This one’s for Greg Smith

[aguho]

Since G.Smith is so bullish on the Sd County Real Estate market
http://www.voiceofsandiego.org/articles/2006/08/16/housing/970smith.txt

I wonder how he could spin this:

We sold our last rental house in Imperial Beach in May 2005 for $505,000.The woman who bought the house had been trying to sell it for the last 6 months starting at 585,000.Of course,she ended up reducing her price along the way.She ended up selling it for $ 505,000 and it closed escrow the first week of August 2006.

Looks like real estate is not such a great investment right now…….

I estimate the woman who bought our house LOST a minimum of $ 22,000 and probably more than $ 30,000.

There were 2 realtors involved in her sale…listing agent and a buyer’s agent.

Commission Breakdown:

4% = 20,200
5% = 25,250
6% = 30,300

She did not have a pre payment penalty since she put 20 % down.Although, this is a bit of a misnomer since she did a cash out refi on her other residence to use as the down payment(and now that house is now over encumbered…another story another thread).

BTW, the house was built in 2003 and is only 1 mile to the beach

Sorry C.A.R.it’s not about location,location,location.It is, however,all about timing.

aguho

[lendingbubblecontinues]

This is great news. An elected official with a tremendous conflict of interest telling me it’s time to go buy a house in San Diego right now…almost makes me want to do it so that I can sue him for treble damages when my house loses 50% of it’s value over the next few years. I will certainly point my friends (who have recently purchased- to my chagrin) towards his comments and encourage them to archive them for when they decide they made a big mistake.

Perhaps this will be the best way for us to get our revenge on the real estate complex…sue each and every one of these stupid bastards who has effectively given unlawful investment advice the last several years.

Boy, would I love to meet this jerk-off at the neighborhood BBQ…it is time to “pants” these guys publicly, now. Like the guy who coaxed Alan Gin out of his grimy little hole, I will enjoy seeing pricks like this guy squirming the next several years.

[La Jolla Renter]

This is becoming very common, the norm for 2005 purchases.

I have a sfr fixer/flipper friend that is crying on 4 properties right now. One was purchased in 2005, is rented out, and is 1,800 per month negative. He put 30% down on a 650k purchase price and put 30k into the property. He has it listed for a net loss of about 20k if it sells at the bottom of his asking range. If he sells it for what he paid for it, he will loose about 70k.

I can’t believe how many “investors” are/were willing to put 30% or more down on a 650k sfr property and be more than a couple hundred dollars negative each month. It does not pencil out.

Mr. Smith,

Welcome to the Bubble!

[PerryChase]

La Jolla Renter, your friend’s example shows how greed took over during the boom times. I have friends in that situation also. They let the lure of riches blind them.

[Mr_Brightside]

Losses are stacking up on my blog:

http://sandiegomarketmonitor.blogspot.com/

So far I’ve recored 54 properties and total losses of $3,937,468.

It’s getting easy to find downtown condos that have $100,000 losses.

I’m getting ready to spend more time recording losses in the suburbs, does anyone have ideas for where I should start?

[lendingbubblecontinues]

Here’s one…from North County San Diego in stucco sh*tbox hell-

I don’t remember how I found this one but MLS#066061047 is in 4S Ranch. Zillow says it sold for $855,000 on 1/19/2005. It just went “inactive” on ZipRealty and I presume it sold for the bottom of his range (or lower) which was $825,000. So he lost $30,000 right off the bat. Assuming 6%, or $49,500, paid to real estate agents, plus the carrying costs of at least $5,000 a month (educated guesstimate) for 17 months, I figure this guy’s gonna walk away having lost roughly $164,500 or 20% of his purchase price. Truly a FB, dontcha think?? (All this..despite the fact that they aren’t making any more land and that we all need to buy now or be priced out forever….f*ck these guys-Chamberlin, Greg Smith, “Hezbo-Le”reah, Gin, etc… they belong to the biggest group of opportunistic liars we have ever seen.)

So yeah…I’d be watching 4S Ranch and San Elijo Hills/San Marcos in the coming months and years for some gems of retardation.

[powayseller]

4S is down? Tell that to the nice young man, educated, who answered my survey about housing prices this weekend. Last year, he bought a $900K house in 4S ranch with an I/O loan, and said it’s worth $960K now. I didn’t have the heart to tell him it’s worth probably $810K. I gave him this website; maybe he’s reading this right now. (If you are reading this, sell fast, before it goes down further or your loan resets, or just consider a short sale or walk away and return the keys to the stupid lender who handed you a loan you really couldn’t afford in an overvalued housing market. See attorney for advice)

[waiting hawk]

Probably already to late to sell if bought for 900k.

My website tracking Temecula and South Riverside County

[SD Realtor]

I recall going to a listing appt last summer for a guy living in 4S. He didn’t like my pricing recommendation so he passed on me. I told him that by the looks of things 4S was primed for a large decline due to the high inventory in 4S and the runup it had… I checked that listing out 3 months ago and he was now about 40k LESS then my recommendation. He had listed last summer and it didn’t sell. He came back in the spring.. It didn’t sell.

I think that 4S has depreciated substantially…

[SD Realtor]

I recall going to a listing appt last summer for a guy living in 4S. He didn’t like my pricing recommendation so he passed on me. I told him that by the looks of things 4S was primed for a large decline due to the high inventory in 4S and the runup it had… I checked that listing out 3 months ago and he was now about 40k LESS then my recommendation. He had listed last summer and it didn’t sell. He came back in the spring.. It didn’t sell.

I think that 4S has depreciated substantially…

[Author]

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