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They are complaining that MR had to be financed … and not paid off … but yea … like any one of these flipping idiots were willing to bite it for 50K straight up.
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15% cheaper than the median priced house – that is what the realta$$holes want to call starter home.
I am saying that its waaaay too high … but I just realised your point.
You’re saying it should be 10% say, but that = median prices have to drop much more … not make the starter house cost more … I get it.
I wanted the starter house much much cheaper than median, you want starter house closer to median, but median cheaper still … I get it. You’re good …
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Srinath.

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Nope. Some of us are owners right now, some others are owners till a short while ago and some others in their own words “sold at the top and are waiting to get back in” … so no you’re not correct.
Frustrated renters would have bought at the peak of the mania with a stated income, suicide loan. I mean, that was the easiest time to buy (not the cheapest but the easiest). Most of us either bought well before that, or sold at that time … or in the rare case, are waiting to buy well after the carnage is done.
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15% … you kidding … 15% is nothing.
I’d have given it some shred of credibility at 33%.
You are going to have to consider these factors.
Starter homes are for people starting out on their own. More than likely, first real job (delivering pizza isn’t a real one) and maybe a new marriage which more than likely wiped them out, and more than likely spouse also working the same entry level job.
15% is thoroughly arbitrary and very very convenient for realta-hole’s to pimp it up.
Assume that house has to be carried on by 1 wage when the other one gets knocked up … and they have the baby. That is starter house.
This is one more of those affordability has become a concern … WTF … by saying affordability they have conveniently shifted the focus off the insanely high prices to other sheite like funky financing which has gone out, the higher wage paying jobs that have disappeared, and what not …
No sheite realt-hore, we get it. You want prices to stay high cos you make commission off that, and you want us to stretch to get into a house with suicide/homicide option arm and leg loan. OK we get it.
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We are 130 some houses (detached SFR’s on .2 acres and up) and 56 attached duplexes. We have a high owner ratio – almost 90% I would say. generally its all very good. Our board has a long history of alienation and we are leining the delinquents. but the basic idea is, we want to cut it loose. No more association. Pay till you’re caught up if you are delinquent and that ends it. I hope that’s what we end up doing.
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How many real buyers are out there and when will we hit the saturation level of remaining buyers? Also if prices go back to 2002 values, exluding inflation, we’re talking about a 2bed-2bath condo in Mission Valley for about 150k?

In some areas … 2002 was already inflated.
The previous non bubble year in CA IMHO was like 97-98. 98 saw the IT bubble which was overlapped by the house bubble and in 2001 when the Tech bubble popped, it somehow inflated the house bubble even more … and 9/11 created extra air for the house bubble … heck it created a bubble in areas where there were none and no reason to bubble up … like florida …
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Yea I make up a lot of crap …
Those Idiots that spout these slick sayings … I’ll get caught without a comeback once in a while, and think and think about it and come up with a comeback … The next one that spouts that line is going to get it … Fake estate … I had to explain it to this guy infront of 10 others one time and it was priceless.
There was one other masterpiece I came up with 4 years ago …
This slaes dude was telling me I am making my landlord rich and making his house payment etc … and he wanted me to buy into his dumbass neighborhood with these gigantic power lines in the middle of it … I said … oh yes, its a great argument for buying A HOUSE … not neccesarily your house … and that I am definetly agreeing with. Now why should I buy your house.
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You mean 212K a year wage earners who cannot read … right.
Yea … who’d have thought.
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Yes housing = all of those things … true. Except when it was bought just to flip, no one lives in it, its bleeding money each month and its costing MR, taxes, Interest, utilities, insurance and upkeep/fines for failing to upkeep.
It wasn’t an investment, till people started dat trading it. Now Casey Serin (imfacingforeclosure.com) owns 4 houses and is paying 550 a month rent for sharing a house with his sister in law, a house he doesn’t even own. You’d think he’d be the last person to need to rent wouldn’t you.
So I have presented a concept called “fake” estate.
Real estate is where hubby and wife (and no offence to roommates, or brothers and sisters or friends buying a house and living in it) put up some of their money, buy a house with a loan, and work hard making payments on it, and making the house a home and generally adding to the factor called “neighborhood”. These are Real people’s houses. Hence “Real” estate.
Fake Estate is where a flipper buys it, never intends to occupy it, never expects to pay for it, never thinks of maintaining it, never does anything … and hopes to cash out with some real people to buy it. AKA … “Investment” house. Or “Fake” Estate.
Here is the catch, “Fake” estate is indistinguishable in most cases from “Real” estate. So when the Fake estate dies (its all based on fluffed up demand anyway) it will take the Real estate with it.
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Guess what … we are at no reserve and we have a crapola shingle roof on the 56 duplexes that are supposed to be replaced. Those are 4 years or so old and I’d probably not anticipate any more than 4 more.
The T/H dues are 90 a month houses are 90 a quarter and they are both really really at 0 reserve. We are supposed to clean their gutters and maintain their lawns and what not, and we are dropping in the red, fast … very very fast.
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Asbury Place HOA, managed by Hawthorne management company. I’m in Charlotte NC.
We managed to get 50% defaults in under 4 years. That is the long standing tradition of alienation … where they’d raise the dues one month and throw a block party next month.
They’d also break every rule in the book first because the boards were a$$holes and now cos they are clue less and have never read the book.
My goal is to have this freaking thing bankrupt by the end of the year. BTW our brilliant Manager forgot to send out fee notices to people … running 2 weeks, damned if I remind her. There goes the next year … or this year. I am hell bent on taking it to pieces and tossing it into the street.
Watch this space … unlike president bush I am not clueless and I definetly am not going to be led by my nose by the rest of the corrupt idiots.
But all of this will do nothing for those of you who live in SD or elsewhere. Vote with your dollars … dont buy anything that has a HOA, and heck dont buy anything that has a community pool or whatever crap. Pitiful, our rinky dink play set area is so messed up … I dont even freaking know why developers put that sheite in there.
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Booo hooo hooo … my neighbor paid less than I did … STFU.
You are an FB, you are a GF, you simply put paid $100 a share for Pets.com and webvan and anticipate it will rocket to $200 a share. You have not looked into the history of crashes and seen this comming 100 miles away. Its time to own up and let the houses fall into forecloseure … its not like you ever intended to live there very long. You were going to sell it off after it rockets up … so execute that plan. The fact that it didn’t skyrocket, minor detail, its the bank that takes that hit …
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Screw the damn HOA. I am the freaking president of mine, and we are approaching 50% default. We have to raise the dues just so the defaulters get a free ride while the rest of us pay more and more and more …
I’d never buy anything that has any community amenities. Imagine if our dues were 5 times the measly 90 a quarter they are now. I know of communities where that is the case and it sucks. Ours is going down in flames. We have a play ground and a sign and a common area. All of which need to be maintained … yuck.
People need to stop letting builders put houses in HOA’s cos sometimes thay can save by not buying lights and what not, but the people living there pay for it forever.
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BikeRider …
You have motorcycles … pray tell …
I do too … virago 1100, maxim (air and water cooleds), 2 savages, a vulcan, a GS500 and others that are apart.
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OK to put it in simpler words – yes 3/2/2 does qualify as a starter home. But I was going for the no frills (no granite in kitchen, marble in bathroom crap) and hence lower cost approach. In Charlotte NC if your house is under 2,000 sqft, its going to be very very hard to sell. OK 1 storeys under 1100 or 2 storeys under 2,000.
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