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gzz
Participant“how did all the russian property get divvied up when the soviet union fell? ”
The big assets went to “oligarchs” in corrupt auctions. Some state assets were privatized by sending all Russian citizens shares of their stock, which they sold too cheaply rather than hold on to.
Russia is poor outside of its big cities, has a declining population, and lots of hideous communist apartment megaprojects.
Thatcher privatized a fair amount of public housing in England by selling it to the residents at a subsidized price.
It looks like Russia mostly gave the apartments away for free to their long-time residents. According to this article, about 20% of them refused to take them because they prefer being public housing tenants for various reasons.
https://blogs.elenasmodels.com/en/russians-become-home-owners-free/
ParticipantIt’s frustrating to see so few sellers price aggressively above 2019/early 2020 prices, or reduce too quickly after listing.
It is nice to see the “upper middle” end of the local market be the strongest segment for once. Also nice to see SD outperforming LA/SF/Seattle. We’re really a relative deal compared to, say, 2015.
ParticipantDave you were wrong!
I was too, in a way. My assets are $10 in RE for every $1 in stocks and bonds. Given that ratio, I felt it was prudent to hedge my extreme RE long with a net short in stocks. As a result, my stocks are -15% or so as a whole YTD. Winners are short SPG and LYFT and long Hanes, iRobot, Kraft, really almost all my longs. Big losses in Tesla and MGI shorts, which I am holding long term. I suggest shorting both at current prices, but I’m perhaps a bad example!
I agree with David Einhorn:
https://www.valuewalk.com/wp-content/uploads/2020/10/Qlet2020-03-1.pdf
October 26, 2020 at 3:18 PM in reply to: Dear wise handy people… What would you do to extract this bolt…. #819996ParticipantI like the idea of replacing my car’s heavy lead acid battery with a light and modern lithium one.
Which model would you get? Probably not economic for mainstream use yet.
October 23, 2020 at 11:30 AM in reply to: Dear wise handy people… What would you do to extract this bolt…. #819981ParticipantI’d take out my sunroof first. I read somewhere they add 300lbs. I don’t use mine very often.
October 21, 2020 at 5:17 PM in reply to: Investment positioning for Dem Sweep and Super-Stimulus #819974ParticipantSorry bro my UBI payments go right to my spendthrift trust, which is also one of those South Dakota privacy trusts and whose assets are in the Swiss Virgin Islands, which many people don’t even know exist.
Come at me creditors, I dare you!
October 21, 2020 at 3:53 PM in reply to: Dear wise handy people… What would you do to extract this bolt…. #819969ParticipantI would get a newer car, and also avoid situations requiring rollover bars on my car.
My current car is a 2010 and just developed its first problem: when I run the AC, a purple liquid drips onto the floor of the driver area, sometimes directly onto my right foot.
A general mechanic said he couldn’t fix it and to take it to an AC specialist.
I may just get a new car.
October 21, 2020 at 3:45 PM in reply to: Investment positioning for Dem Sweep and Super-Stimulus #819967Participant[quote=scaredyclassic]I have an idea. The govt could have Hueloc loans. Theyre like helocs but you borrow against your own HUman equity. Hueloc[/quote]
Unless you mean the collateral is human flesh like in the Merchant of Venice, what you’re describing is called an unsecured personal loan.
Participant[quote=sdrealtor]gzz,
Having exchanged some thoughts offline I know you have a background that gives you expereince to do things your way and goes beyond simply being a do-it-yourselfer at heart.[/quote]Yes I am attorney who has done a lot of real estate litigation. That doesn’t have a ton in common with real estate transactions practice though, but I’m not a total noob.
All lawyers take Property in law school, and it is also on every state’s bar exam. So almost all attorneys other than maybe 100% criminal specialists kinda think they know real estate.
Property law is the most archaic of law school classes. You learn a lot about Anglo-Norman noblemen and their inheritance rules, plus things like “livery of seisin” (handing over a twig and dirt when you sell real property) and “the widow’s election” (a widow may take her automatic share of an estate or accept what the will gives her, but may not do both). You do not learn anything about actual real estate buying and selling however.
Participant92107 Supply Update
0.90 month supply overall.
including only the sub-$2 million market, supply is 0.59 months.
About 2-3 weeks ago there was a little surge of new listings, but they sold very quickly, and have not been replaced by further new listings.
Our sister zip 92106 (most of Point Loma) had a very steady inventory level between 49 and 60 between April and late September. Now it is 39.
I was not able to find anything new about San Diego rents, but here’s a thread with up to date comments from some bay area landlords:
Here’s an article saying LA is down, the IE is up, but both by fairly small amounts.
https://www.livabl.com/2020/10/la-rents-fall-insland-empire-increases.html
ParticipantI can say, with 100% certainty, that Prop 15 will CUT my property taxes by at least $160 per year.
One of its provisions:
“The business tangible personal property tax on equipment and fixtures for small businesses is eliminated.”
This an extremely stupid tax where every year I get a letter from the county asking me to value my business’s office equipment, computers, etc, and then pay 1% of it.
It reality, my business’s various well used PCs and old desks and chairs are not worth $16,000. But I am not fighting over the “suggested” assessment the County sent me, so I just pay the $160 every year.
The reason why this tax is so stupid is the large amount of paperwork involved over petty amounts. It is a bit like making a 16 year old with a part time minimum wage job fill out a full 1040 plus the AMT worksheet.
Participant“they’re going to find any way they can to share that cost with someone else, most logical person being the tenant.”
I think my point is getting missed here. For your argument to be true, it requires the landlord to be charging less than what the market can bear.
That can certainly happen in the short term. But long term, rents are determined by supply and demand. Prop 15 does not change either one of those.
As for NNN, a tenant’s willingness to pay more rent should not be affected by what you call it. “Hi, I am raising your rent by $100” and “Hi, I am raising your NNN by $100” makes no difference to the tenant.
Basic economics says Prop 15 is entirely on landlords.
The only way that isn’t true is when you relax the assumptions of basic economics, which are generally true, especially in the long run, but not ironclad like the laws of physics.
The main assumptions that are not true in the short run are (1) no transaction costs/perfect information (2) economic rationality.
Ultimately, a small and rapidly decreasing bit of the tax increase will be passed on, but in general it won’t, because in general the laws of economics do apply to the commercial rental market.
Another point nobody opposing Prop 15 has addressed: if the tax increase is just going to be “passed on” to tenants, why are the huge commercial landlords like the Irving Company spending tens of millions of dollars opposing it?
Likewise, imagine two identical buildings next door to each other. One is taxed at 1% because it just changed owners. The other is taxed at 0.05% of its actual market value because it was purchased in 1970. Does this actually effect what the IDENTICAL units will rent out for?
Of course not. The market sets the rent, not costs. “Hey, you MUST pay more for my unit, because NNN!!!” doesn’t mean the first owner can charge more. If his NNN is higher, he’ll have to lower his base rent.
Participant4k to 3.9k is only a 2.5% price cut. The leading 4 seems to be more of a psychological barrier.
ParticipantHillcrest sure does have a lot of very high end condos.
It is a lovely area, but I don’t feel like it will appreciate much compared to other areas, mainly because current prices are high and infill development is high for an older area.
I have a friend who owns a triplex there. He lived in the largest unit and enjoyed entertaining until he had another baby and wanted a place with a bigger yard and not 3 floors.
In many ways it is the single most walk-friendly California neighborhood outside of San Francisco.
Sure there are denser area than Hillcrest, but it terms of the ease of actually getting out and walking places, I think Hillcrest by a small margin beats Santa Monica and Downtown LA and SD because traffic is so limited and the blocks are small and human scale.
Maybe a few parts of the West Side of LA and areas right outside of downtown like Echo Park can compare.
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