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October 29, 2009 at 12:05 PM in reply to: Thoughts on buying condo conversions – buy vs. rent? #475518October 29, 2009 at 12:05 PM in reply to: Thoughts on buying condo conversions – buy vs. rent? #475880
bubble_contagion
ParticipantRents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.
October 29, 2009 at 12:05 PM in reply to: Thoughts on buying condo conversions – buy vs. rent? #475955ParticipantRents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.
October 29, 2009 at 12:05 PM in reply to: Thoughts on buying condo conversions – buy vs. rent? #476181ParticipantRents in UTC are coming down hard. The place where I rent is offering -$100/mo for all renewals and -$250/mo move in-specials for 6-12 months. Yesterday at Whole Foods I found flyers offering -$150/mo on four nearby complexes owned by the same company. During the weekend I visited some of the high-end rentals and most are offering -$400-$600/mo concessions on quite a few units. 2br – 2bth at the conversions are renting for about $1600 which is less than before conversion. Also keep in mind that each of the conversions currently has at least a dozen units in pre or in foreclosure.
Participant“They recently bought a 2005 Nissan Murano instead of a new car, and they have put off buying a flat-screen TV.”
So sad. It is not fair what is happening to these poor people…
Participant“They recently bought a 2005 Nissan Murano instead of a new car, and they have put off buying a flat-screen TV.”
So sad. It is not fair what is happening to these poor people…
Participant“They recently bought a 2005 Nissan Murano instead of a new car, and they have put off buying a flat-screen TV.”
So sad. It is not fair what is happening to these poor people…
Participant“They recently bought a 2005 Nissan Murano instead of a new car, and they have put off buying a flat-screen TV.”
So sad. It is not fair what is happening to these poor people…
Participant“They recently bought a 2005 Nissan Murano instead of a new car, and they have put off buying a flat-screen TV.”
So sad. It is not fair what is happening to these poor people…
ParticipantInteresting topic. I find stability and safety in cash/stocks/bonds. Having a few hundred K in the bank makes me feel safer than owning things. Must be that I don’t have children or family in the region. Because I rent a small apartment I don’t have a lot of stuff. My only asset is a Prius. I also find conform that my employer has a great medical / dental / vision plan for my wife and I.
ParticipantInteresting topic. I find stability and safety in cash/stocks/bonds. Having a few hundred K in the bank makes me feel safer than owning things. Must be that I don’t have children or family in the region. Because I rent a small apartment I don’t have a lot of stuff. My only asset is a Prius. I also find conform that my employer has a great medical / dental / vision plan for my wife and I.
ParticipantInteresting topic. I find stability and safety in cash/stocks/bonds. Having a few hundred K in the bank makes me feel safer than owning things. Must be that I don’t have children or family in the region. Because I rent a small apartment I don’t have a lot of stuff. My only asset is a Prius. I also find conform that my employer has a great medical / dental / vision plan for my wife and I.
ParticipantInteresting topic. I find stability and safety in cash/stocks/bonds. Having a few hundred K in the bank makes me feel safer than owning things. Must be that I don’t have children or family in the region. Because I rent a small apartment I don’t have a lot of stuff. My only asset is a Prius. I also find conform that my employer has a great medical / dental / vision plan for my wife and I.
ParticipantInteresting topic. I find stability and safety in cash/stocks/bonds. Having a few hundred K in the bank makes me feel safer than owning things. Must be that I don’t have children or family in the region. Because I rent a small apartment I don’t have a lot of stuff. My only asset is a Prius. I also find conform that my employer has a great medical / dental / vision plan for my wife and I.
Participant4. Use our $175,000 cash to buy a house in San Diego while we still have 800+ credit scores and walk away from the Tempe condo (not sure if we have recourse loan – do remember the broker made it a “secondary home” loan to get us a competitive rate)
This is correct answer if your loan is non-recourse. Those $40K that you over paid will turn into $100K+ by the time you add the loan interest, taxes and loss in earnings if you had invested that money. Let the bank take the hit. Everybody else is doing. Think of the children, you can send them to college with that money.
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