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ocrenter
Participant[img_assist|nid=4496|title=this POS for $1.5 million?|desc=|link=node|align=left|width=466|height=350]
are these guys serious? this 3,000 sqft POS for $1.5 million? that’s $500/sqft. what in the world are they smoking?
Participantlooks like this guy is in bed with a lot of folks that need to prop the market up.
Participantlooks like this guy is in bed with a lot of folks that need to prop the market up.
Participantlooks like this guy is in bed with a lot of folks that need to prop the market up.
Participantwho’s this Mehram character?
Participantwho’s this Mehram character?
Participantwho’s this Mehram character?
Participant17019 Sienna Ridge Dr, San Diego, CA 92127 (3,729 sqft)
–03/16/2006: purchase from builder for $1,064,500.
–$150 down, 99.98% financing from First Franklin.
–10/25/2006: listed on MLS for $1,135,500.
–11/10/2006: shaking in his boots and cutting asking price to $935,000.
–11/15/2006: sleepless nights driving more price cut to $895,888.
–11/30/2006: bank refuses short sale, price back up to $965,000.
–12/13/2006: maybe the bank will be ok with $950,000.
–12/18/2006: price drop again to $905,000.
–02/02/2007: NOD with Deutsche Bank.see the picture at BMIT
Participant17019 Sienna Ridge Dr, San Diego, CA 92127 (3,729 sqft)
–03/16/2006: purchase from builder for $1,064,500.
–$150 down, 99.98% financing from First Franklin.
–10/25/2006: listed on MLS for $1,135,500.
–11/10/2006: shaking in his boots and cutting asking price to $935,000.
–11/15/2006: sleepless nights driving more price cut to $895,888.
–11/30/2006: bank refuses short sale, price back up to $965,000.
–12/13/2006: maybe the bank will be ok with $950,000.
–12/18/2006: price drop again to $905,000.
–02/02/2007: NOD with Deutsche Bank.see the picture at BMIT
Participant17019 Sienna Ridge Dr, San Diego, CA 92127 (3,729 sqft)
–03/16/2006: purchase from builder for $1,064,500.
–$150 down, 99.98% financing from First Franklin.
–10/25/2006: listed on MLS for $1,135,500.
–11/10/2006: shaking in his boots and cutting asking price to $935,000.
–11/15/2006: sleepless nights driving more price cut to $895,888.
–11/30/2006: bank refuses short sale, price back up to $965,000.
–12/13/2006: maybe the bank will be ok with $950,000.
–12/18/2006: price drop again to $905,000.
–02/02/2007: NOD with Deutsche Bank.see the picture at BMIT
ParticipantI think it exceeded everyone’s imaginations.
normal predictability of rise and fall of market went out the window with the price run-up this time around.
afterall, yes you can predict the price increase.
and yes you can predict the extension of the price run-up when the interest rate dropped and lending standards loosened.
but how many could actually predict wide-spread fraud and inflated appraisals and 6 figure cash backs?
and how many could predict that in ’06 the subprime lenders aggressively dropped ALL standards to keep the numbers up.
I think a lot of bears may have been able to predict the run-up to 2004. But the continued strength in ’05 and early ’06 was completely artificial manufactured by the interested parties to keep the party alive a couple of years longer. and that was completely unpredictable.
ParticipantI think it exceeded everyone’s imaginations.
normal predictability of rise and fall of market went out the window with the price run-up this time around.
afterall, yes you can predict the price increase.
and yes you can predict the extension of the price run-up when the interest rate dropped and lending standards loosened.
but how many could actually predict wide-spread fraud and inflated appraisals and 6 figure cash backs?
and how many could predict that in ’06 the subprime lenders aggressively dropped ALL standards to keep the numbers up.
I think a lot of bears may have been able to predict the run-up to 2004. But the continued strength in ’05 and early ’06 was completely artificial manufactured by the interested parties to keep the party alive a couple of years longer. and that was completely unpredictable.
ParticipantI think it exceeded everyone’s imaginations.
normal predictability of rise and fall of market went out the window with the price run-up this time around.
afterall, yes you can predict the price increase.
and yes you can predict the extension of the price run-up when the interest rate dropped and lending standards loosened.
but how many could actually predict wide-spread fraud and inflated appraisals and 6 figure cash backs?
and how many could predict that in ’06 the subprime lenders aggressively dropped ALL standards to keep the numbers up.
I think a lot of bears may have been able to predict the run-up to 2004. But the continued strength in ’05 and early ’06 was completely artificial manufactured by the interested parties to keep the party alive a couple of years longer. and that was completely unpredictable.
ParticipantI really don’t think these are foreign Asian buyers. In all likelihood these are the folks employed in the IT sector around the I-15.
most of the newer immigrants do not know about how the bubble came to be, most don’t evenr realize 5 years ago these same homes were more along the line of $400,000. A lot of these folks get their news from the Chinese World Journal, not the U-T and certainly not Piggington. What they do know is that these homes were $900,000 just a year ago. Plus culturally buying a home means you have made it in the good US of A. it’s something to brag about to folks back home.
So armed with that, you too would be lining up to buy these homes.
we had a neighbor that bought a 1800 sqft detached condo in 4S Ranch for $650,000 in April of last year. he’s a Chinese national that stayed here after he got his phd. the family keeps most of their lights turned off at night to save on utility, does his own trimming of the garden, drives a 15 year old Honda. I know this guy would never foreclose, but from the way it looks that 1800 sqft detached condo will be a forever home for this phd and that Honda will probably be in the family for another decade. But hey, at least he can brag about acheiving his American dream just right out of grad school!
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