[Critter]

I bought a 4-bdrm, 3 bath house in 1995 in San Diego. It had been on the market for four years… starting price was $230K in 1991 (!) and I got it for $149K.

Classic situation of the owner thinking it was worth more than it really was and chasing the market down, down, down. I had actively been looking at condos up until that time and couldn’t believe I could actually buy a house.

Sold in 2002 for $380K – it is “worth” (Zillow data) $500K today… but I think they would be lucky to get $450K for it.

[Critter]

Imperial Capital Bank (offices in downtown SD) has good short-term rates and as far as I know, their hands are clean.

[Critter]

OK, thanks for the clarification! I think those 100% loans are going to be an exception in future instead of commonplace.

[Critter]

Asianautica, are you including property tax, homeowner’s insurance, and maintenance in your calculations? I assume there are no HOAs or Mello-Roos in that area, true?

Also, with the recent credit standards tightening, would you be able to get 5.5% interest with a 100% LTV loan? I keep reading about how people are on the cusp of closing escrow and then their lender says nix.

[Critter]

Why is it when people disagree with the way someone runs their business (or their opinions) they are labeled a “Hater?” That seems extreme to me. It’s a quick way for the “hatee” to dismiss the opinions of many by calling them names instead of seeing the grain of truth which may exist inside their opinion.

The flip side of love is not hate – it is indifference. You have to expend a lot of energy to actively hate someone, and I doubt most here feel that way towards PS.

[Critter]

Hey Rockem,

You might want to send this link to your co-worker who is enamored with PB:

http://www.pacificbeachbubble.blogspot.com

Then again, he might be so full of the Kool-Aid that he won’t take it seriously. I find it a good read.

On a side note, I met someone yesterday who was crapping on about how a “doctor friend of his” bought a cliffside property in La Jolla for 1.5 million and now it’s worth 25 million. Before I could make a comment, the gal next to me said snappishly, “Now all he has to do is find a buyer with 25 million.”

I then said, “What it’s worth and what the market will bear are usually two different numbers.” The conversation stopped at that stage…

Bragging about home appreciation is so 2005!

[Critter]

Everybody deals with the cards they are dealt. Since housing is overpriced, now is a great time to rent, invest the rest of the money, explore new neighborhoods, and NOT feel like a failure because you can’t buy!

Change is good – I think this is an exciting time to do things differently. I wouldn’t feel disadvantaged because I couldn’t buy a house or condo right out of college – there are plenty of others ways to get self-esteem. It’s not what you own, but who you are.

[Critter]

LTV Loan to value – the amount of the loan compared to the current worth of the property. Ie, an 80% LTV on a $500K property would be a loan of $400K.

REIC Real Estate Industrial Complex

MSM Mainstream media – ie, newspapers, radio stations, magazines, TV stations – when news hits these sources the public tends to take it more seriously.

[Critter]

FC.com – fond memories of getting the inside scoop from people who were in the trenches. I knew I had to quit my high-tech employment in Del Mar when they blocked access to that site.

[Critter]

Hmmm. You open the account with $50 and funnel another $600 ($50 x 12 months) over a year. Then you get $100 – which translates to about a 15% bonus.

Sounds good to me – even though that $100 carrot may not sound like a lot, it would be priceless if it got people to start “hands-free” saving (ie, doing it the automated way.)

[Critter]

ING Direct is good, I also have a savings account with Emigrant Direct that pays 5.05% – no minimums, no fees, just a place to park money between CD purchases and whatnot.

[Critter]

I think Liareah missed the memo, the one that said “economics is the dismal science.”

I agree with PerryChase…. Liareah’s relentless cheerleading is more in line with a CMO or PR flak than a true economist. That said, I don’t know a single person who pays attention to his views other than to make fun of them.

[Critter]

If you see a little old lady on the street fumbling with her purse and a $20 bill falls out, would you pocket it and act nonchalant when she notices it is missing or… give it back to her? What would make you feel better about yourself?

I commend you for putting 25% down and doing things the ethical way. You can sleep at night and look at yourself in the mirror. Those who renege on their financial arrangements thinking they “got one over” on their bankers will get their just desserts, even if you aren’t around to see it.

I know that those with horrid credit histories (BKs, foreclosures) get a lot of turn-downs when it comes to renting, never mind buying. Also, more would-be employers run credit checks these days before hiring… and it’s quite probable that the “Realtor” who “owned” this home will be looking for another job soon.

After all, who would want her to do any RE deals if she can’t even hang onto her own house?

[Critter]

What do your roommates have to say about opening up the home for walk-throughs and perhaps open houses?

If it were me, I would be looking for either a major rent discount or a different living situation entirely if I knew that the house was up for “sale” even if it were a sham “sale.”

You wouldn’t be posting this question if you didn’t have some integrity so I admire you for bringing this out in the open.

[Critter]

That’s hysterical. Reminds me of another listing that remarked on the “grate views from the backyard.”

[Author]

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