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jacksandgo
ParticipantSpeaking of pulling houses off the market, my buddy’s grandmother died, leaving a very plain house and small rental on a good sized lot in North County. There are 8 heirs, and it was supposed to be sold according to her wishes. It was appraised at something like $750-800k, and it’s basically a couple of boxes. They were offered $650k for it a couple weeks ago, and turned it down. No kidding. They didn’t think it was enough.
Here’s the kicker: They’ve colluded and decided to pull it off the market, and hold on to it for 2 years…when the market “will be better and we can get more for it” (their words). It would be funny if it wasn’t so sad. Mind you…we’re talking about 8 people in their 60’s and 70’s, native San Diegans, who’ve been through multiple real estate cycles and should know better. But they’re buying into the soft landing premise and the concept that this little crap property tripled in price over the last 8 years because of sound fundamentals, and will continue to go up. This time, you see, it’s different. Uh huh. Pure greed is what it is.
I’ve pretty much given up explaining to people about stock bubbles, real estate bubbles, real wage decline, and well…common sense. It’s pointless. I’ve been pointing them to the many sites like this and they still don’t get it. As I said, it’s pure greed.
August 8, 2006 at 4:31 PM in reply to: Are housing forums being infiltrated by “Black PR” aka covert public relations campaigns? #31329ParticipantBut still…I sure do enjoy a good conspiracy theory that might be true. 🙂
August 8, 2006 at 4:30 PM in reply to: Are housing forums being infiltrated by “Black PR” aka covert public relations campaigns? #31328ParticipantYou’re right PowaySeller. If it’s true and he/she had proof, One would expect him to retain a good qui tam attorney and go after some $$$ rather than come forward publicly with a “concious-clearing” statement…thereby killing his chances at monetary gain. So very un-capitalistic! 🙂
August 8, 2006 at 3:52 PM in reply to: Are housing forums being infiltrated by “Black PR” aka covert public relations campaigns? #31318ParticipantAt the very least, it gets people thinking, and perhaps, becomes an urban legend. 🙂
What’s interesting to me about this situation, is it mirrors accusations over the past year aimed at technology companies and tech hardware forums. In that case, it was concerning certain big technology companies with fierce competition hiring PR firms to post positive info on the big tech forums about their products and refute negative postings.
ParticipantSalo_t, your method reminds me of a buddy from Michigan who bought rental property rather than a home during the RE downturn in the 70’s. He had a mentor who helped him. They looked at 14 apt bldgs and offered them exactly 1/2 what they were asking. About 6 of them balked, but 8 of them took him up on his offer. He paid cash, and the cash flow was tremendous, evidently because he lived very well off of them.
Ten years later, he more than tripled his money on selling them. Now lives comfortably here in SD with $100k per year bond interest, a nice paid for condo, and no debt. Oh…and his retirement age? 40.
Maybe we’ll see some deals like this over the next few years. You can make money when it’s going up and make it going down.
Keep us posted on your progress.
ParticipantThis is the part that bothers me the most about Laura and others like her….blind faith in political speak as the gospel:
“BTW, neither the chief economist for Fannie Mae or the chairman of the Rederal Reserve agree…. between them, they predict a 3-6% annual *appreciation in average home prices (as opposed to the double digits nationally for the past few years).”
August 6, 2006 at 1:43 PM in reply to: San Diego’s Big Investment in Low Wage Jobs, or Reality Check for Sellers #30949ParticipantGreat post, PS, as always! Well, I’m thinking again and when I think, it’s always dangerous…just ask my significant other. 🙂
I’m thinking about what all this means to the population growth we’ve had over the past 10 years here in SD. If housing prices fall back to the historical moving average increase levels, will our population do the same?
Will SD’s population, and it’s growth, fall to a historic moving average in growth that somewhat mirrors housing’s price fall?
ParticipantWhen I see reductions like this, I begin to suspect we may see, over the next year or so, the ultimate “fire sale” on new development homes that must be completed and sold. Auctions, perhaps?
Common sense (yeah, I know…scary) says big builders won’t hold vacant homes indefinitely in a flat, stagnant, or declining market. At some point, they’ll cut their losses and sell them. Again, I see auctions coming for excess inventory.
When will this happen, is the question, though? With credit constraints and a return to tighter lending standards most likely near, potential buyers may be a small lot, indeed.
ParticipantI’m addicted as well…to this site, Mish, and Financial Sense Online to name a few. WAY better than reading about the latest celebrity meltdown “news.” 🙂
I think anyone really needs a thick skin to post opinions or viewpoints on any message board/blog/whatever regularly, and bear the brunt of wide-ranging responses received (no reference to anyone in particular meant by this).
Considering that the ratio of lurkers to posters is probably at least 100 to 1 on most sites, a lot of people are benefitting from inciteful postings. Hopefully, that’s some consolation to those who take the time to post meaningful comments.
ParticipantLOL…I wished it was the end of the line for all the marketing noise. More likely, the gimmicks will increase as desperation increases. An unfortunate reality most of the time. 🙁
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