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August 18, 2006 at 8:51 AM in reply to: Iraq is like the housing market – but not like you think #32315
MANmom
ParticipantWhy are you posting this on this forum, start your own web sight if you want to talk politics…THIS IS A HOUSING BLOG…or did I miss something? Stick to the housing issues. PS, proof your writing before you post, it just looks like you don’t know what you are talking about and didn’t do your research – regardless of if you are right or wrong. Oh, and it is “Der Spiegel.”
ParticipantI don’t pay any attention to the VRM, when I search for a house, I search by size, bedrooms, location, etc., in this market, price listed means nothing, especially when the property has been listed for a long time. How about this: I recently ran accross this listing, MLS# S443675 with a value range of $899,500 – $1,169,500…$270,000 difference! Obviously trying to draw in people who have a budget in mind and “won’t go above $900,000.” I doubt they would actually sell at $899,500, but it’s all about getting buyers to come look. This is also a newer house, I bet the taxes and Mello-roos are sky high.
ParticipantRich, do you get the Wall Street Journal? There is an article in today’s issue regarding Countrywide’s CEO “pulling back the reigns” on lending, talking of a hard landing (section c page 1). He’s been in the business over 50 years, and I quote “I’ve never seen a soft landing”. Interesting reading.
ParticipantPowayseller, I find it hard to believe that your husband is upset over $20,000 on a $780,000 deal, that is a very small percentage. If you wanted $800,000, then why list a value range at all? That value range BS worked in the hot market with low inventory, but if I as a buyer saw several properties in a day I probably would offer the low end of the range on the property I liked best, but have several others that I liked almost as much for backup. There are more properties out there that would suffice for me. The only buyer that would offer full price is someone for which your house is the only house they really want, for which no other house would do. With plenty of inventory, value range pricing just hurts the seller in this market.
ParticipantAs a former appraiser, Market Value is mostly determined by guaging what a similar property in the area has sold for recently, i.e., comps. But what most people don’t get is that if some dumb sucker paid too much for the house down the street similar to yours, which is really at market value? People have all kinds of reasons why they will pay more for one property and not another, school district, back yard, pool, tile color – some people can see past cosmetic differences and find diamonds in the rough, some have to have their house perfect for them, they do not want to do any cosmetic fixes to perfect the house. I don’t think personally you can determine market value so closely that you can say accurately that the house is “$20,000 below market value”, but rather “$20,000 below recent comps.”
ParticipantMy husband and I looked at this new development not long ago, I have been on the mailing list for a long time. The houses are full of design flaws, strange floor plans, no yards (I guess the huge park across the street with a gated pool must suffice for your yard), and the 1.8% tax rate just amazed us. Not only are you stuck with a huge mortgage, you are nailed with a crushing tax rate – I asked the salesman for how long, he said for 40 years! I want to think that he just didn’t know what he was talking about, that seems so extreme. He was clueless. But we just shook our heads…
ParticipantMy dear, late Grannie from Seagoville, Texas was a simple woman, born of the depression, lived in a railroad car at one time and didn’t have much education. But she had more words of wisdom than most folks these days. She often told me “Judy, you can’t save people from their own stupidity.” I wish the government would learn that simple phrase, we would all be better off if we took responsibility for our own bad decisions.
ParticipantAnd I have thousands of McDonald’s beanie babies that I am hoarding like toilet paper for Y2K…I just have to keep my running program going to loose all the weight I gained with all those happy meals…does that condo come with a happy meal? Perhaps a beanie baby?
ParticipantBoy, we will sit tight and shut up…we rent a 2500 SF house ON THE CANYON in PQ for $2195…we have been here for 3 years and the view is great from here. Our landlord has had the house since it was built, so she is showing a healthy profit. We keep her happy by doing simple repairs ourselves and not bothering her with the small stuff, we are lucky! Renting is good!
ParticipantA truly patronizing comment…
ParticipantNo, wrong street, this one is in Park Village, the road runs behind the houses and is loud. The street the homes are on is not too busy, just Park Village road, which is the only way in and out of the area, so it is very busy. We looked at a rental on that street, and the noise was unbearable.
ParticipantI live in Rancho Penasaquitos, and I have seen in my neighborhood three homes for sale in a row on a certain street, one sold in a week, obviously priced right, the other two are still open every weekend. And on my way to my son’s school, I see a “Bank Owned” sign, it has been up for more than three months, someone is taking a bath on that one…There is a house on that same street that has two signs, one for sale and one for rent. There is also another street with probably six homes for sale, one side of the street is particularly noisy. Most of the for sale homes are on the noisy side of the street, and one in particular has probably 5, I kid you not, 5 signs for sale in front-three are the ones that have a great big arrow on them…no desperation there.
ParticipantWe are watching and waiting, too. We bought in fall 1995, at the bottom of the previous cycle, and I remember all the elements of today’s market were in place then, crazy loans, unreal prices, lots of inventory…we bought a new house that had fallen out of escrow three times. We eventually sold that house in 1998 at a good profit, we didn’t think we would be back in San Diego (military). Now that my husband is retired and on to a civilian job, we are waiting for the market to correct. We could afford to buy now, but we are unwilling to over-extend ourselves just to “get in now” because we know that the market is frothy. So we wait and rent at 1/4 what it would cost to buy.
ParticipantYes, but nowadays we are getting people on the boards of these HOAs that can’t even balance their checkbook. My Husband serves on a board for a condo we own in Rancho Mirage that has been in litigation for several years due to idiots who tried to subvert proper due process in order to lower their own HOA dues while raising other units dues. They were also using reserve funds for other than reserve needs, which has led to increases in our dues. These units are over 25 years old and we really need those reserves right now. It can be a mixed bag, and we finally have enough people’s attention to come to the meetings and participate in the process, but for how long? They will become complaicent again soon enough, that’s when you get an ignoramous for your HOA president.
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