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May 19, 2015 at 11:47 AM in reply to: China Hunting Fugitives Accused of Corruption – Many Are Living in US #786452May 19, 2015 at 11:46 AM in reply to: China Hunting Fugitives Accused of Corruption – Many Are Living in US #786450
CoronitaParticipantIn unrelated news. I don’t understand why netflix is popping on the hope of getting into the markets in China.
Do people here actually think people over there will pay to see a movie at home, when bootlegged movies are everywhere?
May 19, 2015 at 11:42 AM in reply to: China Hunting Fugitives Accused of Corruption – Many Are Living in US #786449CoronitaParticipantThe thing I don’t get about these criminals is that some of them are here to escape being prosecuted for corruption/financial crimes back there. And when they come here, what do they do? Trying to commit financial crimes here too by trying to rip off people here too. I don’t get this. It’s not like they need the money…Just plain stupid.
CoronitaParticipant[quote=spdrun]Japan had a higher percentage of comparatively well-off people than China or India does today. Japan was a much wealthier country on average by the 80s than China or India are today.
(Actually, parts of NJ are heavily Indian — around Edison. But fortunately, that hasn’t helped prices recover very well so far.)[/quote]
If you say so…
CoronitaParticipant[quote=spdrun]Didn’t they say that about the Japanese and others in the 1980s? It never played out the way it was expected.
Ha. Ha. Ha. Dollar just got more expensive again today. Should make buying more expensive for the epicanthic crowd ;)[/quote]
Sure chief. If you say so.
Japan didn’t have 1 billion people. And a close second would be another billion or so from india. 0.1% of 1 billion is still a lot of wealthy people. Don’t worry though. They won’t be fishing for rentals in the markets you are looking at, especially Jersey.
CoronitaParticipant[quote=rockingtime]If they want to contain cost, they’d need to reduce their headcount in SD and increase # in low cost places like India/China
They can still keep their chip biz running with few k less engineers in sd.A simple engineer in SD is no less/more than an engineer in China/India although a lot of folks here may argue against it[/quote]
The said focused group that are buying in said area I mentioned aren’t aren’t necessarily the local enginerd worker bees salary workerbees. In fact, if we haven’t already been priced out, a lot of us are going to get priced out really soon if this trend continues…
The bulk these 1:3 make up the 0.1% wealthy overseas, or if they are enginerd types, they are kids of parents overseas with sufficient cash reserves. To put the that in perspective… 0.1% of 1 billion people is still 1 million people…And when the economy does turn south overseas, those folks are going to have a pretty big target on their back…So I’m wondering if this trend is a flight to safety for them.
That’s why I’m considering the worst case scenario wrto what may happen to RE prices in certain areas/demographics, similar to what sort of happened in Vancouver, pockets in NorCal, and pockets in L.A. Up until recently, San Diego was under the radar so to speak. I’m not so sure now. I will say one thing though. I doubt these people will be looking in the low end. Maybe, North County is their definition of low end. Prices won’t go up forever. Where it stops though, that’s to be determined. And I’m not so sure it has anything to do with what us worker bees make here. It will be interesting to see what happens when interest rates go up. Though, I have some suspicion it won’t do that much in this group.
CoronitaParticipant[quote=spdrun]There are properties in the area that will come close, if not cash flow.
e.g., a 2/1.5 condo went contingent last month at $200k. HOA about $250/mo. Landlord insurance, about $15/mo. Taxes about $200/mo.
Market rent is $1600/mo and it’s in an easy area to rent. That’s close to 7% pro forma. Catch was that there was an existing tenant there at $1300/mo, but if one had some patience, they could do well.[/quote]
Are you talking about the one in Santee?
*If so, asking price was 210 to 219k.
*Hoa is $300/month not 250
*Rent is $1500/month
*All comps are around $240-250kMost importantly, this one came on the market day one as contingent, so it was never an open market sale.
CoronitaParticipant[quote=AN][quote=flu][quote=AN][quote=flu]
I was actually surprised by the 1 in 3 stats. I didn’t think it was anywhere near that so soon.[/quote]
What 1 in 3 stats?[/quote]1 out of 3 homes purchased between $1-1.5m homes in my hood have been by Asian households..[/quote]Not surprised. Your hood still have a way to go to get to the same level as my hood :-). Not sure if you want your hood to get here though.[/quote]
Financially, yes (just not right now until my other foot is inside). Socially, it will suck. Maybe now is a good time to open an after school enrichment school in Carmel V though.
CoronitaParticipant[quote=AN][quote=flu]
I was actually surprised by the 1 in 3 stats. I didn’t think it was anywhere near that so soon.[/quote]
What 1 in 3 stats?[/quote]1 out of 3 homes purchased between $1-1.5m homes in my hood have been by Asian households.. I hope this doesn’t snowball quickly into Cupertino. Well at least not until I get my other foot in.
CoronitaParticipant[quote=AN][quote=flu][quote=The-Shoveler]There is a lot more worry on why we are NOT building enough homes, than there is on prices being too high.
That is where the pressure will be applied IMO (generating more home building) and how to get it going.[/quote]
Just this weekend there was this home we were entertaining in my area. 1 day after open house, 4 offers with 24hrs and no backups accepted.[/quote]
A couple of months ago, I was considering this house in my hood. They didn’t even host an open house yet, we saw it w/in a few days of it hitting the market and it already have an offer with no appraisal contingency. End up selling for ~10% above ask price.[/quote]It’s not even summertime yet!!!! I guess in order for me to figure out what it will take for re prices to settle down, I am trying to understand what it took for Vancouver BC real estate prices to settle down as a worst case scenario. So far it seems like Vancouver BC is still crazy. That’s why maybe now is the time to gsmblr a bit. At least in my neck of the woods.
I was actually surprised by the 1 in 3 stats. I didn’t think it was anywhere near that so soon.
CoronitaParticipant[quote=The-Shoveler]There is a lot more worry on why we are NOT building enough homes, than there is on prices being too high.
That is where the pressure will be applied IMO (generating more home building) and how to get it going.[/quote]
Just this weekend there was this home we were entertaining in my area. 1 day after open house, 4 offers with 24hrs and no backups accepted.
Some have suggested its going to be more like Irvine and Arcadia RE prices moving forward in Carmel V. I am beginning to think that is the case. Between $1-1.5m homes that sold here recently, 1 out of 3 were purchased by Asian households.
CoronitaParticipant[quote=rockingtime]Good question,
I personally feel my house price have peaked out. It would be insane if it goes up any more but you can never underestimate the power of absurdity.Not selling as I want to rent it out with good + cash flow and move into another house…
Still evaluating things..
I have chunk of cash and I’d like to leverage it somewhere else other than stock..Right now, the market is very hot for sellers in the areas I’m looking at.
I have been proven wrong many times n thus trying to hedge my bet…[/quote]Well then its good your pragmatic and honest about this. That’s the point. As logical as we want to think home prices will fall (and fall hard as many of you think will happen) no one here is willing to bet their house on it(both figuratively and literally) because even has their doubts. And no one here on this blog appears to be confident enough in their doomsdays opinion to wager their primary home and rent.
I’ll believe it when I see people here starting to make that wager. Despite all the doomsayers of a manor correction I have yet to see an example of people putting their money where their opinion is.
CoronitaParticipantBut if you feel home prices are going to come down significantly, why not sell and rent?
CoronitaParticipant[quote=rockingtime][quote=gzz]I
San Diego has a large number of well-paying jobs, is a favored place for the wealthy to vacation, have second homes, and retire, and has basically run out of nice locations to develop.
I also think it is only a matter of time before mainland Chinese buyers start branching out from their favored UTC-centered buying habits into other areas of San Diego.[/quote]
All the above are facts not fiction.
A lot of people told me the same thing in 2007 when I was exploring real estate in san diego. Per them becaus eof above stated facts, real estate in SD would never go down.I was not convinced though and finally bought in 2011 :-)[/quote]
Well then. Since you are looking to upgrade…why haven’t you sold your existing home and just rent if you are so sure prices are going to go down significantly enough? If you are looking to upgrade, and you think prices have peaked, now would be a great time to sell, right? After all, even if prices do fall and you can get a better house later, holding onto your existing primary won’t help because that will go down too.
CoronitaParticipant[quote=spdrun]Hate is the wrong word for what I feel. More obliviousness in this instance.[/quote]
If you say so 🙂
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