[CA renter]

Submitted by DaCounselor on August 18, 2008 – 1:13pm.

My original post was in response to CA Renter’s (an admitted bear since 2001) post regarding being early is not necessarily being wrong. I disagree for the reasons I have already stated.
——————-

Actually, homes in our old neighborhood (92057) are already below 2001 prices.

Even though I thought 2001 was a cycle top (for the regular housing cycle…NOT considering the influence of the credit bubble), we still held on and sold in 2004 when houses were selling within hours with multiple offers. The market cooled immediately after that, and prices topped out another $75K more than what we sold for — though sales took many weeks/months to sell.

We effectively “gave up” $75K by not hitting the exact top, but that wasn’t my intention in the first place. We wanted to move to a bigger house in a better neighborhood, but didn’t want to pay an inflated price.

In the meantime, we have been renting a nice 4/2 SFH in a very nice part of North County for $2,100/mo. (less than what we would have paid on a smaller house in a worse area if bought in 2004).

We made a 239% return on the sale of our house and **pocketed it.** That’s the difference between someone who held on and a bubble-sitter. We actually have the money and have made more by shorting the homebuilders, lending agencies, retailers, banks, ratings agencies, etc. on the way down. Those who held on in our old neighborhood have lost every bit of “equity” gained since 2001, and most of them are HELOC’d well beyond what they can afford…because they believed the hype.

No regrets on our part, whatsoever.

[CA renter]

sdrealtor,

Wasn’t that house just as close to the beach, shopping, schools, etc. back in 1997, when it was selling in the $300K range? (don’t remember exactly when Leucadia was put all the way through, but you know what I’m saying)

Not trying to give you a hard time! 😉 Just another perspective.

[CA renter]

sdrealtor,

Wasn’t that house just as close to the beach, shopping, schools, etc. back in 1997, when it was selling in the $300K range? (don’t remember exactly when Leucadia was put all the way through, but you know what I’m saying)

Not trying to give you a hard time! 😉 Just another perspective.

[CA renter]

sdrealtor,

Wasn’t that house just as close to the beach, shopping, schools, etc. back in 1997, when it was selling in the $300K range? (don’t remember exactly when Leucadia was put all the way through, but you know what I’m saying)

Not trying to give you a hard time! 😉 Just another perspective.

[CA renter]

sdrealtor,

Wasn’t that house just as close to the beach, shopping, schools, etc. back in 1997, when it was selling in the $300K range? (don’t remember exactly when Leucadia was put all the way through, but you know what I’m saying)

Not trying to give you a hard time! 😉 Just another perspective.

[CA renter]

sdrealtor,

Wasn’t that house just as close to the beach, shopping, schools, etc. back in 1997, when it was selling in the $300K range? (don’t remember exactly when Leucadia was put all the way through, but you know what I’m saying)

Not trying to give you a hard time! 😉 Just another perspective.

[CA renter]

Female, middle-aged, married with kids.

Bought a house in 1998 and sold to rent in 2004.

Still renting and waiting. 🙂

[CA renter]

Female, middle-aged, married with kids.

Bought a house in 1998 and sold to rent in 2004.

Still renting and waiting. 🙂

[CA renter]

Female, middle-aged, married with kids.

Bought a house in 1998 and sold to rent in 2004.

Still renting and waiting. 🙂

[CA renter]

Female, middle-aged, married with kids.

Bought a house in 1998 and sold to rent in 2004.

Still renting and waiting. 🙂

[CA renter]

Female, middle-aged, married with kids.

Bought a house in 1998 and sold to rent in 2004.

Still renting and waiting. 🙂

[CA renter]

BKlawyer,

Yes, I remember your radio show with Ben (didn’t know you had Rich on as well), and you were right in many of your predictions on the blogs. Also, your “on the street” observations (early on, when the numbers were not showing any deterioration just yet) were much appreciated by me and many others!

As most long-time bears can attest, it’s difficult to not indulge in a little Schadenfreude…if only because of the extreme hostility and flat-out denials that RE could ever go down.

——–

Thanks, Rus! There are good Realtors and bad ones, and the realtors on this blog are of the “good” variety! 🙂

Your (and the SD Realtors –big and small) insights are also much appreciated.

You have to admit, it was tough on the bears in the 2001-2005/6 timeframe. I’ve had every friend, acquaintance, and member of my family — with the exception of my dad — give me a lot of grief for selling and renting. Straight-up screaming matches with the MIL who accused me of keeping her son from ever becoming a homeowner again (I was the one who owned a house when we married).

Sometimes, when we’re under so much pressure for so long, it’s hard to be humble when it turns out we were right.

Best to all, and have a good night! 🙂

[CA renter]

BKlawyer,

Yes, I remember your radio show with Ben (didn’t know you had Rich on as well), and you were right in many of your predictions on the blogs. Also, your “on the street” observations (early on, when the numbers were not showing any deterioration just yet) were much appreciated by me and many others!

As most long-time bears can attest, it’s difficult to not indulge in a little Schadenfreude…if only because of the extreme hostility and flat-out denials that RE could ever go down.

——–

Thanks, Rus! There are good Realtors and bad ones, and the realtors on this blog are of the “good” variety! 🙂

Your (and the SD Realtors –big and small) insights are also much appreciated.

You have to admit, it was tough on the bears in the 2001-2005/6 timeframe. I’ve had every friend, acquaintance, and member of my family — with the exception of my dad — give me a lot of grief for selling and renting. Straight-up screaming matches with the MIL who accused me of keeping her son from ever becoming a homeowner again (I was the one who owned a house when we married).

Sometimes, when we’re under so much pressure for so long, it’s hard to be humble when it turns out we were right.

Best to all, and have a good night! 🙂

[CA renter]

BKlawyer,

Yes, I remember your radio show with Ben (didn’t know you had Rich on as well), and you were right in many of your predictions on the blogs. Also, your “on the street” observations (early on, when the numbers were not showing any deterioration just yet) were much appreciated by me and many others!

As most long-time bears can attest, it’s difficult to not indulge in a little Schadenfreude…if only because of the extreme hostility and flat-out denials that RE could ever go down.

——–

Thanks, Rus! There are good Realtors and bad ones, and the realtors on this blog are of the “good” variety! 🙂

Your (and the SD Realtors –big and small) insights are also much appreciated.

You have to admit, it was tough on the bears in the 2001-2005/6 timeframe. I’ve had every friend, acquaintance, and member of my family — with the exception of my dad — give me a lot of grief for selling and renting. Straight-up screaming matches with the MIL who accused me of keeping her son from ever becoming a homeowner again (I was the one who owned a house when we married).

Sometimes, when we’re under so much pressure for so long, it’s hard to be humble when it turns out we were right.

Best to all, and have a good night! 🙂

[CA renter]

BKlawyer,

Yes, I remember your radio show with Ben (didn’t know you had Rich on as well), and you were right in many of your predictions on the blogs. Also, your “on the street” observations (early on, when the numbers were not showing any deterioration just yet) were much appreciated by me and many others!

As most long-time bears can attest, it’s difficult to not indulge in a little Schadenfreude…if only because of the extreme hostility and flat-out denials that RE could ever go down.

——–

Thanks, Rus! There are good Realtors and bad ones, and the realtors on this blog are of the “good” variety! 🙂

Your (and the SD Realtors –big and small) insights are also much appreciated.

You have to admit, it was tough on the bears in the 2001-2005/6 timeframe. I’ve had every friend, acquaintance, and member of my family — with the exception of my dad — give me a lot of grief for selling and renting. Straight-up screaming matches with the MIL who accused me of keeping her son from ever becoming a homeowner again (I was the one who owned a house when we married).

Sometimes, when we’re under so much pressure for so long, it’s hard to be humble when it turns out we were right.

Best to all, and have a good night! 🙂

[Author]

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