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May 3, 2022 at 8:31 PM in reply to: Megadrought Threatens California Power Blackouts This Summer #825369
an
ParticipantConsidering the desalination plant in Carlsbad cost us $1b and can give us 8% of our water usage, we just need to build 12 more and we’re set. Considering global warming and sea level rise, that supply of water is only increasing. Maybe we can just do what OC did w/ their freeway and build 20 desalination plants, go bankrupt, and we’ll be set w/ water for a very long time.
ParticipantBack to the original topic: https://news.yahoo.com/airbnb-allow-employees-permanently-home-150017087.html
I know people at Amazon and they’re still working from home with no sign of forcing them to go back to the office.
Participant[quote=deadzone][quote=sdrealtor]Coward[/quote]
If you had any courage, you would drop some real money (not play money) into NAIL. I dare you. Show me you have a pair.[/quote]
Is that courage or stupidity?Participant[quote=limkotir][quote=sdrealtor]Didn’t someone predict this here two months ago? I wonder who?
Adjustable-rate mortgage demand doubles
https://www.cnbc.com/2022/04/27/adjustable-rate-mortgage-demand-doubles-as-interest-rates-hit-the-highest-since-2009.html?__source=iosappshare%7Ccom.apple.UIKit.activity.MessageIt’s only just the beginning! Bring on the adjustables![/quote]
For those starter SFH (or likely condos / townhouses) buyers expect to grow their earnings in the coming years, ARM might not be a bad way to go to get into the SD market, then sell the property 5/7/10 years down the road via 1031 exchange into a destination house / zip area.[/quote]
No need to 1031 if you’re using it as a primary residence. You have $500k in tax free gain to use (assuming you’re a couple)Participant[quote=deadzone]And you think the current situation is better? With raging inflation and housing unaffordable for the majority of Americans?
Just FYI, if housing prices correct 50%, you are obviously not going to rent them out at anywhere near current prices. But keep dreaming.[/quote]
If rent didn’t fall during the great recession, what makes you think this time would be different? Unless you predict we’ll experience a second great depression instead?History…
Participant[quote=deadzone]
That’s funny because whenever I post about evidence pointing the coming crash, you and sdr and FLU get angry. Yet you (and SDR) then claim you welcome lower prices. You guys are either liars, or you have bi-polar disorder.[/quote]
Why would I be angry at a 2nd chance to experience another opportunity of a lifetime?I regretted not buying more around 2008-2011. If I get a second chance to do it again, I would be ecstatic, not angry.
Participant[quote=deadzone][quote=an][quote=deadzone]Who said I’m looking to buy a house?
I just want to see asset prices return to their organic, free market, not Fed induced bubble prices. That will be better for society in general. Perhaps there will be some pain along the way but so be it.[/quote]
I’m confused, if you are not looking to buy, then why do you wish pain on people? That’s pretty evil. I thought at least the evilness stems from personal gain (ability and opportunity to finally buy a house). However, if it’s not for personal gain, then it’s just pure evil to enjoying seeing pain and cheerleading for the pain.[/quote]Why do you believe rooting for lower housing prices is wishing pain on others? Do you not believe lower, more affordable housing is a good thing for society? I only wish pain on greedy investors and others who engaged in risky, leveraged behavior, the ones responsible for this current asset bubble. Clearly you are one of those investors so your definition of “pain on others” is quite biased.[/quote]
History has proven you wrong. Housing crashes hurt A LOT more than just greedy investors. But whatever makes you sleep better at night.As for me, I already said it many time, I hope you are right and I can buy a several more houses at 1/2 the price today and rent them out at current rent.
Participant[quote=deadzone]Lower prices in general (housing, etc) will benefit the vast majority of people. The few remaining folks on piggington are all real estate investors of some degree so of course you are going to argue against the societal benefits of lower home prices. It is pointless to debate this with you people.[/quote]
Wrong, given this data: https://www.10news.com/news/local-news/report-shows-it-costs-more-to-rent-in-san-diego-than-in-los-angeles-042622?fbclid=IwAR1b1DAdNKwkEJH0Y7P1toQJ97Ndcnc_pS7pQeFNA18BUN_gYt9Qfk8_Pbg, I 10000000% welcome lower prices. I can make even more profit by buying even more houses and renting out at an even higher rent. Why would I object to more profit and more $? That doesn’t make any sense.Also, the last time we saw a housing crash, it was the rich and investors who benefited the most. If you were trying to buy a house during the bottom of the last cycle, you would know.
Participant[quote=Coronita][quote=an]I remember in 2004-2005, there were a lot of pain from people recently graduated who finally saved enough to buy their first home.[/quote]
Yes, but over the long period of time, those that held on did just fine. I bought here in SD around that time. Again, people that got hurt were people that couldn’t afford their liar loans and couldn’t hold on. Those that were already able to get 30 year fixed loans simply held on, refinanced, held on, and/or eventually paid it off or paid down the loan balance or put the extra money to use for other investments like rentals. And now, their housing costs is now fixed and not blowing up with rising rents and and inflation…lesson learned, don’t fvck around with your place of residence or risk get screwed over by a landlord for the next decade or longer. The mortgage on the 5/3 at the time was $3900/month. And the cash out refi at 3% is around $2300/month. That’s almost how much a 1/1 in mira Mesa today.
Check out this listing I found on HotPads!
https://hotpads.com/8656-new-salem-st-san-diego-ca-92126-1m4vdpt/51/pad?propertyTypes=condo
I’m not surprised rents in UTC is breaking through $3k for 2/2.
$2200 for a 1/1 in MM is $400/month more than Oct 2021 when I rented out the 1/1 when my tenant decided he wanted to cancel his $1550/month to month lease because he didn’t want to pay for rent for 2 months while he went overseas, lolol. I think he found a 1 bedroom room in a shared house for about $1600/month in Mira Mesa … Idiot. Lol
Rent is mooning my ass…[/quote]
But you weren’t a relatively new grad or worked at a company that folded. I’m talking about those new grads who save just enough to buy and were afraid they’ll be priced out. I know a couple of guys who bought a house together because of the fear of missing out. They end up short selling.So, yes, the people who took liar loans were hurt back then, but so were honest young people who didn’t know better and didn’t have the financial cushion to ride it through.
ParticipantI remember in 2004-2005, there were a lot of pain from people recently graduated who finally saved enough to buy their first home.
Participant[quote=deadzone]Who said I’m looking to buy a house?
I just want to see asset prices return to their organic, free market, not Fed induced bubble prices. That will be better for society in general. Perhaps there will be some pain along the way but so be it.[/quote]
I’m confused, if you are not looking to buy, then why do you wish pain on people? That’s pretty evil. I thought at least the evilness stems from personal gain (ability and opportunity to finally buy a house). However, if it’s not for personal gain, then it’s just pure evil to enjoying seeing pain and cheerleading for the pain.Participant[quote=limkotir][quote=limkotir]https://www.redfin.com/CA/San-Diego/7852-Tampico-Ct-92126/home/4570382
The above beauty went into pending…in normal times, would have been a decent first time buyer and courageous DIYer purchase. If I had to bet, a cash offer with no contingences probably took it into pending status.
I am guess it will sell for $825K, any over and under calls?[/quote]
3/30: listed for $745k
4/23: sold for $906kI said $825k
an said $875k
sdrealtor said $860k[/quote]Woohoo, I’m the closest lolParticipant[quote=deadzone]
But when Stock market and RE crash 20, 30 maybe 40% will that be real money you are losing, or is that just play money too?[/quote]
When should I expect a 40% decrease? 2, 3, 4, or 5 years? 20-30% decrease will only take us back to about middle of last year. Need 40-50% to get us back to pre-pandemic.Participant[quote=Coronita][quote=an][quote=Coronita][quote=deadzone]Of course there is no crash in sight for you, you are a RE agent. Much like a used car salesman, it is always a good time to buy!
But for those of us without blinders on, the evidence is mounting.[/quote]
If true and a crash is coming, that’s great news for investors and young first time homebuyers that just started their careers and life and can get a place of their own from the get go, instead of waiting decades for a bottom and sending it to a landlord.[/quote]
I hope it’s true and that dz is right. I also hope it comes sooner rather than later. Fingers and toes crossed.[/quote]High inflation, high unemployment, high rates would lock a lot of people out of purchasing for the first time though. Hmmmmm[/quote]
Like you like to say, not my problem. I can really use a crash in building materials and labor cost. -
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