[Chrispy]

The guy who claims his remodel is worth millions is going to be sitting in it for several decades to make his claim come true. Meanwhile, others will be buying foreclosures at bargain-basement prices while his money is all tied up in a depreciating asset.

People who remodel usually think their bat caves should be worth the labor and materials cost times three – instead of dividing by three, as I do when I make an offer.

[Chrispy]

You know people are being unrealistic when they top Zillow’s high end. I just read about someone quoted in the LA Times who sold two years ago for $440K, said “I could have gotten $100K more if I waited six months,” and promptly went out and bought another house which he has since been remodeling. He claims the new house will be worth $3 million when he is through remodeling next year.

The $100K more he claimed he could have gotten works out to a 45% yearly appreciation. Seems we’re getting it on both sides from these sellers… they either haven’t sold and are determined to hang on until the buyers realize how great their houses are, or they have sold and are irritated that they didn’t get more money.

Lastly, as far as the $3 million the guy referenced above said his house would be worth… why aren’t people equating a house’s worth with what the market will pay? Does anyone say their stocks are worth $150 each when the daily price is around $80?

[Chrispy]

I’ve got to be contrarian with the granite countertops and stainless steel appliances advice. That combination has been done to death and the tide is now turning against it – you might want to consider putting money in other areas, or offering a credit towards new countertops, new cabinets, new carpet or whatever else needs to be updated so the potential buyer has a customization option.

[Chrispy]

They may also rehire some of them back as independent contractors instead of employees… that way they can avoid paying for health insurance, 401K, etc. etc. Happened to a few people I knew who worked at Stellcom…. which became Vitek… which became CalAmp…

Sometimes it’s a good thing to get let go!

[Chrispy]

My cocktail party warning system (ie, talking to strangers):

Before I broach the subject of RE, I ask the person if they are a friend of Ben Jones or Professor Piggington. If not, then I ask what they think of David Lereah, real estate agents, mortgage brokers… any of the above. Once I get a reaction I go from there, but if I get NO reaction or familiarity with what’s happening, I change the subject.

I did manage to give my opinion to a friend who recently sold a rental property on the East Coast. After much discussion with me and others, and looking at available properties to do a 1031 exchange with, she and her husband decided it was preferable to pay cap gains then buy something in today’s market.

Not only will they be able to buy something better and cheaper later, their money will not be all tied up in the meantime. I felt that giving a “gentle” opinion in this instance was helpful.

[Chrispy]

“….Is like listening to Jim Jones extoll the benefits of Kool-Aid.”

“….Is like Tony Robbins telling you it’s safe to walk on hot coals.”

[Chrispy]

One of the women (or, as she referred to herself, a “busy single girl”) in the affluenza article is a Realtor:

“I’m a busy single girl, so I first started by asking Lisa to get me cases of water and things like that,” Rich said. “And then she started sitting some open houses. From there, it’s kind of a decadent thing, but I got used to it.”

OK, so she’s already farming out her open houses and getting some schlep to bring her water. And, she’s gotten used to such treatment. I can’t wait for the real estate market to completely implode so we don’t have to read any more of these idiotic lifestyle articles.

[Chrispy]

That wallplate saved the buyer a lot of money – imagine if the ex-BF said OK to replacing the wallplate and the buyer had actually bought the place for 1.1 million, only to see the home decrease in value over the next few years.

Never thought an argument about a wallplate could save someone $100K plus over time!

[Chrispy]

This just in: I have information from a respected source that, similar to Mexico devaluing the peso in the 90s, home prices are going to be similarily devalued to their circa 1975 prices.

Rolling back the clock 30 years should encourage everyone who is bubble-sitting to buy.

Discuss!

[Chrispy]

Man is not at the top of the food chain on land either. Ask anyone who has run across a bear in a camping situation… a pit bull whose owner breeds him as a fighting dog… a pack of wolves on the hunt…. etc. More local to SD, a mountain lion in Cuyamaca.

We don’t have inborn rights to any part of the planet. Being respectful to all forms of nature is key.

[Chrispy]

There are so many things wrong with that ad. First off, the poster should state “ocean views from the roof – build a second story to see the waves” or something similar.

Second, check out the backyard photo. I see brown grass, a well-worn path to the little table and possibly a hot tub? What the heck is that thing??

The ad doesn’t state number of bedrooms or bathrooms – nor give pictures of either, so it is safe to assume it is a 1 bdrm/1 ba. Ouch.

Also, “five minute walk to Windansea and downtown…” It is impossible to live five minutes from Windansea AND downtown La Jolla.

Of course, he could be referring to downtown San Diego!!!

Somebody call/email this guy and get the address so we can Zillow him.

[Chrispy]

One of my favorite adages is – “You don’t make money until you sell.” I’ve used this a few times when people bragged about how much money their house was worth. It’s all vapor until someone puts the cash down.

Works with stock market prices too – quickly quells the “XYZ is up 20% since I bought it” comments heard at the water cooler.

[Chrispy]

1) Hike up Torrey Pines and walk back along the beach.
2) Ride the roller coaster at Belmont Park – Mission Beach. Check out the overpriced beach/bay for sale properties afterwards.
3) Take the trolley to a Padre game.
4) Explore the many canyons in SD by foot or by bike: Penasquitos, Rose Canyon, San Clemente Canyon, canyons bordering Mission Trails Park in Tierrasanta.
5) Head over to Julian for apple pie (perfect for fall). Check out Lake Cuyamaca along the way.

[Chrispy]

One of the best reasons to learn another language is to get out of the mindset that we are the center of the world. It’s not just the language learned – it’s also the customs of another populace that are invaluable.

[Chrispy]

A good indicator of outward migration is to check U-Haul rates from point to point, and vice-versa. For example, to rent a 26′ U-Haul from SD to Phoenix is $646 one-way…. yet in the reverse direction it is but $174!!

That tells me more people are leaving SD than coming in!

[Author]

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