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mixxalot
ParticipantYou make some good valid points about cars. BMW offers free maintenance for 4 years on new cars. This makes buying a new BMW not as risk as a new Mercedes or Lexus. I plan to buy a new one next time. Maintenance is not cheap in the long run in spite of low used car price. For me, the interest and insurance is a lot cheaper on a used BMW than a new one. Registration is much cheaper as well on a used BMW. So its a wash but a new BMW would be great.
ParticipantThe Fed is starting to crack down on toxic loans and it will be a downward trend but like the dead cat bounce it will take several years to play out. I have decided to grab the popcorn and wait out on the sidelines.
ParticipantI think that you be fine as long as you think long term.
The flippers and liar loan people will get burned. Since you scored a good deal you should be alright. Congrats.
As for me, now that I have a job that allows me to live anywhere near a major airport, after a while, my plan is to build a home on an acre of land up north and have the land and home paid off in a few years and have zero debt or mortage. Then I can wait for prices to come back to reality in San Diego to buy a place.
ParticipantSan Francisco and NYC jobs pay a lot more than here in San Diego.
To me, San Diego employers believe in the “cheap cheap cheap!” mantra in compensation of their employees for sun dollars.
ParticipantNo its not *chuckle*
But seriously it is way cheaper to buy a few acres of land and build a custom home from scratch. The trick is to have a business or job that allows this which means a lot of travel.
ParticipantGood stuff!
I drive a used BMW and its paid off and in good condition. Cost me 14k used and love it. I keep rent as low as possible and expenses down. I try to save as much as possible and max out my 401k and IRA.
Gas and real estate- thats the price gouge right now for living here in SD.
ParticipantI agree- unless you make 250k plus its not possible to buy a decent home in California. I plan to build a place on some land up north and wait six years for San Diego to implode.
ParticipantI agree- renting is way cheaper now until prices deflate and the housing market has corrected itself. I believe in the dead cat bounce theory that it will take at least 3-4 years to bottom out.
My situation is sticky due to tech field and all of the massive layoffs and outsourcing of jobs to China and India. I dont wanna be stuck in a mortgage payment until I have a ton of cash in the bank and stable work.
ParticipantDead cat bounce
I think it will take several years to play out. I agree- why rush and overpay? I’d rather save and invest. Same for cars- people overpay all the time for cars due to foolishness.
ParticipantJob creation, current low salaries and income do not justify the current obscene and inflated market prices for real estate.
Corporations only care about bottom line short term profits and cost cutting and keeping low paid employees so that they can pad executive salaries.
ParticipantWay better to rent now than buy
My case. I work in the technology field where layoffs and off shoring of millions of jobs to India and China has been in full force. No job stability. My rent is 1100 a month and it would cost me 3-5k a month for same size place if I bought today. Not worth it because it will drop like a rock. If I was making 500k a year sure but still would be foolish to throw money away.
ParticipantYeehaw! Let the heads roll! I cant wait to actually see things crash and then we can put the egg on that stupid jackass chowderheads face! I would love to get to tell that fool
“Uh, no, real estate is not always a good investment. Stop misinforming people.”
ParticipantI say wait at least a couple more years. My bet would be with your CPA advice.
I told the one zip realty broker to stop pestering me and that I would call her in a couple years after the market corrected.. if she is still in the business that is.
February 27, 2007 at 4:11 PM in reply to: Why are people still buying the overpriced real estate in southern California? #46419ParticipantSomebody needs to find the real facts and put chowderhead on the spot!
This fool needs a good smackdown because he is misleading a lot of people on KOGO. I wish that it would happen and reveal the truth but it looks like talk radio is bought by the real estate scammers in so cal.
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