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May 17, 2012 at 11:55 PM in reply to: OT: So much for paying their fair share of taxes…. Facebook co-founder gives up U.S. citizenship… #744037
Jazzman
ParticipantI think I’m right in saying the US is one of the few, if not the only complex tax regime which follows its citizens around the world. So the question is really, why should he have to renounce his citizenship? Being non-resident should suffice. As for Singapore, it is a tax haven for the very wealthy and has openly flouted itself as such, attracting much Swiss money.
ParticipantThe big question here is whether real estate, which comprises the biggest slice of personal wealth is real wealth, and this is something I believe will be played out over the next two decades. It will be interesting to see how many will be willing to compromise life style in retirement, by releasing home equity to generate income. Will moving from a SFH to a condo do it, or will moving to another state, or country become necessary. Taxes and health care costs will be a major factor in those decisions, but I believe many who thought they were building wealth in their homes, may have underestimated how that wealth will maintain them. Ultimately, this is what the bubble was all about.
ParticipantI thought about posting this as well. I don’t know enough about US political history to know what an “old fashioned Truman Democrat” is, but if I hadn’t read that, I’d have labelled him as a tree-hugger bashing Republican. Whatever the reasons for the exodus which seem well documented, and are probably to do with the tax climate and business environment, his explanations seem like a personal hankering for the past, which boils down to a shift in values that he hasn’t got to grips with. I think a lot of what he says is probably true, but how do you marry an increasingly left wing political agenda with an environment that tolerates the super wealthy. That seems contradictory to me, and I wonder if he is confusing left wing politics with environmental issues and bureaucracy. The fact they often cohabit the same space doesn’t make them the same. I do agree with his comments on housing and prices, but he left out important references to the bubble and bail outs, so again it seems like he’s forging tenuous partnerships in waging a war with a personal agenda. I like him!
Participant[quote=carlsbadworker]The question is do they default with negative equity? Some investor groups (such as Bruce Norris) claims there is no significance in the level of default.[/quote]
It is a leading cause of foreclosure. Mr Norris is in the hard money lending game.
ParticipantNumber 4 answers your question for you. A very common complaint is shortage of inventory. Open house activity is not necessarily an indication of buyer intention. $400-$600 per sq ft is very high and you need to consider additional costs such as repairs and remodeling. I bought in Maui for $270 per sq ft and left California because of the problem you describe. It just wasn’t worth it to my mind competing over questionable quality and over-inflated prices. Nothing really changed from the heady days …or so it seemed.
April 19, 2012 at 10:51 AM in reply to: Property market in China … Boom OR Bust OR Denial ?? #741906ParticipantFirstly, can you trust the data? Secondly, they have a huge advantage is seeing the US bubble unfold, and thirdly state capitalism will have a firmer grip on things.
April 12, 2012 at 2:39 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741512Participant[quote=pemeliza]”Be smarter than dumb ass sellers.”
That is a bit harsh jazz. We will likely all be “sellers” at some point in our lives.
I don’t see anywhere near as many over priced homes as I once did in my area so I think most serious sellers have gotten the message plenty load and clear that market values have fallen substantially since the peak.[/quote]
I agree, it’s not their fault for being stupid, but to your other point about everyone being sellers eventually, it will be those who educated themselves as buyers that won’t suffer the same delusions.April 11, 2012 at 12:49 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741438ParticipantMost sellers don’t have a clue about what’s going on. Lot of fishers out there who quickly get discouraged when no offers come in. Lost equity hangover won’t shake off until investment portfolios improve. Lenders are squeezing supply whether unwittingly in some cases, or opportunistically in others. Nobody really knows what the hell is going on, but as a buyer you have a strong hand to play. Don’t buy! Only a fool enters the bidding foray due to a shortage of homes for sale. Be smarter than dumb ass sellers.
April 11, 2012 at 12:41 AM in reply to: Where is the inventory, where is the inventory, where is the inventory… #741437Participant[quote=treehugger][quote=bearishgurl]
treehugger, I really think you will be able to land yourself a deal on something you like in O’side or Vista. If you don’t mind my asking, do you (or your spouse) work at Camp Pendleton?[/quote]I know i will get a deal, ’cause i am obsessive and we want a fixer upper, which most other buyers aren’t as eager for.
As for Pendleton…..Maybe…..Why do you ask?[/quote]
Be careful with the fixer route. Many sellers don’t understand their home is fixer.
Participant[quote=pri_dk]Interesting approach.
Are you concerned about legal recourse if the policy chooses not to pay?
That’s a concern I have with American companies, but I would be more concerned with a policy in another country. Our medical system sucks, but our legal system can actually work for the “little guy” (not always, but it’s not impossible either…)
Say you actually needed to invoke the unlimited ceiling and the provider decided not to pay – do you think your chances of prevailing in court would be better/worse/the same in Mexico?[/quote]
The legal profession is part of the problem in the US.ParticipantThat is incredible! In fact, it is so full of irony, you ought to broadcast it a little more pervasively.
ParticipantBearishgirl, thanks for those flight tips. We’ll definitely check them out.
Participant[quote=bearishgurl]Jazzman, the coming “retirement” you have planned for yourselves sounds absolutely extraordinary![/quote]
If you consider my wife waited 15 years to get her green card to be with her family in her old age, you’ll realize the decision to leave was not taken lightly. We felt that strongly about it. Having seen dozens of homes, the reaction was nearly always YMBJ if you think we’re going to pay that. Are we better off than most? Yes, so we shouldn’t whine, but our “retirement plan” had to offset the heartache and disappointment my wife felt. It’s nothing personal against California. My home town of London is a lost cause, with tens of thousands of potential buyers probably permanently priced out, and if you dig around enough you’ll find the deep seated frustration that still consumes so many. It makes you wish there was something you could do to help. But then I suppose, many parts of the world would scoff at our pleading poverty.ParticipantBrian, I get my senior moments but luckily school boy French is indelibly stamped in there somewhere.
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