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gzz
ParticipantThere’s a principal-agent issue with property management companies that lead to underpricing.
The management co prices $200 under market, gets a zillion applications, and chooses the tenant that seems to be zero trouble, or even corruptly chooses someone.
They only lose $10-20 a month from under pricing, but their workload might be 50% less than if the unit was priced at market.
ParticipantIt is generally bullish, as once people get a little physical gold or silver, they tend to want more.
Costco is the most trusted retail chain, so it is a kind of endorsement of holding precious metals as smart and mainstream.
My suggestion for gold and silver is to get it online from jmbullion or provident metals. You need to spend $1500+ on a transaction to avoid sales tax.
Covid has caused shortages on and off and high premiums, but normally those two dealers have multiple silver options with 3% premium and gold 1% premium.
You can get gold and silver below spot price by using cash back credit cards and using the periodic ebay bucks promos.
ParticipantProp 15 will generally not lead to rent increases on small businesses.
Rents are determined by supply and demand for rentable space, NOT BY COSTS.
The only way Prop 15 leads to rent increases is landlords do not behave with economic rationality.
Who are these irrational commercial landlords?
Now there might be some soft n mild landlords like myself who will use a property tax increase as an excuse to raise below-market rent. And then you have those “NNN” or whatever leases that pass on property taxes to tenants. But tenants will demand lower base rent in such circumstances.
Ultimately these are all red herrings and insignificant in the long-run. Rents are determined by supply and demand. Prop 15 ending false and ultralow valuations on old commercial properties taxes don’t change either supply or demand.
The real question is “what is the incidence and dead-wight loss” of Prop 15. The answer is that it is the tax that hit non-residents and the rentier ultra-rich the most. For example, the publicly traded REITS that own a ton of California’s best commercial property are more than 90% owned by out of state people. They will pay the tax increase.
I view the only good argument against it that it should be directly paired with a cut of another tax to prevent the government from wasting the new revenue.
ParticipantCalifornia has the highest income tax and nearly the lowest commercial property tax in the USA. A lot of the commercial property owners are out of state, or are local but are owned by out of state investors.
Taxing them at 1% of actual value, the same as new residential purchases, is fair. And if the state eventually needs more money, this is the best possible source.
Henry George proved more than 100 years ago that property taxes are the most efficient. You tax cars, people make less cars or switch to cheaper ones. You tax income, people work less or hide income. But taking commercial property from before 1975 and taxing it on its actual value does not produce a similar avoidance deadweight loss, not unless you think someone who abandon or destroy commercial property.
ParticipantI’d like to see a shift away from our excessively high income tax to property taxes that people other than myself pay, and which won’t effect the residential RE market.
So leaning Yes on 15, but would prefer a tax shift over a tax increase.
ParticipantSvelte, aluminum and steel are both naturally sterile. However, the cans older than 3-4 years probably have BPA lining. I don’t know if it escapes into the air but I’d worry at least a little, especially around children and pregnant women.
Stale dried beer is an awful smell but isn’t hard to remove like tobacco smoke smell.
ParticipantI was in Thailand when the Terri Schiavo thing was happening, and I completely missed it. I kinda skimmed the US news at internet cafes once a week or so, but mainly missed three months of “big news.” All I caught was that it was a big deal that everyone was following in the USA.
Unfortunately right now Thailand requires Americans to do a 2 week quarantine.
Laos is also nice. I liked alternating between Lao food and their many wonderful but cheap French restaurants. How does this sound for $26 total (no tax or tip)
Gratinée à l’Oignon au Gruyère Suisse
Ou
Salade Campagnarde (oeufs, lardons, tomates, croûtons, copeaux de parmesan)
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Magret de Canard Rôti au “Mak Toum” et au Grand Marnier accompagné d’un Gratin Dauphinois et de Légumes au Beurre
Ou
Coq au Vin Rouge aux Petits Lardons, servi avec des Tagliatelles Fraîches et des Légumes au Beurre Coq au Vin
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Glace (2 boules)
Ou
Tarte Tatin aux 3 Fruits (Pomme, Mangue, Ananas) avec Crème Fraîche
Here’s the same place’s more casual vegetarian sister. $12 total for multiple courses:
Elixir
MULBERRY, LIME & HONEYSoup
CURRIED COCONUTMain
CARROT & VEGETABLE RICE
with LEAF, HERB & FLOWER SALAD
& GREEN HERB DRESSINGCondiment
CASHEW & COCONUT SAMBALDessert
MIXED FRUIT & SUPERFOOD SLICEHerbal Tea
GINGER & LEMONGRASParticipantThe pics themselves show some skill. That condo is only 815sf but looks bigger.
ParticipantMy properties are all West of Sunset Cliffs so I like your rule as a matter of self interest.
However, the area around Collier Park and West of Nimitz has a very OB feel to it, lots of craftsman cottages on small lots.
And while it is a 0.9 mile walk to the dog beach parking lot, it is a short pleasant walk without any major crossings, just Sunset Cliffs which is 2 lanes.
ParticipantOne day later and the one and only sub-$1 mil OB sfh listing is now pending.
Appears they were flooded with offers and accepted one about a week after listing.
UPDATE: The one and only PB listing is also pending.
ParticipantSomeone got this guy for $980,000:
https://www.sdlookup.com/MLS-200040687-2244_Soto_St_San_Diego_CA_92107
It closed 37 days after list date for $51,000 higher than the list price.
I like how they added a two floor addition to a tiny old cottage, and the renovations are tasteful. I think the buyers got a great deal.
ParticipantYou’re a man of simple tastes.
No bathroom countertop, at all, and the 25+ holes in the living room floor tell me: knock it down.
It probably has a ton of old growth redwood framing lumber worth salvaging.
ParticipantThere’s been more new listings than normal the past 10 days in 92107, and they are priced well above 2019 comps.
Nice to see markets work like they should: demand goes up, prices rise, higher prices attract more sellers.
After reading this listing, I want to tell agents: it’s OK to call a place a tear-down, not a “fixer”
https://www.sdlookup.com/MLS-200046551-4525-Saratoga-Ave-San-Diego-CA-92107
Or maybe all that stuff about it being a “fixer” is to let people get a normal conforming mortgage?
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