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October 31, 2007 at 12:33 PM in reply to: 10% population in SD county are millionaires (exclude Primary RE)?! #93785October 31, 2007 at 12:33 PM in reply to: 10% population in SD county are millionaires (exclude Primary RE)?! #93795
JWM in SD
ParticipantAssets – Liabilities = Owners Equity
Enough Said……
October 31, 2007 at 8:48 AM in reply to: 10% population in SD county are millionaires (exclude Primary RE)?! #93568Participant“Actually this is not that hard to believe, especially if you use inflated values of rental and investment properties.
That does not mean they will stay that way but if you use 2005 real-estate prices maybe.”
Precisely!!! That was exactly what I was thinking when I read “excluding primary residence”. CA is extremely RE-Centric. If their net worth is not derived from their primary residence then there is a high possibility that it is from investment properties or RE derived somehow. The survey is backward looking. How much RE wealth, investment or otherwise, was generated over the past decade?? A Lot.
I also wouldn’t be surprised that respondants did in fact include their primary residence in their response.
October 31, 2007 at 8:48 AM in reply to: 10% population in SD county are millionaires (exclude Primary RE)?! #93602Participant“Actually this is not that hard to believe, especially if you use inflated values of rental and investment properties.
That does not mean they will stay that way but if you use 2005 real-estate prices maybe.”
Precisely!!! That was exactly what I was thinking when I read “excluding primary residence”. CA is extremely RE-Centric. If their net worth is not derived from their primary residence then there is a high possibility that it is from investment properties or RE derived somehow. The survey is backward looking. How much RE wealth, investment or otherwise, was generated over the past decade?? A Lot.
I also wouldn’t be surprised that respondants did in fact include their primary residence in their response.
October 31, 2007 at 8:48 AM in reply to: 10% population in SD county are millionaires (exclude Primary RE)?! #93610Participant“Actually this is not that hard to believe, especially if you use inflated values of rental and investment properties.
That does not mean they will stay that way but if you use 2005 real-estate prices maybe.”
Precisely!!! That was exactly what I was thinking when I read “excluding primary residence”. CA is extremely RE-Centric. If their net worth is not derived from their primary residence then there is a high possibility that it is from investment properties or RE derived somehow. The survey is backward looking. How much RE wealth, investment or otherwise, was generated over the past decade?? A Lot.
I also wouldn’t be surprised that respondants did in fact include their primary residence in their response.
Participant“…if the prices are holding up so well, why the price reductions:….”
Simple, because they aren’t holding up so well. But hey, Realtors gotta eat too right??
Right sdrealtor??
Participant“…if the prices are holding up so well, why the price reductions:….”
Simple, because they aren’t holding up so well. But hey, Realtors gotta eat too right??
Right sdrealtor??
Participant“…if the prices are holding up so well, why the price reductions:….”
Simple, because they aren’t holding up so well. But hey, Realtors gotta eat too right??
Right sdrealtor??
Participant“It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%”
Uhh, the buyer managed to save $96K but still couldn’t make payments???? More likely they were a move-up buyer who didn’t have the income to make the payments.
Participant“It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%”
Uhh, the buyer managed to save $96K but still couldn’t make payments???? More likely they were a move-up buyer who didn’t have the income to make the payments.
Participant“It was a Short sale attempt listed at $480,000. BTW, the buyers put down over 20%”
Uhh, the buyer managed to save $96K but still couldn’t make payments???? More likely they were a move-up buyer who didn’t have the income to make the payments.
ParticipantOh man, and people here think that I’m heartless……
ParticipantOh man, and people here think that I’m heartless……
ParticipantOh man, and people here think that I’m heartless……
ParticipantOr the other way to look at is the opportunity cost. I would rather have that money sitting somewhere collecting 5% interest than waiting to get it back in my tax return. I don’t know how many times I’ve had to explain that concept to people….
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