- This topic has 75 replies, 25 voices, and was last updated 11 years, 4 months ago by
donaldduckmoore.
-
AuthorPosts
-
June 21, 2013 at 8:43 PM #763128June 21, 2013 at 9:01 PM #763129
earlyretirement
Participant[quote=flu]who cares…
Anyone seeing any activity on attached homes on this market that isn’t crazy too? Seems still pretty crazy there too….
Anyone that’s in SS that is thinking about backing out in CV…Send me a PM….
Meanwhile…. Lol…
http://www.sdlookup.com/MLS-130029963-12607_El_Camino_Real_C_San_Diego_CA_92130
Welcome back to 2004-5 peak prices + more….
Same 3/3 went for around $620-40k back in 2004/05….[/quote]Welcome back flu!
So true about some prices selling above bubble year pricing. You know, I told my friends and clients that San Diego WOULD DEFINITELY see prices above peak years. I told them back in 2011 that I figured I was entering at a GREAT time. But I told them it might take a decade or more. I NEVER thought we’d be seeing these kinds of prices so soon.
http://www.redfin.com/CA/San-Diego/3720-Mykonos-Ln-92130/unit-152/home/7541247
http://www.sdlookup.com/MLS-130019020-3720_Mykonos_Ln_152_San_Diego_CA_92130
This one just sold for $570,000. It last sold I believe back in early 2007 for $565,000.
June 21, 2013 at 10:13 PM #763132CA renter
Participant[quote=GotFear]Wow, some of you folks responding on this thread has some serious Chinese xenophobia going on….
One of you even went as far as suggesting the only ones buying from China must be corrupt government officials….WTF? Sounds totally like a redneck baffoon to say…
I’m surprised more people haven’t thought that maybe the reason someone people are buying homes with cash (irrespective of race, gender,etc) is, oh I don’t know, maybe they earned it and/or have more wealth than you do?
Just because someone has the financial ability to do something you can’t do doesn’t mean whatever they did was illegal or “corrupt”, Making such a suggestion is nothing more than a personal reflection of your own fear, jealousy, etc of whatever financial shortcomings you apparently think you have.[/quote]
Whenever there are huge demographic changes in the RE transactions in a given geography, it is often (but not always!) a sign that there might be some money laundering going on. It’s not uncommon at all. Here are some of the flags:
———-
Overview
The crime of money laundering continues to be a growing area of concern in the United States. Therefore, law enforcement agencies and the financial sector devote considerable time and resources to combatting these illegal financial activities. However, many non-financial businesses and professions are also vulnerable to potential money laundering schemes…
…Customer Risk:
Location of property in relation to the buyer.
Is there a large unexplained geographic distance between the two?
Unusual involvement of third parties.
Titling a residential property in the name of third party; for example, a friend, relative, business associate, or lawyer. Use of legal entities (corporations, LLCs or partnerships) that obscure the identity of the person who owns or controls them without a legitimate business explanation.
High-ranking foreign political officials or their family members.Transaction Risk:
Under or over-valued properties.
For example, is the property owner selling the property for significantly less than the purchase price?
Does the seller seem disinterested in obtaining a better price?
Use of large amounts of cash.
Buyer brings actual cash to the closing.
The purchase of a property without a mortgage, where it does not match the characteristics of the buyer.
While rules and regulations governing the financial sector are designed to detect situations where large amounts of cash are being introduced, real estate agents should keep this factor in mind when evaluating whether a transaction seems suspicious.
Property purchases inconsistent with the individual’s occupation or income.
Is the property being purchased significantly beyond the purchaser’s means?
Immediate resale of the property.
Especially if the sale entails a significant increase or decrease in the price compared to the prior purchase price, without a reasonable explanation.
Speed of transaction (without reasonable explanation).
Unusual source of funding.
Example: use of third-party funds to purchase a property where it doesn’t make sense, i.e. third-party is not a parent, sibling, etc., use several different sources of funds without logical explanation, funding coming from a business but property not being held in business’ name, or purchase of property doesn’t match the business’ purpose.
Purchases being made without viewing the property, no interest in the characteristics of the property.http://www.realtor.org/articles/anti-money-laundering-guidelines-for-real-estate-professionals
—————–
Many of the characteristics seen in money laundering schemes are evident in the current RE market. It has nothing to do with “xenophopia” or “fear.”
June 21, 2013 at 11:32 PM #763133flyer
ParticipantYeah, flu, got to love those 1996 prices–we even picked up some SFH’s in that price range. Glad to see these closings, so people believe me when I tell them what’s going on in CV.
June 22, 2013 at 2:05 AM #763135FlyerInHi
GuestI have relatives who still think that everything coming out of China is junk and people there still live like in a Pearl Buck novel. They don’t realize that even in the time of Pearl Buck, there was great wealth in China. In fact, many prominent American and European families owe their wealth to the China trade.
Today, trade is many multiples that of a century ago. But people’s attitudes change slowly.
Maybe less on this board, but in the population at large there is plenty of xenophobia. For decades, people were used to immigrants grovelling for jobs. It’s a shock to them that, in this new world, new immigrants come in with cash and instantly surpassing the local population in social status.
But, think about it for a minute. There are billions of people on this planet. The world has millions of traders, businessmen and professionals.
It doesn’t surprise me that 100,000 foreign buyers come to American cities with cash to buy nice house, probably at 50% less ppsf than they would pay at home. How many houses are sold in CV each year?
American university education is the best. In the business world, speaking American English and being familiar with the ways of America is an advantage and a status symbol.
Nothing to do with corruption or money laundering. If your spend enough time at airports, you see plenty of folks who can afford to pay $5,000 to $10,000 for business and first class tickets. And first class to international destinations is nothing like domestic.
June 22, 2013 at 5:27 AM #763136
CoronitaParticipant[quote=ltsdd]
We all know that if flu showed up, AN will surely to follow.[/quote]Don’t get too comfortable with it 🙂 I’m just shamelessly trying to poach off of any potential folks …So if any of you got a pending short sales that they might be thinking of back out of, PM me.. Very unlikely they would be @ great deals these days , but hey, begging/borrowing/asking doesn’t hurt just in case..
Peace.
June 22, 2013 at 8:03 AM #763137The-Shoveler
Participant[quote=ocrenter][img_assist|nid=17338|title=Chinese RMB to US dollar|desc=|link=node|align=left|width=466|height=304]
since 2005 the Chinese RMB has appreciated against the US dollar by 25%. which means a house in CV is now at a 25% discount compared to 2005.
A $1 million dollar home in CV is now just $750k for them.[/quote]
Yes when it comes to Chinese money buying property, I think this explains it best, Guys you got to remember, China has been experiencing 5-15% wage inflation plus house/condo price inflation, then you add the fact that their currency is appreciating against the dollar.
Guys this is the thing.
China gov has been out printing the U.S. fed for several years now, they are the number one currency creator.
They got to spend it somewhere!!June 22, 2013 at 9:32 AM #763138ParticipantSo your being out inflated, hmm maybe there is a better way to put it.
You’re on the losing end of the currency war, no that’s not quite right.
Oh I give up.Your being undervalued, that’s almost it, wait your out being out valued…. OK that’s closer
June 22, 2013 at 10:31 AM #763139ltsddd
ParticipantBlame it on qualcomm.
June 22, 2013 at 11:02 AM #763140bearishgurl
Participant[quote=flu][quote=ltsdd]
We all know that if flu showed up, AN will surely to follow.[/quote]Don’t get too comfortable with it 🙂 I’m just shamelessly trying to poach off of any potential folks …So if any of you got a pending short sales that they might be thinking of back out of, PM me.. Very unlikely they would be @ great deals these days , but hey, begging/borrowing/asking doesn’t hurt just in case..Peace.[/quote]
Well, flu, without revealing too much, can you tell us if you know the address of jimmy’s short sale listing and if so, if you thought it was “great deal?”
Just wondering . . . and hey, it’s great to hear that you’re still out there looking for opportunities 🙂
Did you ever get your own RE license?
[quote=bearishgurl on June 12, 2013 – 10:41am.][quote=flu on June 11, 2013 – 7:54 pm.][quote=jimmy1977 on June 10, 2013 – 7:37 pm.]Update on the situation
We heard back from the selling agent. They told us now the house is a short sell. But they claim the bank is ready to close within 14 days. I don’t trust this anymore – we are going to follow bearishgurl’s advice and jump out as soon as our rate lock expires.[/quote]Hi Jimmy…. I just sent you a PM. Can you check it ?
Thanks.[/quote]Hello out there, flu . . . ;-]Why don’t you come out of the shadows and tell the Piggs how you’ve been doing?
Why the cryptic msg after all these months? Did you finally get your RE license after you posted here a while back that you wanted to pursue one?
Or . . . shilling for someone??
Just wondering . . .[/quote]
June 22, 2013 at 3:58 PM #763142Participant[quote=The-Shoveler][quote=ocrenter][img_assist|nid=17338|title=Chinese RMB to US dollar|desc=|link=node|align=left|width=466|height=304]
since 2005 the Chinese RMB has appreciated against the US dollar by 25%. which means a house in CV is now at a 25% discount compared to 2005.
A $1 million dollar home in CV is now just $750k for them.[/quote]
Yes when it comes to Chinese money buying property, I think this explains it best, Guys you got to remember, China has been experiencing 5-15% wage inflation plus house/condo price inflation, then you add the fact that their currency is appreciating against the dollar.
Guys this is the thing.
China gov has been out printing the U.S. fed for several years now, they are the number one currency creator.
They got to spend it somewhere!![/quote]Absolutely. IMHO, this is also the #1 reason for all of the Chinese investment in local RE.
June 22, 2013 at 4:01 PM #763143curiousmind
ParticipantMorons have this effect(a?)… always a bigger idiot that will buy on credit. I will camp in the meantime.
June 22, 2013 at 4:01 PM #763144Participant“e” You are correct.
🙂
June 22, 2013 at 8:27 PM #763146SD Realtor
ParticipantTotal closing in 92130 since 4/1/13 of detached homes 88. 16 of them are cash. The rest are financed. Less then 20%.
What is evident is that the lowest price homes in 92130 are the ones that are predominantly bought with cash.
Yet to me this is hardly the epidemic that people seem to be giving lots of personal stories about.
June 22, 2013 at 9:53 PM #763147ocrenter
Participant[quote=SD Realtor]Total closing in 92130 since 4/1/13 of detached homes 88. 16 of them are cash. The rest are financed. Less then 20%.
What is evident is that the lowest price homes in 92130 are the ones that are predominantly bought with cash.
Yet to me this is hardly the epidemic that people seem to be giving lots of personal stories about.[/quote]
Thanks for the hard data SDR.
All cash purchases trigger something within us. Be it envy, disbelief, or shock. People also tend to repeat stories of all cash offers over and over. This is why within the anecdotal world, it seems like every home in CV are all cash purchases.
-
AuthorPosts
- You must be logged in to reply to this topic.