[no_such_reality]

I don’t know. Seems like buying a foreclosure has replaced flipping as the RE easy money mantra.

[no_such_reality]

I don’t know. Seems like buying a foreclosure has replaced flipping as the RE easy money mantra.

[no_such_reality]

That was some micro-lender. They have all of 27 properties, he’s turned and rented half of them the other half he’s attempting to sell.

Can you imagine Countrywide and Wells Fargo deciding to rent half of their foreclosures? Returning some 2500 units in the 2nd quarter concentrated in places like Chula Vista, Temecula, Folsom and Anaheim back to the rental market?

[no_such_reality]

That was some micro-lender. They have all of 27 properties, he’s turned and rented half of them the other half he’s attempting to sell.

Can you imagine Countrywide and Wells Fargo deciding to rent half of their foreclosures? Returning some 2500 units in the 2nd quarter concentrated in places like Chula Vista, Temecula, Folsom and Anaheim back to the rental market?

[no_such_reality]

That was some micro-lender. They have all of 27 properties, he’s turned and rented half of them the other half he’s attempting to sell.

Can you imagine Countrywide and Wells Fargo deciding to rent half of their foreclosures? Returning some 2500 units in the 2nd quarter concentrated in places like Chula Vista, Temecula, Folsom and Anaheim back to the rental market?

[no_such_reality]

I know the area well and live near there. There are a couple wild cards:

1. The city plan for closing main street for a Venice/Santa Monica Promenade effect.

2. The mega-development at 1st & PCH for mixed commercial, retail and condos.

3. The condo & development glut north of main on PCH. It’s seems to be abating however, it may just be units off market. If prices in the beach facing condos tank because of excess competition, shack prices will follow.

That said, the value of the shack isn’t the shack, but the lot and what drove prices was taking the lot, splitting it and build two three story 3000 sf ‘sliver’ homes to sell at $1M each.

All said, I’d say 50/50.

Nice comment on the war zone, very apropro. If the housing market sours enough, I give downtown a 50/50 shot of getting that vibe back.

[no_such_reality]

I know the area well and live near there. There are a couple wild cards:

1. The city plan for closing main street for a Venice/Santa Monica Promenade effect.

2. The mega-development at 1st & PCH for mixed commercial, retail and condos.

3. The condo & development glut north of main on PCH. It’s seems to be abating however, it may just be units off market. If prices in the beach facing condos tank because of excess competition, shack prices will follow.

That said, the value of the shack isn’t the shack, but the lot and what drove prices was taking the lot, splitting it and build two three story 3000 sf ‘sliver’ homes to sell at $1M each.

All said, I’d say 50/50.

Nice comment on the war zone, very apropro. If the housing market sours enough, I give downtown a 50/50 shot of getting that vibe back.

[no_such_reality]

I know the area well and live near there. There are a couple wild cards:

1. The city plan for closing main street for a Venice/Santa Monica Promenade effect.

2. The mega-development at 1st & PCH for mixed commercial, retail and condos.

3. The condo & development glut north of main on PCH. It’s seems to be abating however, it may just be units off market. If prices in the beach facing condos tank because of excess competition, shack prices will follow.

That said, the value of the shack isn’t the shack, but the lot and what drove prices was taking the lot, splitting it and build two three story 3000 sf ‘sliver’ homes to sell at $1M each.

All said, I’d say 50/50.

Nice comment on the war zone, very apropro. If the housing market sours enough, I give downtown a 50/50 shot of getting that vibe back.

[no_such_reality]

I suspect flawed reporting: “During the second quarter of this year, the proportion of foreclosure sales shot up to 9.7 percent of all resales”

I see foreclosures of Apr – 604, May – 614, Jun – 738.

If foreclosures a 9.5% of sales that means over 6000 resales a month.

Either the reporter can’t do math, or the reporter means foreclosures reselling were only 9.5% of the sales, even though foreclosures that are unsold really are closer to 20-25% of the resale volume.

[no_such_reality]

I suspect flawed reporting: “During the second quarter of this year, the proportion of foreclosure sales shot up to 9.7 percent of all resales”

I see foreclosures of Apr – 604, May – 614, Jun – 738.

If foreclosures a 9.5% of sales that means over 6000 resales a month.

Either the reporter can’t do math, or the reporter means foreclosures reselling were only 9.5% of the sales, even though foreclosures that are unsold really are closer to 20-25% of the resale volume.

[no_such_reality]

I suspect flawed reporting: “During the second quarter of this year, the proportion of foreclosure sales shot up to 9.7 percent of all resales”

I see foreclosures of Apr – 604, May – 614, Jun – 738.

If foreclosures a 9.5% of sales that means over 6000 resales a month.

Either the reporter can’t do math, or the reporter means foreclosures reselling were only 9.5% of the sales, even though foreclosures that are unsold really are closer to 20-25% of the resale volume.

[no_such_reality]

A couple of the lenders are now requiring listing and pending sales in their appraisals

So they want to see what else is for sale. Makes sense, but also, since the majority of what is for sale is listed at wishing prices, do they discount them to come up with a number?

[no_such_reality]

A couple of the lenders are now requiring listing and pending sales in their appraisals

So they want to see what else is for sale. Makes sense, but also, since the majority of what is for sale is listed at wishing prices, do they discount them to come up with a number?

[no_such_reality]

A couple of the lenders are now requiring listing and pending sales in their appraisals

So they want to see what else is for sale. Makes sense, but also, since the majority of what is for sale is listed at wishing prices, do they discount them to come up with a number?

[no_such_reality]

I was just saying that, all other things being equal, our community needs more medium and high density housing in areas that have services and transportation like Mission Valley.

Unfortunately our model for mid-high density is severely flawed. Developers just replicate apartments and lob some ‘premier’ units on the top floors/corners.

Families are not going to want 500sf studios and 600 sf 1 bedrooms mixed throughout their floors. They are rentals. That’s all they’ll ever be and by mixing that garbage into the development you are banishing the whole complex to apartmenthood.

[Author]

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