still some dummies out there

[tothjj]

My relatives have a condo for sale in Palm desert. It has been on the market for months as they were not willing to drop the price below their break-even point. Well they just signed an offer for 525K. The property is a plain vanilla, built in the mid-eighties, 1200 SF property on a golf course that costs more than my yearly salary to join. I honestly can’t believe they got the offer. Hopefully it closes but it amazes me people are still buying these places.

[Ex-SD]

There will always be knife-catchers who either think that the problems in the housing market will soon pass or they don’t keep up with what’s really going on in the world. Anyone who buys right now is likely to be stuck with a property that they can’t sell for what they paid for it…………for a looooooong time.

[djrobsd]

You know what, why can’t you guys just accept the fact that some people NEED a place to live, and DONT want to rent for whatever reason that may be, and they want to own their own house. It’s not always a financial decision, for lots of people it’s merely an emotional one, they find the right house in a good neighborhood with good schools and they don’t care what the financial implications are, they just want a home to raise their family. Or maybe, they play golf, and they happen to LOVE that over-priced golf club there, and want to live on the course….

You just never know with people, maybe they are suckers, maybe they aren’t, but everyone has their reasons for buying, even in this crappy market.

[Raybyrnes]

Maybe they bought their first home and found it was the best investment they ever made.

My parents keep telling me about how hey bought at the top of the market and 30 years later they are happy they bought when they did. They hate the idea of paying rent and just can’t get around the fact that they see it as throwing money away.

I have to tame them down with the same line of questioning. Are you a banker? No. Are you a CPA? No. Are you real estate professionals? No. So how are you qualified to make a credible reccomendation on the buy or rent decision? PAUSE “It worked for us.” Not all people can accept that times have changed.

[(former)FormerSanDiegan]

Yes, and at some point there will be “dummies” out there selling their houses at the exact bottom, just like there was in 1997. Transactions happen.

[(former)FormerSanDiegan]

Yes, and at some point there will be “dummies” out there selling their houses at the exact bottom, just like there was in 1997. Transactions happen.

[(former)FormerSanDiegan]

Yes, and at some point there will be “dummies” out there selling their houses at the exact bottom, just like there was in 1997. Transactions happen.

[(former)FormerSanDiegan]

Yes, and at some point there will be “dummies” out there selling their houses at the exact bottom, just like there was in 1997. Transactions happen.

[Raybyrnes]

Maybe they bought their first home and found it was the best investment they ever made.

My parents keep telling me about how hey bought at the top of the market and 30 years later they are happy they bought when they did. They hate the idea of paying rent and just can’t get around the fact that they see it as throwing money away.

I have to tame them down with the same line of questioning. Are you a banker? No. Are you a CPA? No. Are you real estate professionals? No. So how are you qualified to make a credible reccomendation on the buy or rent decision? PAUSE “It worked for us.” Not all people can accept that times have changed.

[Raybyrnes]

Maybe they bought their first home and found it was the best investment they ever made.

My parents keep telling me about how hey bought at the top of the market and 30 years later they are happy they bought when they did. They hate the idea of paying rent and just can’t get around the fact that they see it as throwing money away.

I have to tame them down with the same line of questioning. Are you a banker? No. Are you a CPA? No. Are you real estate professionals? No. So how are you qualified to make a credible reccomendation on the buy or rent decision? PAUSE “It worked for us.” Not all people can accept that times have changed.

[Raybyrnes]

Maybe they bought their first home and found it was the best investment they ever made.

My parents keep telling me about how hey bought at the top of the market and 30 years later they are happy they bought when they did. They hate the idea of paying rent and just can’t get around the fact that they see it as throwing money away.

I have to tame them down with the same line of questioning. Are you a banker? No. Are you a CPA? No. Are you real estate professionals? No. So how are you qualified to make a credible reccomendation on the buy or rent decision? PAUSE “It worked for us.” Not all people can accept that times have changed.

[justbought]

djrobsd, couldn’t agree with you more. Money is only a part of the equation in a good life.

[patientlywaiting]

djrobsd, couldn't agree with you more. Money is only a part of the equation in a good life.

So why are you watching the market?  Shouldn't you be enjoying your house? 

Buying or renting is a financing decision for most people.   You can rent or buy the equivalent place and have the same lifestyle.   Do you feel better if your car bought vs leased?  

NB, I own my house but i still think that buying now is the most stupid thing a family could do. 

 

[justbought]

I also follow stock market, even though i won’t be cashing out until many years from now; I don’t care if it drops now as long as i make it out in the long term.

[kewp]

I’ve said it since I’ve first started posting here.

If someone can afford an over-priced asset, who is really to judge?

Even if they can’t afford it, as long as I don’t have to bail them out later I’m fine too.

[Raybyrnes]

I think people have different appetitie for risk and games. I reallocated 50% of my 401k portfolio into cash after the rate cut and will try to reenter at a point down the line

[djrobsd]

Smart move Ray, I’ve been considering the same. My 401k is up like 18% this year, and I would hate to see it go the other way, so I might just have to do the same, sit on the sidelines for a while until things cool down, and then move the money back to agressive growth again. 😉

[Raybyrnes]

djrobsd

I hate the idea that the market could go to 16 and I would have lost out but I got 18% YTD and I want to lock a piece of that in. I see some downside coming so I figure there are no transaction fees to move things around here.

This is one of those times where I regret not having and options accounts available so I can buy some out of the money puts.

Additionally I hate the fact that I have to suck it up in the early mourning when the market is down 80 and you see it going south and you know you can’t do anything unitl the end of the day with the mutual funds. Definitely makes you appreciate ETF’s for liquidity purposes.

[Raybyrnes]

djrobsd

I hate the idea that the market could go to 16 and I would have lost out but I got 18% YTD and I want to lock a piece of that in. I see some downside coming so I figure there are no transaction fees to move things around here.

This is one of those times where I regret not having and options accounts available so I can buy some out of the money puts.

Additionally I hate the fact that I have to suck it up in the early mourning when the market is down 80 and you see it going south and you know you can’t do anything unitl the end of the day with the mutual funds. Definitely makes you appreciate ETF’s for liquidity purposes.

[Raybyrnes]

djrobsd

I hate the idea that the market could go to 16 and I would have lost out but I got 18% YTD and I want to lock a piece of that in. I see some downside coming so I figure there are no transaction fees to move things around here.

This is one of those times where I regret not having and options accounts available so I can buy some out of the money puts.

Additionally I hate the fact that I have to suck it up in the early mourning when the market is down 80 and you see it going south and you know you can’t do anything unitl the end of the day with the mutual funds. Definitely makes you appreciate ETF’s for liquidity purposes.

[Raybyrnes]

djrobsd

I hate the idea that the market could go to 16 and I would have lost out but I got 18% YTD and I want to lock a piece of that in. I see some downside coming so I figure there are no transaction fees to move things around here.

This is one of those times where I regret not having and options accounts available so I can buy some out of the money puts.

Additionally I hate the fact that I have to suck it up in the early mourning when the market is down 80 and you see it going south and you know you can’t do anything unitl the end of the day with the mutual funds. Definitely makes you appreciate ETF’s for liquidity purposes.

[djrobsd]

Smart move Ray, I’ve been considering the same. My 401k is up like 18% this year, and I would hate to see it go the other way, so I might just have to do the same, sit on the sidelines for a while until things cool down, and then move the money back to agressive growth again. 😉

[djrobsd]

Smart move Ray, I’ve been considering the same. My 401k is up like 18% this year, and I would hate to see it go the other way, so I might just have to do the same, sit on the sidelines for a while until things cool down, and then move the money back to agressive growth again. 😉

[djrobsd]

Smart move Ray, I’ve been considering the same. My 401k is up like 18% this year, and I would hate to see it go the other way, so I might just have to do the same, sit on the sidelines for a while until things cool down, and then move the money back to agressive growth again. 😉

[Raybyrnes]

I think people have different appetitie for risk and games. I reallocated 50% of my 401k portfolio into cash after the rate cut and will try to reenter at a point down the line

[Raybyrnes]

I think people have different appetitie for risk and games. I reallocated 50% of my 401k portfolio into cash after the rate cut and will try to reenter at a point down the line

[Raybyrnes]

I think people have different appetitie for risk and games. I reallocated 50% of my 401k portfolio into cash after the rate cut and will try to reenter at a point down the line

[kewp]

I’ve said it since I’ve first started posting here.

If someone can afford an over-priced asset, who is really to judge?

Even if they can’t afford it, as long as I don’t have to bail them out later I’m fine too.

[kewp]

I’ve said it since I’ve first started posting here.

If someone can afford an over-priced asset, who is really to judge?

Even if they can’t afford it, as long as I don’t have to bail them out later I’m fine too.

[kewp]

I’ve said it since I’ve first started posting here.

If someone can afford an over-priced asset, who is really to judge?

Even if they can’t afford it, as long as I don’t have to bail them out later I’m fine too.

[justbought]

I also follow stock market, even though i won’t be cashing out until many years from now; I don’t care if it drops now as long as i make it out in the long term.

[justbought]

I also follow stock market, even though i won’t be cashing out until many years from now; I don’t care if it drops now as long as i make it out in the long term.

[justbought]

I also follow stock market, even though i won’t be cashing out until many years from now; I don’t care if it drops now as long as i make it out in the long term.

[patientlywaiting]

djrobsd, couldn't agree with you more. Money is only a part of the equation in a good life.

So why are you watching the market?  Shouldn't you be enjoying your house? 

Buying or renting is a financing decision for most people.   You can rent or buy the equivalent place and have the same lifestyle.   Do you feel better if your car bought vs leased?  

NB, I own my house but i still think that buying now is the most stupid thing a family could do. 

 

[patientlywaiting]

djrobsd, couldn't agree with you more. Money is only a part of the equation in a good life.

So why are you watching the market?  Shouldn't you be enjoying your house? 

Buying or renting is a financing decision for most people.   You can rent or buy the equivalent place and have the same lifestyle.   Do you feel better if your car bought vs leased?  

NB, I own my house but i still think that buying now is the most stupid thing a family could do. 

 

[patientlywaiting]

djrobsd, couldn't agree with you more. Money is only a part of the equation in a good life.

So why are you watching the market?  Shouldn't you be enjoying your house? 

Buying or renting is a financing decision for most people.   You can rent or buy the equivalent place and have the same lifestyle.   Do you feel better if your car bought vs leased?  

NB, I own my house but i still think that buying now is the most stupid thing a family could do. 

 

[justbought]

djrobsd, couldn’t agree with you more. Money is only a part of the equation in a good life.

[justbought]

djrobsd, couldn’t agree with you more. Money is only a part of the equation in a good life.

[justbought]

djrobsd, couldn’t agree with you more. Money is only a part of the equation in a good life.

[djrobsd]

You know what, why can’t you guys just accept the fact that some people NEED a place to live, and DONT want to rent for whatever reason that may be, and they want to own their own house. It’s not always a financial decision, for lots of people it’s merely an emotional one, they find the right house in a good neighborhood with good schools and they don’t care what the financial implications are, they just want a home to raise their family. Or maybe, they play golf, and they happen to LOVE that over-priced golf club there, and want to live on the course….

You just never know with people, maybe they are suckers, maybe they aren’t, but everyone has their reasons for buying, even in this crappy market.

[djrobsd]

You know what, why can’t you guys just accept the fact that some people NEED a place to live, and DONT want to rent for whatever reason that may be, and they want to own their own house. It’s not always a financial decision, for lots of people it’s merely an emotional one, they find the right house in a good neighborhood with good schools and they don’t care what the financial implications are, they just want a home to raise their family. Or maybe, they play golf, and they happen to LOVE that over-priced golf club there, and want to live on the course….

You just never know with people, maybe they are suckers, maybe they aren’t, but everyone has their reasons for buying, even in this crappy market.

[djrobsd]

You know what, why can’t you guys just accept the fact that some people NEED a place to live, and DONT want to rent for whatever reason that may be, and they want to own their own house. It’s not always a financial decision, for lots of people it’s merely an emotional one, they find the right house in a good neighborhood with good schools and they don’t care what the financial implications are, they just want a home to raise their family. Or maybe, they play golf, and they happen to LOVE that over-priced golf club there, and want to live on the course….

You just never know with people, maybe they are suckers, maybe they aren’t, but everyone has their reasons for buying, even in this crappy market.

[Ex-SD]

There will always be knife-catchers who either think that the problems in the housing market will soon pass or they don’t keep up with what’s really going on in the world. Anyone who buys right now is likely to be stuck with a property that they can’t sell for what they paid for it…………for a looooooong time.

[Ex-SD]

There will always be knife-catchers who either think that the problems in the housing market will soon pass or they don’t keep up with what’s really going on in the world. Anyone who buys right now is likely to be stuck with a property that they can’t sell for what they paid for it…………for a looooooong time.

[macmichael]

I have been closely following Palm Desert, La Quinta for about 1 1/2 years now. We were looking to buy retirement / 2nd home after close friends bought in Sommerset ( top of 79 just down from Big Horn ). After alot of review felt prices had no where to go but down and we held off. Liked Laguna de Paz in LQ, but they were asking approx $ 460 – 525 for about 1850 sq ft ( SFR in gated project, very small lots, but lake and good amount of green, built early 90’s). We have watched for the last year and half as prices declined. Recent sales of $ 350 – $ 360 and rest have just sat on market. So about $ 195 sf. I have also watched Trilogy in LQ, Shea 55+ development, new and nicely done, similar story for those who bought in 04, 05, 06. As regards PD what I have learned is there is a higher base level of demand than LQ, this is especially true of south of Fred Waring and especially south of 111. Few new developments and they are a long ways from 111 / Monterey shopping. For example there is alot of prestige living in Ironwood and people will pay alot. Another factor since alot of property is owned as 2nd homes, there is a lot of rentals, either short or long term. As a consequence 1200 sq ft as described can be had for about $1500-2000 a month long term, usually furnished. For $2300-3500 you can get a place in Rancho Mirage or Indian Wells, maybe 2000 sf and possibly golf course usage with minor costs. Paying $ 525K for what was described, unless there is alot of special something is truly “catching the knife”. I have looked for a specifc web / blog that focuses on Palm Desert / La Quinta ( or Cochella valley ) without luck, any others knowing of such would appreciate the link. Happy to share any other infor I can about the area.

[macmichael]

I have been closely following Palm Desert, La Quinta for about 1 1/2 years now. We were looking to buy retirement / 2nd home after close friends bought in Sommerset ( top of 79 just down from Big Horn ). After alot of review felt prices had no where to go but down and we held off. Liked Laguna de Paz in LQ, but they were asking approx $ 460 – 525 for about 1850 sq ft ( SFR in gated project, very small lots, but lake and good amount of green, built early 90’s). We have watched for the last year and half as prices declined. Recent sales of $ 350 – $ 360 and rest have just sat on market. So about $ 195 sf. I have also watched Trilogy in LQ, Shea 55+ development, new and nicely done, similar story for those who bought in 04, 05, 06. As regards PD what I have learned is there is a higher base level of demand than LQ, this is especially true of south of Fred Waring and especially south of 111. Few new developments and they are a long ways from 111 / Monterey shopping. For example there is alot of prestige living in Ironwood and people will pay alot. Another factor since alot of property is owned as 2nd homes, there is a lot of rentals, either short or long term. As a consequence 1200 sq ft as described can be had for about $1500-2000 a month long term, usually furnished. For $2300-3500 you can get a place in Rancho Mirage or Indian Wells, maybe 2000 sf and possibly golf course usage with minor costs. Paying $ 525K for what was described, unless there is alot of special something is truly “catching the knife”. I have looked for a specifc web / blog that focuses on Palm Desert / La Quinta ( or Cochella valley ) without luck, any others knowing of such would appreciate the link. Happy to share any other infor I can about the area.

[macmichael]

I have been closely following Palm Desert, La Quinta for about 1 1/2 years now. We were looking to buy retirement / 2nd home after close friends bought in Sommerset ( top of 79 just down from Big Horn ). After alot of review felt prices had no where to go but down and we held off. Liked Laguna de Paz in LQ, but they were asking approx $ 460 – 525 for about 1850 sq ft ( SFR in gated project, very small lots, but lake and good amount of green, built early 90’s). We have watched for the last year and half as prices declined. Recent sales of $ 350 – $ 360 and rest have just sat on market. So about $ 195 sf. I have also watched Trilogy in LQ, Shea 55+ development, new and nicely done, similar story for those who bought in 04, 05, 06. As regards PD what I have learned is there is a higher base level of demand than LQ, this is especially true of south of Fred Waring and especially south of 111. Few new developments and they are a long ways from 111 / Monterey shopping. For example there is alot of prestige living in Ironwood and people will pay alot. Another factor since alot of property is owned as 2nd homes, there is a lot of rentals, either short or long term. As a consequence 1200 sq ft as described can be had for about $1500-2000 a month long term, usually furnished. For $2300-3500 you can get a place in Rancho Mirage or Indian Wells, maybe 2000 sf and possibly golf course usage with minor costs. Paying $ 525K for what was described, unless there is alot of special something is truly “catching the knife”. I have looked for a specifc web / blog that focuses on Palm Desert / La Quinta ( or Cochella valley ) without luck, any others knowing of such would appreciate the link. Happy to share any other infor I can about the area.

[macmichael]

I have been closely following Palm Desert, La Quinta for about 1 1/2 years now. We were looking to buy retirement / 2nd home after close friends bought in Sommerset ( top of 79 just down from Big Horn ). After alot of review felt prices had no where to go but down and we held off. Liked Laguna de Paz in LQ, but they were asking approx $ 460 – 525 for about 1850 sq ft ( SFR in gated project, very small lots, but lake and good amount of green, built early 90’s). We have watched for the last year and half as prices declined. Recent sales of $ 350 – $ 360 and rest have just sat on market. So about $ 195 sf. I have also watched Trilogy in LQ, Shea 55+ development, new and nicely done, similar story for those who bought in 04, 05, 06. As regards PD what I have learned is there is a higher base level of demand than LQ, this is especially true of south of Fred Waring and especially south of 111. Few new developments and they are a long ways from 111 / Monterey shopping. For example there is alot of prestige living in Ironwood and people will pay alot. Another factor since alot of property is owned as 2nd homes, there is a lot of rentals, either short or long term. As a consequence 1200 sq ft as described can be had for about $1500-2000 a month long term, usually furnished. For $2300-3500 you can get a place in Rancho Mirage or Indian Wells, maybe 2000 sf and possibly golf course usage with minor costs. Paying $ 525K for what was described, unless there is alot of special something is truly “catching the knife”. I have looked for a specifc web / blog that focuses on Palm Desert / La Quinta ( or Cochella valley ) without luck, any others knowing of such would appreciate the link. Happy to share any other infor I can about the area.

[The-Shoveler]

Maybe these guy’s are from Canada,

The loonie is worth more than a dollar now, it was 64C to the dollar a few years ago.

[The-Shoveler]

Maybe these guy’s are from Canada,

The loonie is worth more than a dollar now, it was 64C to the dollar a few years ago.

[The-Shoveler]

Maybe these guy’s are from Canada,

The loonie is worth more than a dollar now, it was 64C to the dollar a few years ago.

[The-Shoveler]

Maybe these guy’s are from Canada,

The loonie is worth more than a dollar now, it was 64C to the dollar a few years ago.

[Author]

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