear that prices have dropped and that the market has flattened out and they think they can get a good deal.

They haven’t really heard about the number of foreclosures, they just heard a blurb about it on the news, but they haven’t looked at Realtytrac and seen the insane number of foreclosures mapped out.
They don’t have any idea that the tightening of credit means fewer sales and lower home prices.
They haven’t seen the Credit Suisse ARM reset schedule.
They haven’t read the Professor’s Bubble Primer.

They probably just talked to a Realtor who told them that prices have flattened out and that it’s a good time to buy (which happened to my wife yesterday in talking to a Realtor friend).

[Doofrat]

JP,

A lot of people think the housing market has flattened out. If it was true that it has flattened out (I don’t think we’re close to the bottom for a few years at least), then it’d be a good time to buy since it can only go up. People hear that prices have dropped and that the market has flattened out and they think they can get a good deal.

They haven’t really heard about the number of foreclosures, they just heard a blurb about it on the news, but they haven’t looked at Realtytrac and seen the insane number of foreclosures mapped out.
They don’t have any idea that the tightening of credit means fewer sales and lower home prices.
They haven’t seen the Credit Suisse ARM reset schedule.
They haven’t read the Professor’s Bubble Primer.

They probably just talked to a Realtor who told them that prices have flattened out and that it’s a good time to buy (which happened to my wife yesterday in talking to a Realtor friend).

[Doofrat]

JP,

A lot of people think the housing market has flattened out. If it was true that it has flattened out (I don’t think we’re close to the bottom for a few years at least), then it’d be a good time to buy since it can only go up. People hear that prices have dropped and that the market has flattened out and they think they can get a good deal.

They haven’t really heard about the number of foreclosures, they just heard a blurb about it on the news, but they haven’t looked at Realtytrac and seen the insane number of foreclosures mapped out.
They don’t have any idea that the tightening of credit means fewer sales and lower home prices.
They haven’t seen the Credit Suisse ARM reset schedule.
They haven’t read the Professor’s Bubble Primer.

They probably just talked to a Realtor who told them that prices have flattened out and that it’s a good time to buy (which happened to my wife yesterday in talking to a Realtor friend).

[jpinpb]

After reading “The housing bubble is over” thread, I’m more confused than ever and even depressed. I was thinking the bubble popped and the gov. trying to fill it w/air won’t work if there’s a hole. But some of what Diego was saying was making sense. Maybe the guy who bought Emerald was talking to Diego and that’s why it made sense to him.

[jpinpb]

After reading “The housing bubble is over” thread, I’m more confused than ever and even depressed. I was thinking the bubble popped and the gov. trying to fill it w/air won’t work if there’s a hole. But some of what Diego was saying was making sense. Maybe the guy who bought Emerald was talking to Diego and that’s why it made sense to him.

[jpinpb]

After reading “The housing bubble is over” thread, I’m more confused than ever and even depressed. I was thinking the bubble popped and the gov. trying to fill it w/air won’t work if there’s a hole. But some of what Diego was saying was making sense. Maybe the guy who bought Emerald was talking to Diego and that’s why it made sense to him.

[jpinpb]

After reading “The housing bubble is over” thread, I’m more confused than ever and even depressed. I was thinking the bubble popped and the gov. trying to fill it w/air won’t work if there’s a hole. But some of what Diego was saying was making sense. Maybe the guy who bought Emerald was talking to Diego and that’s why it made sense to him.

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