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patientlywaiting
ParticipantI agree with davelj.
Right now, the best value in tract homes seem to be in foreclosures of near new construction because:
1) bank is taking a bath and needs to unload quickly.
2) house is new with no maitenance issues (termites, etc..)
3) house was most likely upgraded with landspace, granite, wood floors, etc…
4) newers houses are better built with better technology (double pane windows, better insulation, etc..)
5) higher ceilings, better applicances, a/c, etc..If I had to buy, I would buy a foreclosure previously owned by an FB who HELOCed to fully upgrade his house.
As of right now, the older neighborhoods have not been hit as hard so I would say that you’re better off buying a foreclosoure in Pacific Highlands than a resale in Carmel Valley. Better house for lower PPSF. Value of location is debatable.
As the market evolves, the deals will change.
ParticipantIt was purchased for $1,850,000 last year.
It doubt that it sold this year for more. It was probably just pulled off the market.
If someone just bought it, he would be the biggest knife-catcher. Can any Realtor comfirm?
http://www.sdlookup.com/Property-75068B4C-320_Dublin_Dr_Cardiff_CA_92007
ParticipantIt was purchased for $1,850,000 last year.
It doubt that it sold this year for more. It was probably just pulled off the market.
If someone just bought it, he would be the biggest knife-catcher. Can any Realtor comfirm?
http://www.sdlookup.com/Property-75068B4C-320_Dublin_Dr_Cardiff_CA_92007
ParticipantWow, great story, Navydoc. I think what’s wonderful about America is not all the smart bombs we can build but how our system allows guys like you to learn and start over.
We used to have debtors’ jail at one time. Bankruptcy laws are so that people can start over. Why live in debt slavery? The home-debtors of today should take advantage of bankruptcy relief to start over and build a brighter future.
ParticipantWow, great story, Navydoc. I think what’s wonderful about America is not all the smart bombs we can build but how our system allows guys like you to learn and start over.
We used to have debtors’ jail at one time. Bankruptcy laws are so that people can start over. Why live in debt slavery? The home-debtors of today should take advantage of bankruptcy relief to start over and build a brighter future.
October 14, 2007 at 11:17 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88952ParticipantI’ve been around long enough to know that Fat Lazy Union owns a nice house in Carmel Valley. He bought near the top; but he’s open-minded enough to see the real estate market for what it is — overpriced.
Like HLS said, integrity is about seing the truth for what it is regardless of your own interests and where your income comes from. If you make mistakes, you suck it up and move on.
October 14, 2007 at 11:17 AM in reply to: Will honest people start doing dirty/crooked things to bail out of their houses #88958ParticipantI’ve been around long enough to know that Fat Lazy Union owns a nice house in Carmel Valley. He bought near the top; but he’s open-minded enough to see the real estate market for what it is — overpriced.
Like HLS said, integrity is about seing the truth for what it is regardless of your own interests and where your income comes from. If you make mistakes, you suck it up and move on.
Participantbleachlover, if you’ve owned your house more than 20 years, what are you worried about? It should be nearly paid off now so you can easily sell it.
Take the Piggington advice and rent for a while, then buy at the bottom. This real estate adjustment should benefit you because you’ll be able to get that “better” house for less.
Drunkle, I love the way you put it. 🙂 I wish I could write like that. Good writing that plainly puts it like it is.
Participantbleachlover, if you’ve owned your house more than 20 years, what are you worried about? It should be nearly paid off now so you can easily sell it.
Take the Piggington advice and rent for a while, then buy at the bottom. This real estate adjustment should benefit you because you’ll be able to get that “better” house for less.
Drunkle, I love the way you put it. 🙂 I wish I could write like that. Good writing that plainly puts it like it is.
ParticipantI’m with JWM in this case.
However, perhaps Piggingtons need a new marketing approach.
To me cheering the reset in real estate is positive. The economy will be stronger when normal folks can comfortably afford homes. Working folks will then be able to focus their resources on quality of life rather than real estate. We should be focusing on producing things that improve our standard of living, not sell non-productive, over-priced real estate to each other. What’s so bad about that.
It’s a glass half-full, half-empty kinda thing.
ParticipantI’m with JWM in this case.
However, perhaps Piggingtons need a new marketing approach.
To me cheering the reset in real estate is positive. The economy will be stronger when normal folks can comfortably afford homes. Working folks will then be able to focus their resources on quality of life rather than real estate. We should be focusing on producing things that improve our standard of living, not sell non-productive, over-priced real estate to each other. What’s so bad about that.
It’s a glass half-full, half-empty kinda thing.
Participant” I truly believe that foreclosures will have a good chance of being overlooked in the future. The system will NEED home buyers. Even if that doesn’t happen, there will be ways to get back in to homes.”
I agree with you 100%.
Also, excellent advice on the cost of holding on vs. the advantages of letting go. Generally, it’s better to let go and start anew.
I expect to see good houses go to back to $120/sf. Even at $500,000, relatively few can afford the holding costs of such a mortgage. Houses in Las Vegas and Florida are now $350,000 and foreclosures are colapsing the market.
Participant” I truly believe that foreclosures will have a good chance of being overlooked in the future. The system will NEED home buyers. Even if that doesn’t happen, there will be ways to get back in to homes.”
I agree with you 100%.
Also, excellent advice on the cost of holding on vs. the advantages of letting go. Generally, it’s better to let go and start anew.
I expect to see good houses go to back to $120/sf. Even at $500,000, relatively few can afford the holding costs of such a mortgage. Houses in Las Vegas and Florida are now $350,000 and foreclosures are colapsing the market.
ParticipantThis house is owned by Chinese sellers (from what I can gather by their names). I only mention this because another poster stated that Asians will always hold on to dear life and never let go.
Once the Carmel’s back is broken (I know, it should be camel), we’ll know that we have entered the real period of adjustment. We’re not there yet, but it’s coming.
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