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Irish
ParticipantWhat a surprise to see such interest in the Prezidential race at such an early stage !
To many of us it seems that whatever way we vote, it will make little difference in the way this country is run. However I personally feel that when we vote we should vote against the incumbent. For example, in our beloved state of California, let’s dump Boxer and especially Feinstein from their thrones in the Senate as well as Pelosi from the House. They have been so disappointing to me, as a liberal democrat that I would rather see almost any Republican in their place. They should pay the price for continually ignoring their electorate during these 7 ugly Boosh years.
In terms of the Prezidential election, I hope people are able to see how phony all the Republican candidates are on the issues, with the exception of Ron Paul and perhaps Mike Huckabee. Endless fear and war on terror and the knee-jerk invasion and occupation of Arab countries gets so wearisome (not to mention, costly). The Democrats don’t inspire much more confidence, especially Hillary, but there does seem to be more sane and reasonable talk on their side. So, I tend to want to vote for Ron Paul in the Primary and switch to Democratic in the November election so I can vote for whichever one of them floats to the top.
Just my 2 centsIrish
ParticipantI finally sold a 3 unit property in Hillcrest last year after owning for 12 years. I 1031ed the $500k capital gain into commercial real-estate thru Triple-Net. I felt San Diego real estate was at the peak and will only go down in the coming years. I receive a 7% return on the investment with none of the hassles of being a landlord. I may get back into rental units in San Diego when prices have fallen to a more sensible level in 2 or 3 years from now.
IrishParticipantI finally sold a 3 unit property in Hillcrest last year after owning for 12 years. I 1031ed the $500k capital gain into commercial real-estate thru Triple-Net. I felt San Diego real estate was at the peak and will only go down in the coming years. I receive a 7% return on the investment with none of the hassles of being a landlord. I may get back into rental units in San Diego when prices have fallen to a more sensible level in 2 or 3 years from now.
IrishParticipantAs the original gleeful poster of this inflammatory headline I must say a couple of things.
It’s nothing personal, but I was indeed very happy to see this f@#ked buyer taking a “bloodbath” because it’s a sign that the market is finally returning to its fundamentals. This crazy bubble is over and the market is returning to sanity. Yippppeeee! What is the matter with that ?
You all can imagine my horror when I saw the “tickler” price of $595k being withdrawn and then upped to $675k. My guess that this was a marketing ploy to generate a mini-frenzy. It seemed to do the trick, since the recorded sales price is $681k. I remain astonished at the stupidity of this new buyer who rescued this very lucky flipper. It lends credance to the old saw that there is always a greater fool.
To those of you who were offended by my glee and inflammatory headline, I apologize insofar as it may have been premature. I hope you’re all happy that your precious, teetering real-estate bubble is still alive and well in Kensington…at least for a while longer. But if you’ve got eyes in your head and if you have learned anything from our very sage Rich, surely you see that this is not the time to be paying top-dollar for real-estate ? For God’s sake rent a similar place in the same neighborhood until the prices come down to reality, as they surely will. It will save you hundreds of thousands of $$$ over the longterm.
Irishrish
ParticipantI bought a 3br/2ba house in Serra Mesa (San Diego) at the height of a hot market back in September 1989 for $130k. I felt lucky because I’d just pulled all my savings out of the stock market for the down payment, just weeks before the big October crash. That house did not increase in value until early 1997 and I sold it for $180k. Now it might sell for $450k.
In 1994 there were major layoffs in the aerospace industry here in San Diego. I was on the list to be fired so I took a big risk and bought a 3 unit apartment building in Hillcrest for $146k. Back in those days the rents more than paid for the mortgage. The plan was to rent my house out, move into one of the apartments, start fixing it up with the lay-off money. Sound plan, except I didn’t get laid off! So, I very slowly fixed up the apartments and just last year sold them for $895k.
In the doldrums of the mid 90’s when NOBODY was interested in real estate I bought a couple more properties and recently sold them for x4 what I paid.
My advice is to sit tight, save up your bucks and wait until we see those dark days of the mid-90’s again (and it will be soon…around 2010). Then BUY when prices are down and nobody is interested in real-estate. You will be amazed how wealthy you will be in 2015 !
Patience, people ! Good things come to those who wait !ParticipantI love that term “unfortunate buyer”. Is that new on this board ? Should I get my hankerchief out and have a good cry for some opportunistic dufus who thought he’d make a quick $147, 000 only to find he’s NOW F**CKED ?
It’s people like that who have driven prices up to this astronomical level in San Diego and I have absolutely zero sympathy for them. May they go down in flames and learn a good lesson…poor unfortunate buyer, indeed.
Oh, and by the way, happy St Paddy’s Day to all ye unfortunate buyers and yer realtor representatives.Irish
ParticipantI agree, for the most part, that if you are held up at knifepoint, you should probably “hand it over” without a fight. The loss of money/property pales in comparison to physical injury or worse. The friend I referred in my previous post agrees too, but she was a bit tipsy and the purse contained a precious gift from her mother !
There has apparently been a rash of street robberies during the last few months in the area just south of the North Park Theater targeting the after-theater-goers. The area is indeed “transitional” as it has been for the past 15 years and spikes in crime have been happening for as long as I can remember. So not much has really changed in my opinion. The neighborhood needs to rally around and become more vigilant and the crime wave will move to another part of town.
One observation I have is that there has been a massive displacement of relatively poor renters in the area as they are forced out due to the “condoization” of many 10-20 unit buildings. Where did all these people go when they were unable to raise the $250-300k for their little apartment ? Could this phenomenon be contributing in some way to the surge in crime ?
ParticipantMy friend was recently held up at knifepoint by two young hispanic males last week on 30th Street and Landis. It was around 10pm and she had just enjoyed a fun dinner and desert at Heaven-Sent Deserts. Fortunately she had the presence of mind to swing her (very large) handbag at the guy and scare them off. She was pretty shaken up but happy not to have been cut or robbed.
Josh, you’re right, this neighborhood is not safe. I know about this incident and a string of other home break-ins/robberies in the last few months.
To make matters worse, I hear they have even closed down the Community Police Store-Front on 30th Street. I don’t know why we are seeing this surge in crime right now but a lower police profile is certainly not helpful.Irish
December 5, 2006 at 9:30 AM in reply to: The “Property Tax” Factor and People Just Don’t Care what Things “Really” Cost #41151ParticipantOne way to avoid high proprerty taxes in California is to look out for an Historic property, one that has Mills Act proprty tax relief. I sold such a property in April of this year in Northpark, San Diego for $435k (a very small 775 square feet Craftsman). The lucky new owner will pay around $100/month versus the usual 1.25% sales price or about $453/month. What a relief to get out at the height of the market.
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