[greekfire]

I saw the title of this post and immediately thought about the iceberg scene from the Titanic movie:

http://www.youtube.com/watch?v=W8Ba8Js9f3s

[greekfire]

Santucky = Santee

There are many people out there that do not put a premium on living right next to the ocean. I have heard many people say that they prefer to be inland a little ways as the weather is more favorable…you don’t get the “May-gray” and “Jun-gloom” that you get on the coast.

[greekfire]

Just judging by your tone it would seem that your heart and smarts tell you to sit tight and continue renting, but the materialistic libido part is saying, "Hey, your an accomplished professional and you deserve to be a homeowner."

These are the same impulses that drive many to purchase luxury sports cars (generalization), the degenerate gambler to lay down $2000 on Duke, and what drove many to buy at or just before the housing bubble's peak. It is simply not a sound investment, no matter if you have itchy feet or not.

It is not your fault that the time when you are finally able to afford a decent home just so happens to come during the recent aftermath of the largest housing bubble EVER. Similar homes that you are looking at were worth half of what they are no more than a few years ago.

I have talked with many professionals like yourself, some even more established, and ALL of them say that they would not be able to afford a home at these prices. Even they know this situation is fubar, the only thing is that they are on the winning side of things…only temporarily, however.

If you were planning on living there for 10-20 years, I might say go for it if you can deal with knowing that prices are likely to drop or stagnate for at least another 3 years or so. Otherwise, do the prudent thing and continue renting. Maybe consider moving up to a nicer property or community. You'd be surprised. To tell others, "I'm renting right now," sounds so much smarter than it used to.

[greekfire]

I wouldn’t buy now, either. I assume you have $90K in savings (20% down payment) if you are looking at a $450K property. Put that into a higher yielding investment and wait. You’d kick yourself watching that $450K property drop down in price over the next couple years if you buy now. Even if you are in it for the long haul I’d wait.

[greekfire]

All I have to say is ouch. I don’t really know about NYC, but upstate NY is some wicked pretty country and reminds me a lot of my home state. Some of the nicest people I’ve ever met were in Rochester. As much as I want this market to correct so that we can get on to buying a home, I also hope that not too many New Yorkers are put out onto the street by it. This does not look good at all.

[greekfire]

The Ant and the Grasshopper

http://www.dltk-teach.com/fables/grasshopper/mstory.htm

 

[greekfire]

We should talk sometime. I started my own small business about 3 years ago and might have some pointers for you. I am no expert in any one facet of finance, taxes, or real estate, but I have picked up some tidbits here and there. One big benefit is to incorporate your business. The tax benefits can be substantial…especially with things like vehicles, mileage, computers, etc.

I took more of a do-it-yourself approach to my start-up. I sat down and tried the whole business plan thing, but it just did not work for me. I think the business plans help provide some structure, but are mostly if you are looking to get a bank loan or other capital investment. Work on building your network now. And you might want to consider speaking to financial planning and tax specialists. They keep up with the latest laws and regulations, so you know you are getting current advice and not doing anything wrong. Rich (webmaster) and his associates are a good objective resource. I am sure there are many others out there as well…maybe even on this forum. PS: I am not affiliated with Rich’s company.

[greekfire]

Perry, your last post does not seem to be in line with the calls for tolerance and civility from some of your other posts. I just thought that mocking people’s religious beliefs was beneath you.

[greekfire]

Our mark as a civilization (and species) will not be how much we develop the earth or how rapidly we do it…it will be how well we develop it and coexist in harmony with our environment. With that said, I think it is premature to blame America for something like global warming. Yes, we do consume and waste a lot. But we are pretty good about trying to do it in a more environmentally friendly way when compared to many other nations. We certainly can do better, but to constantly blame America (particularly Republicans) for global warming is just misguided and tired.

[greekfire]

Duplicate

[greekfire]

Concerning Romo, what goes up must come down. I can’t believe he got selected to the Pro Bowl after only 6 games of experience. Now that I think of it, did you see the replay of the ball that was snapped? It looked like it was rubbed down with olive oil, KY, or another lubricant of some sort. No wonder he muffed it. Either way, I don’t care as long as my Patriots beat the Jets tomorrow. You know Drew Bledsoe is smiling to himself after Romo’s performance tonight.

[greekfire]

Part bump, part update. I also wanted to welcome any suggestions or feedback from anyone on developing this.

• What are some things you'd like to see in a system like this?
• What are some of the shortcomings of existing systems already available?
• What are some potential pitfalls that you see in creating it?

We have two people so far as of the time of this post.

[greekfire]

The more I read and learn about the real estate industry, the more faith I lose in it. After reading Steve’s post, the appraisal process seems to be almost entirely subjective and open to a substantial amount of error. Maybe it’s my background in working with databases, but I feel that the current system can, and should be, improved.

I have started a topic here for anyone interested in volunteering their time to help in conceptualizing and creating an open-source, open-to-the-public online database of properties.

I think something can be created that can do better than what’s currently available – and we have enough brainpower on this forum to do it. Let me know if you’re interested.

[greekfire]

So is that the only party that loses out in a fraud like this? The lenders? Or does it go deeper than that? Don't transactions like this affect how other homes are priced and ultimately prop up the median for even longer? And won't taxpayers ultimately have to foot the bill of this type of conduct? I'm sure there is a lot more to this that I am not seeing. This is all the more reason why real estate needs to be kept in a transparent database and subject to true, open-market conditions. Shady, back-room real estate market dealings have gone on long enough in my opinion.

 

[greekfire]

I would welcome a decrease in traffic, but I would not take stock in your sample set. The reduction is likely due to holiday/vacation events. Ironically, CalTrans has plans to actually widen I-5 from around the 805 merge to the 76 in Oceanside (something like that) to 8 or 10 lanes each side!

I am all for growth, and I work in engineering, but I do not think this is the smart way to grow. Not only will it put us another step closer to becoming another Los Angeles-type city, it will also displace a lot of residents and businesses.

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