[kev374]

The decline so far has been severe. In the last year alone list prices have come down drastically. See my other post about the 2200sqft SFR in upscale Anahiem hills for $500k. This would’ve sold for $650k at least during the peak, so we’re talking 23% instant REBATE! And even at these reduced prices, these homes are NOT selling. And god knows we have soooo much CARNAGE ahead of us yet to come!

[kev374]

The decline so far has been severe. In the last year alone list prices have come down drastically. See my other post about the 2200sqft SFR in upscale Anahiem hills for $500k. This would’ve sold for $650k at least during the peak, so we’re talking 23% instant REBATE! And even at these reduced prices, these homes are NOT selling. And god knows we have soooo much CARNAGE ahead of us yet to come!

[kev374]

good find gn, these will be 10% lower by mid next year after all the ARM reset carnage unfolds 2008 Q1 and we’re officially in a recession.

The fascinating thing is that while even these “low” priced units are languishing on the market with no takers there are a number of sellers listing their 1600-1800 sqft units in the same neighborhood for $650k+! I wonder if these are all FSBOs, surely they can’t be realtors pricing these in this market.

[kev374]

good find gn, these will be 10% lower by mid next year after all the ARM reset carnage unfolds 2008 Q1 and we’re officially in a recession.

The fascinating thing is that while even these “low” priced units are languishing on the market with no takers there are a number of sellers listing their 1600-1800 sqft units in the same neighborhood for $650k+! I wonder if these are all FSBOs, surely they can’t be realtors pricing these in this market.

[kev374]

good find gn, these will be 10% lower by mid next year after all the ARM reset carnage unfolds 2008 Q1 and we’re officially in a recession.

The fascinating thing is that while even these “low” priced units are languishing on the market with no takers there are a number of sellers listing their 1600-1800 sqft units in the same neighborhood for $650k+! I wonder if these are all FSBOs, surely they can’t be realtors pricing these in this market.

[kev374]

good find gn, these will be 10% lower by mid next year after all the ARM reset carnage unfolds 2008 Q1 and we’re officially in a recession.

The fascinating thing is that while even these “low” priced units are languishing on the market with no takers there are a number of sellers listing their 1600-1800 sqft units in the same neighborhood for $650k+! I wonder if these are all FSBOs, surely they can’t be realtors pricing these in this market.

[kev374]

good find gn, these will be 10% lower by mid next year after all the ARM reset carnage unfolds 2008 Q1 and we’re officially in a recession.

The fascinating thing is that while even these “low” priced units are languishing on the market with no takers there are a number of sellers listing their 1600-1800 sqft units in the same neighborhood for $650k+! I wonder if these are all FSBOs, surely they can’t be realtors pricing these in this market.

[kev374]

This is in South OC:

Cheapest 3 bedroom/1750sqft condo I could find in Mission Viejo (that doesn’t look like it was in a tornado) was $450k + $340 HOA + $150 maintainence
PITI+HOA+maintainence on that (with zero down if that is even possible) would be $3,558. I could rent that same unit for under $2000/mo. so we’re looking at a 40% decline 😉

And this is for the CHEAPEST Condo. If I were to rent I could find nicer units and have A LOT of choice for my money.

Plus what about the fact that if I buy I will be locking myself into a commitment and lose my flexibility to just get up and go? That is worth a lot as well.

So buying now may seem to equalize but when you factor in everything it just doesn’t pan out!!

Note about the tax savings…that doesn’t work in all cases since you have to itemize to deduct mortgage interest. If you’re a couple and get $11,000 for a standard deduction and if you’re deducting $11,000 in mortgage interest your effective “tax savings” from purchasing a home is ZERO! Now if you deduct State taxes while itemizing you may hit AMT. So have to check with tax advisor to truly determine how much savings you will have.

[kev374]

This is in South OC:

Cheapest 3 bedroom/1750sqft condo I could find in Mission Viejo (that doesn’t look like it was in a tornado) was $450k + $340 HOA + $150 maintainence
PITI+HOA+maintainence on that (with zero down if that is even possible) would be $3,558. I could rent that same unit for under $2000/mo. so we’re looking at a 40% decline 😉

And this is for the CHEAPEST Condo. If I were to rent I could find nicer units and have A LOT of choice for my money.

Plus what about the fact that if I buy I will be locking myself into a commitment and lose my flexibility to just get up and go? That is worth a lot as well.

So buying now may seem to equalize but when you factor in everything it just doesn’t pan out!!

Note about the tax savings…that doesn’t work in all cases since you have to itemize to deduct mortgage interest. If you’re a couple and get $11,000 for a standard deduction and if you’re deducting $11,000 in mortgage interest your effective “tax savings” from purchasing a home is ZERO! Now if you deduct State taxes while itemizing you may hit AMT. So have to check with tax advisor to truly determine how much savings you will have.

[kev374]

This is in South OC:

Cheapest 3 bedroom/1750sqft condo I could find in Mission Viejo (that doesn’t look like it was in a tornado) was $450k + $340 HOA + $150 maintainence
PITI+HOA+maintainence on that (with zero down if that is even possible) would be $3,558. I could rent that same unit for under $2000/mo. so we’re looking at a 40% decline 😉

And this is for the CHEAPEST Condo. If I were to rent I could find nicer units and have A LOT of choice for my money.

Plus what about the fact that if I buy I will be locking myself into a commitment and lose my flexibility to just get up and go? That is worth a lot as well.

So buying now may seem to equalize but when you factor in everything it just doesn’t pan out!!

Note about the tax savings…that doesn’t work in all cases since you have to itemize to deduct mortgage interest. If you’re a couple and get $11,000 for a standard deduction and if you’re deducting $11,000 in mortgage interest your effective “tax savings” from purchasing a home is ZERO! Now if you deduct State taxes while itemizing you may hit AMT. So have to check with tax advisor to truly determine how much savings you will have.

[kev374]

This is in South OC:

Cheapest 3 bedroom/1750sqft condo I could find in Mission Viejo (that doesn’t look like it was in a tornado) was $450k + $340 HOA + $150 maintainence
PITI+HOA+maintainence on that (with zero down if that is even possible) would be $3,558. I could rent that same unit for under $2000/mo. so we’re looking at a 40% decline 😉

And this is for the CHEAPEST Condo. If I were to rent I could find nicer units and have A LOT of choice for my money.

Plus what about the fact that if I buy I will be locking myself into a commitment and lose my flexibility to just get up and go? That is worth a lot as well.

So buying now may seem to equalize but when you factor in everything it just doesn’t pan out!!

Note about the tax savings…that doesn’t work in all cases since you have to itemize to deduct mortgage interest. If you’re a couple and get $11,000 for a standard deduction and if you’re deducting $11,000 in mortgage interest your effective “tax savings” from purchasing a home is ZERO! Now if you deduct State taxes while itemizing you may hit AMT. So have to check with tax advisor to truly determine how much savings you will have.

[kev374]

This is in South OC:

Cheapest 3 bedroom/1750sqft condo I could find in Mission Viejo (that doesn’t look like it was in a tornado) was $450k + $340 HOA + $150 maintainence
PITI+HOA+maintainence on that (with zero down if that is even possible) would be $3,558. I could rent that same unit for under $2000/mo. so we’re looking at a 40% decline 😉

And this is for the CHEAPEST Condo. If I were to rent I could find nicer units and have A LOT of choice for my money.

Plus what about the fact that if I buy I will be locking myself into a commitment and lose my flexibility to just get up and go? That is worth a lot as well.

So buying now may seem to equalize but when you factor in everything it just doesn’t pan out!!

Note about the tax savings…that doesn’t work in all cases since you have to itemize to deduct mortgage interest. If you’re a couple and get $11,000 for a standard deduction and if you’re deducting $11,000 in mortgage interest your effective “tax savings” from purchasing a home is ZERO! Now if you deduct State taxes while itemizing you may hit AMT. So have to check with tax advisor to truly determine how much savings you will have.

[kev374]

how one saves $100k at 24 yrs is the big question? I barely got done with my studies at that age! Is this an inheritance?

Not that difficult with a decent tech job and being a miser.

Not that difficult? I think it is impossible.
Graduate with 4yr degree at 22, so are you saying in 2 yrs he saved 100k?

I just wanted clarification with his statement of “saved up”, getting an inheritance is not “saving up”.

[kev374]

how one saves $100k at 24 yrs is the big question? I barely got done with my studies at that age! Is this an inheritance?

Not that difficult with a decent tech job and being a miser.

Not that difficult? I think it is impossible.
Graduate with 4yr degree at 22, so are you saying in 2 yrs he saved 100k?

I just wanted clarification with his statement of “saved up”, getting an inheritance is not “saving up”.

[kev374]

how one saves $100k at 24 yrs is the big question? I barely got done with my studies at that age! Is this an inheritance?

Not that difficult with a decent tech job and being a miser.

Not that difficult? I think it is impossible.
Graduate with 4yr degree at 22, so are you saying in 2 yrs he saved 100k?

I just wanted clarification with his statement of “saved up”, getting an inheritance is not “saving up”.

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