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August 8, 2007 at 10:10 PM in reply to: Nationally televised news program needs family facing forclosure for story #72176August 8, 2007 at 10:10 PM in reply to: Nationally televised news program needs family facing forclosure for story #72186
GoUSC
ParticipantMake sure you ask the tough questions like:
“Why did you put yourself into a loan you KNEW you couldn’t afford?”
or
“Did you realize the implications when you took all the equity out of your house to buy that jet ski and motorhome?”
ParticipantI make a point not to gloat or anything. We are close colleagues and it was more healthful discussion than anything. We have a project on the tables that has 4000 residential units so that’s why we are discussing it. We have another 2 years of entitlement on the project. Before anyone says anything we are looking at 15 year absorption on that residential and some of it is for-rent product.
Anyway he is debating whether to sell his home in Muirlands and buy something bigger or remodel his existing home. I think he bases a lot of his information on what he sees in his market. His neighbor but his smallish house on the market (2000sf) and had 4 full price offers (in the millions) the first week (2 of which were all cash). The simple fact is that while the housing market is falling, there are always extremely rich people out there ready willing and able to buy. I think our conversation today really cemented him to remodel the existing home. The fact is home contractors are desperate for work right now and it’s a great time to get great pricing for a remodel.
Oh in case anyone is interested in seeing our project it is at http://www.quarryfalls.com.
ParticipantI make a point not to gloat or anything. We are close colleagues and it was more healthful discussion than anything. We have a project on the tables that has 4000 residential units so that’s why we are discussing it. We have another 2 years of entitlement on the project. Before anyone says anything we are looking at 15 year absorption on that residential and some of it is for-rent product.
Anyway he is debating whether to sell his home in Muirlands and buy something bigger or remodel his existing home. I think he bases a lot of his information on what he sees in his market. His neighbor but his smallish house on the market (2000sf) and had 4 full price offers (in the millions) the first week (2 of which were all cash). The simple fact is that while the housing market is falling, there are always extremely rich people out there ready willing and able to buy. I think our conversation today really cemented him to remodel the existing home. The fact is home contractors are desperate for work right now and it’s a great time to get great pricing for a remodel.
Oh in case anyone is interested in seeing our project it is at http://www.quarryfalls.com.
ParticipantI make a point not to gloat or anything. We are close colleagues and it was more healthful discussion than anything. We have a project on the tables that has 4000 residential units so that’s why we are discussing it. We have another 2 years of entitlement on the project. Before anyone says anything we are looking at 15 year absorption on that residential and some of it is for-rent product.
Anyway he is debating whether to sell his home in Muirlands and buy something bigger or remodel his existing home. I think he bases a lot of his information on what he sees in his market. His neighbor but his smallish house on the market (2000sf) and had 4 full price offers (in the millions) the first week (2 of which were all cash). The simple fact is that while the housing market is falling, there are always extremely rich people out there ready willing and able to buy. I think our conversation today really cemented him to remodel the existing home. The fact is home contractors are desperate for work right now and it’s a great time to get great pricing for a remodel.
Oh in case anyone is interested in seeing our project it is at http://www.quarryfalls.com.
ParticipantRegardless was he using it as a pressure tactit to make people get a loan NOW before IT’S TOO LATE?
If so then he’s no better than anyone else.
ParticipantRegardless was he using it as a pressure tactit to make people get a loan NOW before IT’S TOO LATE?
If so then he’s no better than anyone else.
ParticipantRegardless was he using it as a pressure tactit to make people get a loan NOW before IT’S TOO LATE?
If so then he’s no better than anyone else.
ParticipantHe doesn’t deny prices have fallen. His point was that we aren’t going to see a similar correction to the early 90’s because at that point there was a huge drop in demand caused by employment lose and people moving out of town.
ParticipantHe doesn’t deny prices have fallen. His point was that we aren’t going to see a similar correction to the early 90’s because at that point there was a huge drop in demand caused by employment lose and people moving out of town.
ParticipantHe doesn’t deny prices have fallen. His point was that we aren’t going to see a similar correction to the early 90’s because at that point there was a huge drop in demand caused by employment lose and people moving out of town.
ParticipantI don’t agree with his arguement either but I do understand his point that a good percentage of owners still do have a lot of equity and will just choose to pull their homes off the market. This will reduce supply maybe slightly more in line with demand.
Don’t get me wrong I still have a bet with him that average home prices (per Shiller) will be 20% lower by the end of 2008.
ParticipantI don’t agree with his arguement either but I do understand his point that a good percentage of owners still do have a lot of equity and will just choose to pull their homes off the market. This will reduce supply maybe slightly more in line with demand.
Don’t get me wrong I still have a bet with him that average home prices (per Shiller) will be 20% lower by the end of 2008.
ParticipantI don’t agree with his arguement either but I do understand his point that a good percentage of owners still do have a lot of equity and will just choose to pull their homes off the market. This will reduce supply maybe slightly more in line with demand.
Don’t get me wrong I still have a bet with him that average home prices (per Shiller) will be 20% lower by the end of 2008.
ParticipantImagine what would happen to their population if we engaged in a huge trade war with China. The Shanghai index would TANK and all the millions of peasants savings that have been dumped into the market would vanish. The Chinese would have a real political mess on its hands. They are worried about it already as you can see by the increase capital gains taxes, etc. they are implementing on almost a weekly basis to cool down the stock market.
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