[Drew]

Theres at least one reason why Texas homes are cheap(er).

I almost transfered to Austin a few years back, and in comparison to SD, you get a LOT more home for the money. However, the property taxes are a killer. The area we were looking to purchase had something like 2.8-3% annual property taxes, making the $321k steal of a deal not so great.

Paying close to $1k per month in property taxes must be depressing.

[Drew]

I wouldn’t automatically assume that since the 10556 Dabney Dr. sold for $510k, this home will as well. The sale was recorded on 6/1/07 according to Zillow, which means the offer was made and it likely went into escrow in April-ish.

With the rate things are moving (or not moving) in the SD housing market, 4 months is an eternity.

[Drew]

I wouldn’t automatically assume that since the 10556 Dabney Dr. sold for $510k, this home will as well. The sale was recorded on 6/1/07 according to Zillow, which means the offer was made and it likely went into escrow in April-ish.

With the rate things are moving (or not moving) in the SD housing market, 4 months is an eternity.

[Drew]

I wouldn’t automatically assume that since the 10556 Dabney Dr. sold for $510k, this home will as well. The sale was recorded on 6/1/07 according to Zillow, which means the offer was made and it likely went into escrow in April-ish.

With the rate things are moving (or not moving) in the SD housing market, 4 months is an eternity.

[Drew]

Not quite the same situation, but I had a similar experience.

I was sitting in my office at work and a fellow employee (same company, but we don’t work directly with each other) that sits two offices down from me stopped by to chat about something work related. I can’t recall exactly how the conversation came up, but we began discussing his home being in escrow (he was the seller).

After a few minutes of explaining that I had done the same last summer and my thoughts on the current housing situation, he asked me if I had ever heard of piggington.com. Ironically, I had it minimized on my desktop, as I had just posted a topic, so I maximized it and said, “of course!”, and that it was one of the key factors in my decision to sell!

Before this conversation, we had probably only interacted a few times, and now we chat at least once or twice a week about housing, heh. I respect the desire to remain anonymous, so I’ll let him fess-up to being my co-worker if he reads this thread 🙂

[Drew]

Not quite the same situation, but I had a similar experience.

I was sitting in my office at work and a fellow employee (same company, but we don’t work directly with each other) that sits two offices down from me stopped by to chat about something work related. I can’t recall exactly how the conversation came up, but we began discussing his home being in escrow (he was the seller).

After a few minutes of explaining that I had done the same last summer and my thoughts on the current housing situation, he asked me if I had ever heard of piggington.com. Ironically, I had it minimized on my desktop, as I had just posted a topic, so I maximized it and said, “of course!”, and that it was one of the key factors in my decision to sell!

Before this conversation, we had probably only interacted a few times, and now we chat at least once or twice a week about housing, heh. I respect the desire to remain anonymous, so I’ll let him fess-up to being my co-worker if he reads this thread 🙂

[Drew]

Not quite the same situation, but I had a similar experience.

I was sitting in my office at work and a fellow employee (same company, but we don’t work directly with each other) that sits two offices down from me stopped by to chat about something work related. I can’t recall exactly how the conversation came up, but we began discussing his home being in escrow (he was the seller).

After a few minutes of explaining that I had done the same last summer and my thoughts on the current housing situation, he asked me if I had ever heard of piggington.com. Ironically, I had it minimized on my desktop, as I had just posted a topic, so I maximized it and said, “of course!”, and that it was one of the key factors in my decision to sell!

Before this conversation, we had probably only interacted a few times, and now we chat at least once or twice a week about housing, heh. I respect the desire to remain anonymous, so I’ll let him fess-up to being my co-worker if he reads this thread 🙂

[Drew]

My wife and I just recently started watching the “Flip This House” shows again this weekend out of morbid curiosity. Its really is amazing how obviously f-ed some of these people are once they finish their project. The last episode we caught was a woman in LA that bought a home for $510k and had a 10 week time frame to flip it (cant recall her budget). At the end of the episode, she had spent 1 year on the flip and $205k (remodeling, holding, etc.), totaling $715k, lol. She sold her home and moved into the flip house.

About 2 years before selling our previous home of 6 years, we spent about a year remodeling the entire house for a great price and a lot of our own sweat. So when we watch these shows, its great watching the train wreck of expectations between when they start and finish.

[Drew]

My wife and I just recently started watching the “Flip This House” shows again this weekend out of morbid curiosity. Its really is amazing how obviously f-ed some of these people are once they finish their project. The last episode we caught was a woman in LA that bought a home for $510k and had a 10 week time frame to flip it (cant recall her budget). At the end of the episode, she had spent 1 year on the flip and $205k (remodeling, holding, etc.), totaling $715k, lol. She sold her home and moved into the flip house.

About 2 years before selling our previous home of 6 years, we spent about a year remodeling the entire house for a great price and a lot of our own sweat. So when we watch these shows, its great watching the train wreck of expectations between when they start and finish.

[Drew]

My wife and I just recently started watching the “Flip This House” shows again this weekend out of morbid curiosity. Its really is amazing how obviously f-ed some of these people are once they finish their project. The last episode we caught was a woman in LA that bought a home for $510k and had a 10 week time frame to flip it (cant recall her budget). At the end of the episode, she had spent 1 year on the flip and $205k (remodeling, holding, etc.), totaling $715k, lol. She sold her home and moved into the flip house.

About 2 years before selling our previous home of 6 years, we spent about a year remodeling the entire house for a great price and a lot of our own sweat. So when we watch these shows, its great watching the train wreck of expectations between when they start and finish.

[Drew]

Looks like Wells Fargo made the formal announcement of dropping certain subprime loans as well today.

http://money.cnn.com/2007/07/23/news/companies/wells_fargo.reut/index.htm?postversion=2007072317

Wells Fargo yanks popular subprime loan
Bank says its will stop offering 2/28 adjustable-rate mortgage loans in response to market, regulatory pressure.
July 23 2007: 5:17 PM EDT

“NEW YORK (Reuters) — Wells Fargo & Co., the fifth-largest U.S. bank, said Monday it stopped offering a popular subprime mortgage product in response to market and regulatory pressure.

The company in an e-mail said it ended Friday retail offerings of so-called 2/28 loans, which at 65 percent of all subprime mortgages last year are the staple of the industry. Payments on 2/28 adjustable-rate mortgages (ARM) are based on rates that are fixed for two years and then are adjusted twice a year for the remaining 28, if the loan is not refinanced…”

[Drew]

Looks like Wells Fargo made the formal announcement of dropping certain subprime loans as well today.

http://money.cnn.com/2007/07/23/news/companies/wells_fargo.reut/index.htm?postversion=2007072317

Wells Fargo yanks popular subprime loan
Bank says its will stop offering 2/28 adjustable-rate mortgage loans in response to market, regulatory pressure.
July 23 2007: 5:17 PM EDT

“NEW YORK (Reuters) — Wells Fargo & Co., the fifth-largest U.S. bank, said Monday it stopped offering a popular subprime mortgage product in response to market and regulatory pressure.

The company in an e-mail said it ended Friday retail offerings of so-called 2/28 loans, which at 65 percent of all subprime mortgages last year are the staple of the industry. Payments on 2/28 adjustable-rate mortgages (ARM) are based on rates that are fixed for two years and then are adjusted twice a year for the remaining 28, if the loan is not refinanced…”

[Drew]

mixxalot, you need to get out more. Not that I would live in Vista, but there are many nice areas with beautiful 1mil+ dollar homes. Then again, you’re the guy that said Bay Park was filled with “gang bangers”, lol…

[Drew]

mixxalot, you need to get out more. Not that I would live in Vista, but there are many nice areas with beautiful 1mil+ dollar homes. Then again, you’re the guy that said Bay Park was filled with “gang bangers”, lol…

[Drew]

Whats interesting is that I was on signonsandiego.com last night around 11:45pm and saw this article. However, it was titled something along the lines of, “Prices hold groud, sales slide”. Of course to my suprise, I go to the site this morning and the mention of the poor sales in the title is gone. The article was the same, but the title was obviously much less negative.

I bet someone got an earfull over this *mistake* 🙂

[Author]

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